The Sei cryptocurrency continues to face market challenges, losing value despite notable growth in its ecosystem.
Overall State of Sei
Sei (SEI) continues its downward trend, nearing its all-time low. Over the past four weeks, the token has lost value, resulting in a 78% decline from its cycle highs. Currently, SEI is trading at its lowest level since November 2023.
Growth of the Sei Ecosystem
While Sei faces price challenges, activity in the ecosystem shows positive trends. According to DeFi Llama, the total value locked in the Sei network increased by 70% over the past 30 days to $406 million. Most dApps in the Sei ecosystem have reported asset growth: Yei Finance, a rival to AAVE, saw its assets jump by 72% to $215 million, while the DEX network Sailor reached $60.65 million in assets.
Technical Price Analysis of Sei
On the 8-hour chart, SEI remains in a steep downtrend, trading below its 50-period moving average. However, a falling wedge pattern is forming on the chart, which is a bullish reversal structure. Signs of an inverse head and shoulders pattern are also emerging, typically followed by an upside breakout.
Despite the declining price, Sei shows significant growth in its ecosystem, which may indicate a possible recovery.
