- The price of Sei (SEI) has surged over 17%, driven by speculation linking it to Circle.
- Rumors suggest Circle’s IPO filing disclosed a large holding of SEI tokens.
- Technical indicators show strong momentum, but the RSI is in overbought territory.
Sei Network (SEI) surged over 17% in the last 24 hours, climbing to a daily high of $0.3341 before settling near $0.30 at the time of writing.
The rally has been strong enough to push the altcoin into the top 50 cryptocurrencies by market capitalization, leaving investors wondering if the powerful momentum could eventually carry SEI back toward the $1 mark.
What’s Fueling the SEI Frenzy?
The rally was triggered by a blockbuster revelation: Circle, the issuer of USDC and freshly IPO’d with a staggering $59 billion valuation, is now confirmed to be one of the largest holders of SEI.
According to SEI’s official statement, Circle’s IPO filing disclosed holdings of 6.25 million SEI tokens, the most significant crypto holding on its balance sheet. “Congratulations on the incredibly successful IPO of one of the biggest investors in $SEI, Circle,” said the Sei Network on X, adding:
“Stablecoin issuers like Circle are starting to recognize Sei technology as a driver for their next stage of growth.”
The rally is also getting a boost from a positive regulatory backdrop in the United States. The Senate recently passed the GENIUS Act, a comprehensive framework for stablecoins, with wide bipartisan support in a 68-30 vote.
Related: Trump’s Push for Speed Puts Senate-Passed GENIUS Act to a Political Test in the House
That bill is now with the House of Representatives, where it could face some delays as lawmakers debate whether to merge it with the CLARITY Act, a separate bill that aims to create a broader market structure for all of crypto. Still, the progress on stablecoin regulation is seen as a major positive for the entire ecosystem.
What Are the Charts Saying About SEI’s Next Move?
The SEI daily chart below shows a massive rebound for SEI. After bouncing off a bottom at $0.1573 and reclaiming the key 0.618 Fib level at $0.2206, SEI is now hovering near the 1.0 extension at $0.2743 and has gotten close to the 1.618 extension at $0.3466.
If bullish momentum continues, the next Fibonacci levels to watch are 2.618 at $0.4636, 3.618 at $0.5806, and 4.236 level at $0.6529. These levels represent potential mid-term targets, with $0.46 being the most realistic next stop.
The RSI has crossed above 74, a clear sign of overbought conditions. While this indicates strong bullish momentum, it also warns of a possible short-term pullback or consolidation.
Related: In Major Policy Clarification, Fed Chair Says Banks Are ‘Free to Engage’ With Crypto
On the other hand, the MACD line is now decisively above the signal line and entering positive territory, signaling a fresh bullish crossover. The histogram is growing, suggesting the momentum is not yet exhausted.
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