According to Invezz, Sei’s native token SEI rose more than 11% in the last 24 hours, trading near $0.069 as traders position ahead of the network’s SEIEVM migration set for June 1. The weekly gain surpassed 13%, underscoring renewed interest around the upgrade. Daily volume climbed above $168 million, signaling heightened activity from short-term traders and ecosystem participants monitoring the transition.
The SEIEVM migration has become the focal point for SEI traders this week. The update is designed to strengthen Sei’s Ethereum Virtual Machine compatibility, enabling developers and users to interact more easily with Ethereum-based applications and liquidity. Binance confirmed support for the migration two days ago, adding credibility and potential liquidity to the token.
The transition is expected to improve interoperability across decentralized finance applications while making the network more accessible to Ethereum developers. At the same time, traders are watching the upcoming “Giga” upgrade, which aims to significantly increase network throughput and reduce transaction finality times. The Sei team has previously said the upgrade targets throughput above 200,000 transactions per second with finality below 400 milliseconds.
Key takeaways
- Price move: SEI up more than 11% in 24 hours to around $0.069, with weekly gains above 13%.
- Catalyst: SEIEVM migration on June 1 to boost Ethereum compatibility; Binance confirmed support.
- Market signal: Daily volume above $168 million; price near the upper end of a recent range; short-term momentum improving as EMAs rebound.
- Implication: Upgrades could broaden interop with Ethereum-based DeFi and liquidity; SEI remains well below its 2024 all-time high; key levels to watch around $0.0634 (support) and $0.0713 (first resistance).
What drove the move
The June 1 SEIEVM migration sits at the heart of the price action, as investors anticipate deeper Ethereum compatibility and easier access to Ethereum-based liquidity. The upgrade is designed to strengthen Sei’s Ethereum Virtual Machine compatibility, enabling more seamless interaction with Ethereum-based applications and liquidity pools. The report noted that Binance’s support for the migration adds credibility and could bolster liquidity for SEI during the transition period.
Beyond SEIEVM, traders are focused on Sei’s forthcoming Giga upgrade, which is expected to substantially lift network throughput and trim transaction finality times. The project has set a target of throughput above 200,000 transactions per second with finality below 400 milliseconds, a framework aimed at attracting more DeFi users and developers seeking scalable on-chain activity.
Market reaction
Technically, SEI has moved back into the upper end of its recent trading range, roughly between $0.0639 and $0.0727. The token has reclaimed its 10-, 20-, and 50-day exponential moving averages, signaling improving near-term momentum, though it remains below the 100-day and 200-day EMAs, indicating the broader, longer-term trend has not yet turned bullish.
Momentum indicators align with a cautious recovery: the daily Relative Strength Index sits at 60.30, suggesting neutral-to-bullish momentum rather than overbought conditions, while the weekly RSI sits near 35.8, implying room for additional gains if buying pressure persists.
From a levels perspective, the first major resistance sits near $0.0713. A confirmed close above that level would likely sustain the near-term rally and could open the door toward the next resistance zone near $0.07581. Beyond that, the $0.10 level has emerged as a psychological medium-term upside target during the current rebound. On the downside, immediate support is forming around $0.06342; a break below could weaken momentum, especially if broader crypto conditions soften.
Bigger picture and what’s next
Investors are weighing how Sei’s upgrade trajectory fits into the broader narrative of scalable smart-contract networks and cross-chain interoperability. If SEIEVM and the Giga upgrade proceed as planned, the upgrades could bolster DeFi liquidity and attract Ethereum-native developers to Sei’s ecosystem. However, traders will want to see sustained progress and concrete confirmation of a bullish move, given SEI’s distance from its all-time high of $1.14 reached in March 2024.
Looking ahead, the June 1 SEIEVM migration remains the key event for be watching this week. Market participants will also monitor the progress and reception of the Giga upgrade, along with overall sentiment in the broader crypto market, which can amplify or cap upside moves. The trajectory will likely respond to macro risk sentiment, regulatory developments, and any scarce liquidity conditions in the sector.
