Sei Crypto Faces Meaningful Decline Amidst Market Downturn
Sei (SEI),a prominent layer-1 network,has experienced a sharp decline,reaching its lowest point at $0.2645 in august and September. This drop has formed a descending triangle pattern, signaling potential further losses.
Data from Nansen reveals a significant drop in transactions by 87% over the past 30 days, totaling 57 million. This decline makes Sei one of the worst-performing chains in September. Active addresses have also decreased by 24%, now at 13 million.
Sei’s dominance in the gaming market has waned,with unique active wallets falling by 20% in the last 30 days.
Sei’s total value locked has also decreased by 17% in the last 30 days.The stablecoin supply has dropped to $140 million, its lowest since March.
Technical analysis shows Sei’s price peaked at $0.3895 in July before plummeting. It has fallen below the 50-day exponential moving average, forming a descending triangle with support at $0.2645. The Relative Strength Index is nearing the oversold level, and the MACD is below neutral.
A bearish breakout is likely, with the next key level at $0.1325. However,a move above $0.3500 could invalidate this forecast. Investors should monitor these levels closely.
