Sei Plunges Amid Broad Crypto Market Decline

The cryptocurrency market has been experiencing a decline over the past day, with Sei (SEI) being no exception. According to CoinMarketCap, SEI's price dropped by 9.8% in the last ~12 hours, which is largely attributed to the broader altcoin pullback in a weak market.

The total crypto market has declined by 3.6% over the past 24 hours, while SEI's market cap fell from around $373.6 million to approximately $337 million. The 24-hour volume for SEI was about $46.5 million, with a notable 2.77 times larger decline compared to the total market.

This behavior is consistent with SEI being a high-beta asset on a risk-off day. Intraday analysis shows a steady grind lower in price rather than a sudden crash, indicating de-risking and technical selling rather than a discrete news shock.