Sei’s price has experienced a notable increase on Thursday after successfully rebounding from its crucial 200-day Exponential Moving Average (EMA) at $0.286. The cryptocurrency is currently trading above $0.325, reflecting a rise of over 10% this week alone. This upward movement comes on the heels of the Sei Development Foundation’s announcement that Chainlink Data Streams are now operational on the Sei Network. This integration positions Chainlink as the preferred oracle infrastructure for Sei, significantly enhancing its capabilities for decentralized finance (DeFi) and institutional applications.
In a strategic partnership, Chainlink’s collaboration with the US Department of Commerce will bring critical economic data on-chain, offering real-time access to metrics such as Real Gross Domestic Product (GDP) and the Personal Consumption Expenditure (PCE) index. This infusion of federal macroeconomic data into Sei’s ecosystem, combined with Chainlink’s high-performance oracle network, is expected to unlock substantial trading opportunities and cater to institutional demands.
The bullish sentiment in Sei’s market is further supported by derivatives data. Open interest in Sei futures surged from $230 million at the start of the week to $285.92 million, marking the highest level seen since August 25. This increase in open interest indicates a significant influx of new capital into the market, which could further bolster the price rally. Moreover, the long-to-short ratio — at 1.20 on Thursday — reflects a heightened level of bullish bets among traders, signaling confidence in the asset’s performance.
Following a test of key support near the 200-day EMA, Sei’s price rebounded sharply, gaining approximately 12% over four days. Analysts are watching closely; should the asset continue this upward trajectory and breach its descending trendline, it may target a 50% price retracement level at $0.433. Current technical indicators support this bullish outlook: the Relative Strength Index (RSI) is at 57, indicating increasing momentum, while the Moving Average Convergence Divergence (MACD) has presented a bullish crossover, further suggesting an upward trend.
Despite the optimism, potential corrections remain a concern. If Sei’s price faces any dips, it may retrace to the 200-day EMA support level at $0.286. Overall, the developments within Sei’s ecosystem, coupled with positive market indicators, suggest a promising outlook for the cryptocurrency moving forward.
