- Driven by anticipation for a significant occasion, interest in SEI rose and the cost increased.
- Traders who anticipated a rate reduction experienced liquidations valued at $476,500.
Sei [SEI] crypto, the token of the layer-1 job that leverages modular blockchain, rose by 10% in the last 24 hours. At press time, SEI altered hands at $0.33, making it one of the leading gainers in the market.
However, there were factors the token got close to the peak. Specifically, the Modular Summit which is an occasion including jobs structure modular blockchain jobs is billed to be held inbetween the 11th and 13th of July.
More positions is not more earnings
As a result, interest in cryptos connected to the sector rose. AMBCrypto discovered evidence of this after takingalookat SEI’s Open Interest (OI). Open Interest refers to the amount of all open agreements in the market.
When it increases, it implies that traders are including liquidity while increasing internet positions. However, a decline indicates an boost in closed positions. According to Coinglass, the overall OI in SEI crypto was an boost to $59.44 million.
This implied that trader increased their directexposure to the token while attempting to revenue from the rate motion.
Source: Santiment
Despite the increasing interest, a lot of traders were captured off guard by the cryptocurrency’s efficiency. According to Coinglass, a overall of $612, 400 SEI positions was liquidated from the market in the last 24 hours.
Out of this, shorts accounted for $476,500. Longs, on the other hand, just took $135,900 of the struck. Liquidations takeplace when an exchange closes a trader’s position to prevent evenmore losses.
This might be due to an inadequate margin balance, or high volatility in the market. For context, shorts are traders wagering on the rate to reduction while longs are those preparingfor a increase.
Therefore, the liquidation information reveals that most of those impacted were traders expecting a fall in SEI crypto cost.
Source: Coinglass
SEI’s rate forecast points to another walking
But will SEI’s cost continue to boost? Let’s appearance at it from a technical viewpoint. According to the 4-hour chart, SEI had formed a comingdown channel