SEI token's price has been in a downward trend, but recent indicators hint at a potential rebound.
Current State of SEI
The SEI token, a layer-1 network token, dropped to a weekly low of $0.1722, over 70% lower than its December high.
Analysis of Sei's DeFi Ecosystem
According to DeFi Llama, Sei's DeFi ecosystem is thriving, reaching $340 million in total value locked, up from $170 million in February. Key players in the Sei network have added assets this month. Yei Finance's assets grew by nearly 90%, while Sailor, Stargate, and others also showed growth.
Technical Indicators and SEI Price Forecast
The daily chart shows SEI has formed a double-bottom pattern at $0.2038. The MACD and RSI indicators support the potential for a price rebound. Should SEI overcome the resistance at $0.7343, this could confirm a reversal to higher levels. However, a drop below $0.180 could invalidate the bullish outlook.
Although SEI is in a downtrend, the improving state of the DeFi ecosystem and technical indicators suggest a potential recovery.
