Altcoin
Sei Network’s 124% surge is good news, but how far can SEI really go?
Sei Network’s rapid user growth and active development hinted at a promising trajectory for SEI.
- Sei Network’s growth can be highlighted by a 124.75% surge in daily active addresses
- High development activity and significant long liquidations underlined both commitment and volatility around SEI
Sei Network [SEI] has seen unprecedented growth lately, with a 124.75% surge in daily active addresses pushing its figures to an impressive 182,825. This rapid hike in user engagement underscored rising interest in SEI, fueling speculation about its future potential within the crypto ecosystem.
However, while user growth is a sign of enthusiasm, the market remains uncertain. Will SEI leverage this momentum to solidify its place among top blockchain networks? Let’s explore SEI’s technical indicators and on-chain metrics to understand its possible trajectory.
Technical analysis – Will SEI overcome key resistance levels?
For SEI to continue its upward trajectory, it must clear its critical resistance at $0.5181 – A level it was testing at press time, with a secondary target at $0.7527. These levels are essential to watch, as breaking through them could confirm a bullish continuation, while failure may lead to a pullback and affect trader sentiment.
Additionally, the RSI sat at 52.36, suggesting that SEI may have room for growth without immediate overbought concerns. The MACD, showing a slight positive divergence with a recent crossover, indicated potential upward momentum.
A sustained push beyond $0.5181 could mean a bullish rally towards higher resistance levels.
Source: TradingView
Development activity – Consistent progress reflects growth potential
Development activity climbed from 10.57 to 11.57, showcasing continuous improvements and commitment from the developer community. This steady progress is a sign of the team’s dedication, which is vital for maintaining investor confidence.
Additionally, high development activity often points to a robust project foundation, attracting long-term holders. Therefore, as SEO continues to develop, it will reassure investors that the team is committed to long-term growth, not just short-term hype.
Source: Santiment
SEI social volume – Is the hype fading?
Its social volume recorded a sharp drop from 24 to 13 in a single day. This decline indicated reduced online discussions, potentially suggesting cooling public interest.
However, a dip in social volume doesn’t necessarily signal the end. It could mean a transition from hype to organic, stable growth. If SEI can sustain development and break resistance levels, renewed interest could follow. This will support its growth in a more stable market environment.
Source: Santiment
Liquidations – Bulls and bears battle for control
The recent surge in liquidations highlighted the intense battle between bulls and bears over SEI’s price direction. At press time, long liquidations reached $309.64k, significantly overshadowing shorts, which totalled $44.13K. This imbalance underlined bullish optimism, but also suggested high volatility around the $0.4481 price level.
Specifically, Binance saw $35.65k in short liquidations against $148.51k in longs, while Bybit recorded $8.43k in shorts and $151.09k in long liquidations. Consequently, if these high liquidation levels persist, SEI may see further price swings as bulls and bears vie for control.
Source: Coinglass
Realistic or not, here’s SEI’s market cap in BTC’s terms
Conclusively, Sei Network’s recent growth and active development set a promising foundation for future success. However, SEI must overcome resistance levels and sustain development activity to secure its place in the competitive crypto market.
If it achieves these goals, Sei Network could indeed capitalize on this momentum and establish a lasting presence.
