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- A popular analyst predicts a potential 200% rally for SEI if it breaks out of the Falling Wedge pattern.
- Sei Network’s v2 upgrade boosted daily transactions to 5 million and TVL by 229%, reaching $95.3 million.
In the middle of a seemingly lethargic cryptocurrency market, popular analyst Captain Faibik has expressed his thoughts on Sei Network’s (SEI) token. The analyst’s chart shows that SEI price is still inside a Falling Wedge formation on the daily timeframe.
$SEI Falling Wedge on the Daily timeframe Chart is Still in play..!!
Still Expecting +200% Bullish Rally in the Midterm after Breakout..📈#Crypto #SEI #SEIUSDT pic.twitter.com/0GXqtsIMqs
— Captain Faibik (@CryptoFaibik) August 10, 2024
Possible Reversal Ahead as SEI Strengthens
SEI has shown hints of strength in recent days after forming a lower low, which typically indicates a reversal. Captain Faibik anticipates a 200% rise in the medium term if the price breaks out of this pattern.
However, the analyst adds that alternative eventualities, such as rejection or a failed breakout, must be addressed, as these could indicate more drops.
SEI is currently trading at $0.2763, down 5.65% over the last 24 hours. This loss has pushed its market cap further down, separating it from the $900 million mark.
Previously, we highlighted Sei Network’s extraordinary growth, particularly after the Sei v2 upgrade in May, which resulted in a spike in daily transactions, exceeding 5 million as the network extended. At the start of 2024, around 21,700 new members joined the site, increasing the overall number of active users to 174,200.
Sei v2 expertly integrates the characteristics of Solana and Ethereum, resulting in a more powerful and versatile platform for developers and consumers alike. On the other hand, CNF noted that Sei Network’s Total Value Locked (TVL) increased by 229% after the Sei v2 upgrade, hitting $95.3 million.
The two prominent protocols on Sei Network are Yei Finance, Sei’s first loan and borrowing protocol, which is a branch of Aave V3 that uses SEI, USDT, and USDC, and DragonSwap, Sei’s first decentralized exchange that is EVM compatible.