Sei price has gained momentum in reaction to the announcement from Sei Labs about the successful testing of its latest Giga architecture technology.
The above technological achievement comes at the same time as there is a significant rise in SEI trading volumes and engagement in the derivatives market. At press time, SEI price is trading at around $0.05903, rising 10.58% over the past 24 hours
Also Read: Canary Capital Updates Staked SEI ETF Filing With S-1 Amendment
Sei Giga Test Shows Strong Performance
A test of the recently created Sei Giga was carried out by the engineers of Sei Labs, according to information provided in a communication from the official account of Sei. The post stated that “last week Sei Labs engineers completed the first full test of the new Sei Giga architecture.”
According to the test dashboard, the throughput is equal to 1.33 billion gas per second and 63.2 thousand requests per second. Finalization times in consensus are 17.1 milliseconds for 50th percentile and 38.6 milliseconds for 99th percentile. The post described the test as showing “unprecedented throughput and finality for an EVM chain.”
This information gives a fresh outlook on the development process of Sei Giga; however, it must be mentioned that the numbers presented here are test metrics rather than current mainnet performance.
Also Read: SEI Price Tests 200-Day SMA as Sei Giga Upgrade Nears Key Milestones
Price Breaks Above the $0.05555 Resistance
According to TradingView data, SEI is trading at around $0.05903 at the time of writing, marking a 10.58% increase over the past 24 hours. The price has already moved above the $0.05555 resistance level, which could now act as a strong support zone for the crypto asset.
The daily chart shows strong bullish candles following the breakout, with the nearest resistance area located around $0.064-$0.065. Holding above $0.05555 could help SEI maintain its current upward momentum.
The technical indicators also point to increased buying pressure on the crypto asset. Positive momentum is evident from the MACD, with the histogram remaining above zero and supporting the ongoing upward move.
Meanwhile, the RSI is at 74.82, placing it in overbought territory. While this reflects strong buying interest, it also indicates the possibility of short-term consolidation or a pullback if the buying pressure starts to weaken.
Also Read: Sei Price Eyes Strong Breakout as $0.052 Resistance Approaches
SEI Open Interest Rises Alongside Price
According to data collected by CoinGlass, there has been a considerable increase in the open interest of SEI, which rose to above $80 million as its price began to increase.
There has also been an increase in volume, with a volume of around $180 million being recorded on September 21, as compared to much lower volumes prior to that date.
Sei DeFi Activity Trend
Analyzing the Sei DeFi metric shows changes in total value locked, active addresses, and transactions occurring from late August to September.
There was a clear increase in network activity around August 22, after which there was a slowdown followed by another rise in September.
The recent activity suggests renewed engagement across the ecosystem, while relatively stable TVL suggests that liquidity has not changed as sharply as network activity.
Also Read: Sei Price Recovers Toward $0.045 as Network Activity Rises
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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