Sei (SEI) is trading near $0.07247 after a late-September rally, with derivatives activity remaining elevated. The token briefly pushed above $0.08 before pulling back, while key support sits at $0.06222. The MACD indicator still shows bullish momentum, though recent bars suggest consolidation. On-chain data shows open interest climbed above $110 million before easing to $95 million. The Sei Network unveiled “Hermes,” a consensus protocol it claims will deliver “the fastest consensus protocol ever published” for its planned Giga infrastructure. Traders are watching the $0.06222 level as a crucial threshold to maintain the breakout structure, with the $0.05363–$0.05076 moving-average zone as potential downside support.
Sei price is trading in a narrow range around $0.072 following a steep rally in late September, according to market data. At press time, SEI is changing hands at $0.07247, down 1.48% over the last 24 hours, after climbing past $0.06222 and briefly touching the $0.08 region.
On the daily chart, SEI sits significantly above both its 50-day moving average at $0.05363 and its 200-day moving average at $0.05076. The $0.06222 level has emerged as a key nearby reference point; holding above it preserves the recent breakout structure, while a slip below could shift attention to the $0.05363–$0.05076 band.
The MACD remains positive, with the MACD line at 0.00768 above the signal line at 0.00618. The positive histogram indicates lingering bullish momentum, though the most recent bars have begun to shrink, suggesting room for consolidation after September’s advance.
The Sei Network unveiled Hermes, which it describes as a consensus protocol built for Sei Giga. The project stated Hermes is “the fastest consensus protocol ever published” and that it will provide “lower latency and jitter” for Sei Giga. This announcement offers a fundamental development alongside recent price action.
Derivatives data from CoinGlass shows that Sei open interest climbed sharply through late September, surpassing $110 million before easing to around $95 million. Trading volume also grew considerably, with a late-September peak above $700 million. A rise in both metrics suggests increased market activity accompanying the latest price movement.
In the near term, chart structure hinges on the $0.06222 support level, while the $0.08 area remains the recent upside benchmark. Traders may track Sei’s Hermes development alongside price and derivatives data. Cryptocurrency markets remain subject to sharp swings; investors should review price action and upcoming catalysts before making any decisions.
