SEI on Verge of 56% Move As TVL Nears $100M

Sei price prediction shows the layer 1 protocol emerging as the biggest gainer among large and mid-cap altcoins, soaring 18% on Saturday to $0.4136. The token known for powering decentralized exchanges (DEXs) has recorded a staggering 76% increase in trading volume to $135 million.

CoinMarketCap data revealed a subsequent 20% surge in the market cap to $1.3 billion, elevating SEI to the 67th position among other cryptocurrencies.

Sei Network Celebrates Soaring TVL

The Sei network highlighted a major milestone in its decentralized finance (DeFi) TVL as it approaches the $100 million milestone.

“As we approach the 100M TVL milestone, the Sei ecosystem continues to flourish with new deployments and significant growth, showing no signs of slowing down,” Sei Network wrote on X.

The remarkable growth in the TVL was highlighted by Messari, a crypto research firm, referencing a 229% surge to $95.3 million in less than two months, or since the launch of Sei V2.

According to Messari, several factors catalyze TVL growth including the introduction of new product launches, strategic points programs, and capital infusion due to airdrop(s).

The explosion of TVL was due to a combination of the above.

Sei V2 upgrade went live, introducing three major upgrades to the network, namely EVM-compatibility.

Since that day, Sei’s TVL has increased 229% to $95.3 million. pic.twitter.com/XeEyYFZ9Yh

— Messari (@MessariCrypto) July 18, 2024

Sei V2 fired up the launch of new DeFi protocols on the network including Yei Finance, the very first “borrowing and lending protocol.” It stands out for its unique features inherited from Aave V3 as a fork. Stablecoins USDT and USDC are supported on the platform.

In addition to the TLV soaring to new heights, Sei has been making major efforts toward growing its ecosystem, especially in Web3. A recently launched $50 million Japan Ecosystem Fund will support gaming, social, and entertainment on the network.

Introducing the $50M Japan Ecosystem Fund to elevate Web3 gaming, social, and entertainment on Sei! 🇯🇵

Japan’s sector is booming with talent—founders, come innovate with us on the fastest layer one.

Learn more and apply here: https://t.co/e1Tr06HmVM

緒に成長しましょう! pic.twitter.com/3xR5tDiwpX

— Sei Foundation (@Sei_FND) July 17, 2024

Messari added that the “new protocols led to the initial wave of growth, while further growth was led by the introduction of points programs for Yei Finance and Dragon Swap on June 17 and June 25, respectively.

Sei is slowly coming up a s formidable layer 1 blockchain with the potential to taken on veteran protocols such as Solana and Cardano. The impressive price increase this week underscores growing interest among traders while investors bet on Sei price prediction achieving a new all-time high above the previous $1.14.

Sei Price Prediction: Gears For Falling Wedge Breakout

Sei hovered slightly above the falling wedge pattern during European trading hours on Saturday. A wedge pattern forms when the price slides between two slanting and converging trendlines.

A break above the upper trend line validates the pattern. In Sei price case, it gestures an incoming 56% move to $0.77. The target equals the height of the pattern as illustrated.

Based on the current Sei price prediction, immediate support would be provided by the 50-day EMA in red at $0.3877. Sei holds above $0.4 as traders piggyback a buy signal from the Moving Average Convergence Divergence (MACD) indicator.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.