Sei Token Shows Signs of Reversal Despite Recent Decline
Sei (SEI), a layer-1 cryptocurrency, has seen its value plummet over the past few months. However, there are indications that a price rebound could be on the horizon.
Recently, Sei’s price hit a low of $0.1722, marking a 70% drop from its peak in December. Despite this, the network’s decentralized finance (DeFi) ecosystem is thriving. According to DeFi Llama, the total value locked in Sei’s network has surged to a record $340 million, up from $170 million in February.
Several key players in the Sei ecosystem have contributed to this growth. Yei Finance, a leading lending protocol, has seen its assets rise by 90% to nearly $200 million. Othre platforms like Sailor,Stargate,Dragon Swap,and Avalon Labs have also added assets.
Sei’s price may also benefit from increased demand. World Liberty financial, associated with Donald Trump, recently purchased over $100,000 worth of SEI tokens, signaling confidence in the asset.
Technical analysis suggests a potential bullish reversal. The token has formed a double-bottom pattern at $0.2038, with a neckline at $0.7343. the MACD and Relative Strength Index also show bullish divergence. If these patterns hold, sei could reach $0.7343,a 265% increase from current levels.However, a drop below $0.180 would negate this bullish outlook.
