SEI Rate Soars 35% in 3 Days After Wyoming Stablecoin Pilot Nod
Sei rallied 35% in 3 days of being shortlisted on Wyoming as one of the pilot programs of state-backed stablecoins. The token is coming out of a long-lasting wedge pattern where strong technical indicators backed the rally. Analysts see more upside as trading liquidity doubles and investor sentiment enhances. Sei (SEI) has seen an abrupt uptick in costs today as it was chosen as one of the finalists in the Wyoming Steady Token (WYST) pilot program. On June 20, SEI stood at $0.2136, 35% higher than its recent low of $0.1596 three days prior. The pattern relocation was a breakout out of a long-lasting coming down wedge, a possible indicator of a pattern change. In 2023, the Wyoming Steady Token Commission chose Sei and Aptos to get in the final testing stage. Sei scored 30, a little lower than Aptos, which got 32, and higher than other rivals, including Avalanche, Sui, and the XRP Journal of Ripple. These requirements consisted of uptime, user base, core infrastructure, and security. WYST is a blockchain-backed stablecoin that will be released through LayerZero technology to allow cross-chain interoperability. This consists of a USD one-to-one redemption feature of the state, which makes it one of the first U.S. state-issued stablecoins. This regulatory-backed effort including the protocol has seen the interest of financiers rise. SEI has increased 15% in 24 hours, according to market data, to about $1.18 billion in market cap. Technical Indicators Confirm Bullish Momentum The daily chart of SEI/USDT shows a bullish breakout in a six-month coming down widening wedge, which supports the sentiment change. The token traded at a low of $0.1596 on June 17 and a high of 0.2144 on June 20. Technical indicators are lined up bullishly. There is renewed buying pressure with RSI moving up to 55.66. The MACD line has broken the signal line to the advantage, a bullish crossover, consequently showing further bullish impetus. Bollinger Bands also confirm the increased volatility, where SEI is approaching the upper band at the $0.2107 level, casting substantial short-term need. The move above the 20-day moving average ($0.1887) shows a bullish cost action. Analysts have born in mind. A popular trader called FOUR suggested the structure of the charts, implying SEI might be preparing for a longer movement to the price at the level of 0.80, assuming the momentum sustains. Stablecoin Legislation and Ecosystem Growth Fuel Optimism The market response is also consistent with the larger trends in U.S. policies of crypto. The Senate has passed the GENIUS bill, a proposition introducing a federal structure on stablecoins, yet the legislation is awaiting consideration in the house. Its implementation would establish guiding principles about the state-issued stable assets such as WYST. When there is increased speculation on the community’s development, the announcement of SEI is made. Although there have been no new announcements since that time, crypto experts have speculated that future collaborations or protocol upgrades might emerge. Viktor, a crypto market observer, noted the timing of the breakout and the social media buzz, hinting that institutional players may be entering early in anticipation of further updates. So what is the soon-to-be-announced news that an expert is tapping into on $SEI?
