Sei Price Prediction: SEI on Verge of 56% Move As TVL Nears $100M

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As a seasoned cryptocurrency analyst with years of experience in following the market trends and price movements, I have witnessed numerous altcoins come and go, but Sei’s recent performance has left me particularly intrigued. The impressive 18% surge in Sei’s price to $0.4136 on Saturday, along with a staggering 76% increase in trading volume and a subsequent 20% surge in market cap, is nothing short of remarkable.

The Sei price prediction indicates that the layer 1 protocol is leading the way among larger and mid-cap altcoins, experiencing a significant surge of 18% on Saturday, reaching a price point of $0.4136. Notably, this token’s popularity, often used to facilitate transactions in decentralized exchanges (DEXs), has resulted in an impressive 76% jump in trading volume, amounting to a substantial $135 million.

The market value of SEI on CoinMarketCap experienced a significant increase of approximately 20%, reaching a total capitalization of $1.3 billion. Consequently, SEI moved up to the 67th rank among all cryptocurrencies in terms of market size.

Sei Network Celebrates Soaring TVL

The Sei network signaled a significant achievement in its decentralized finance (DeFi) total value locked (TVL), nearing the $100 million threshold.

“Approaching a $100 million TVL (Total Value Locked) mark, the Sei network is thriving with fresh deployments and robust expansion, displaying no hints of deceleration.”

Messari, a renowned crypto research company, brought attention to the significant increase in TVL (Total Value Locked) by pointing out a 229% jump from $28.6 million to $95.3 million within just two months following the launch of Sei V2.

Based on Messari’s analysis, various elements fuel Total Value Locked (TVL) expansion. These include the debut of new product offerings, implementation of strategic incentive programs, and financial injections resulting from airdrops.

The explosion of TVL was due to a combination of the above.

The Sei V2 upgrade was officially launched, bringing about three significant enhancements to the network. One of these improvements is EVM-compatibility.

Since that day, Sei’s TVL has increased 229% to $95.3 million.

— Messari (@MessariCrypto) July 18, 2024

New DeFi protocols, led by Yei Finance, were successfully introduced on the Sei V2 network. Yei Finance is the first-ever “lending and borrowing platform” in this space, boasting distinctive features adopted from Aave V3 as a derivative. The supported stablecoins are USDT and USDC.

Alongside the Tallansville Value (TLV) reaching unprecedented peaks, Sei has been putting significant resources into expanding its ecosystem, with a strong focus on Web3. A newly established $50 million Japan Ecosystem Fund is one of Sei’s recent initiatives, designed to foster growth in gaming, social, and entertainment sectors within the network.

Announcing the Establishment of the $50M Japan Ecosystem Fund for Enhancing Web3 Gaming, Socializing, and Entertainment on Sei.

Japan’s sector is booming with talent—founders, come innovate with us on the fastest layer one.

Learn more and apply here:

緒に成長しましょう!

— Sei Foundation (@Sei_FND) July 17, 2024

Messari noted that the new protocols were instrumental in initiating the growth spree, whereas the introduction of reward systems for Yei Finance and Dragon Swap on June 17th and 25th respectively, fueled additional expansion.

Sei is gradually emerging as a strong contender in the layer 1 blockchain scene, with the capability to challenge established players like Solana and Cardano. The significant price surge this week is indicative of heightened trader interest, while investors are optimistic that Sei’s price will reach new record highs surpassing its previous peak of $1.14.

Sei Price Prediction: Gears For Falling Wedge Breakout

During European trading on Saturday, Sei hovered slightly above the forming wedge pattern. A wedge shape emerges as the price moves between two downward-sloping lines that gradually converge.

If the price breaks above the upper boundary of the trendline in the SEI chart, this indicates a potential continuation of the pattern and a predicted surge towards $0.77, which represents approximately a 56% price increase from the current level. The projected target is equivalent to the height of the pattern as shown on the graph.

Sei Price Prediction: SEI on Verge of 56% Move As TVL Nears $100M

According to present estimates, the Sei price will find backing around the 50-day Exponential Moving Average (EMA), marked in red at $0.3877. The cryptocurrency remains above the $0.4 mark due to traders following the buy signal generated by the Moving Average Convergence Divergence (MACD) indicator.

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2024-07-20 13:14