SEI TVL Closes in on $1 Billion But Price Still Down 83% from 2024 Highs – When Will It Recover?

Sei ($SEI), the rapidly expanding layer-1 blockchain network, has delivered impressive performance today amid broadly lackluster market conditions in recent periods.

The token, trading at $0.1880 at press time, has climbed to become the 66th most valuable cryptocurrency after posting a 12.12% gain over the past 24 hours. This gain propels it back above the coveted $1 billion market capitalization threshold.

However, many crypto traders and blockchain enthusiasts believe SEI’s network development and price performance remain disconnected.

The SEI Paradox: 3x Bigger Than TON But Trading 7x Cheaper

The total value locked (TVL) across the Sei ecosystem has exceeded $500 million, making it three times larger than the TON blockchain in locked capital.

Despite this metric, Sei maintains a $1 billion valuation while Toncoin commands $7.2 billion.

Regarding stablecoin adoption, the network hosts over $215 million in stablecoin issuance, $60 million more than Cronos, which trades at double Sei’s market valuation.

Sei recently earned recognition as the world’s fastest EVM-compatible blockchain, achieving 5 gigahertz per second throughput and processing approximately 200,000 transactions per second (TPS). This performance has attracted numerous Web2-scale developers to build on the platform.

According to DappRadar analytics, Sei has overtaken opBNB as the leading Web3 gaming infrastructure, recording 7.38 million unique active wallets (UAW) over the last 30 days, representing a 33.5% monthly increase.

Currently, only a handful of blockchains dominate Web3 gaming activity.

Sei has now exceeded usage metrics of Web3-native platforms like Immutable, despite their zkEVM rollup technology.

Nevertheless, the $SEI token remains 83.64% below its $1.14 all-time high (ATH) reached in March 2024.

SEI’s Falling Wedge Breakout: Is 300% Rally About to Explode?

The current technical structure suggests potential recovery momentum ahead. The Layer-1 token recently completed a falling wedge pattern on the daily chart, with an imminent breakout.

Technical analysts project Sei could target initial resistance at $0.251 if it maintains current support around $0.185.

A successful break above that level could trigger an extended rally toward $0.2845, delivering a 51% gain from present prices.

Crypto analyst @Four_iv believes that with $SEI building strong momentum, a breakout toward $0.80 becomes achievable, approaching 2024 highs and potentially delivering over 300% returns for traders.

Can SEI Hit $0.5? Technical Patterns Signal Massive Breakout Ahead

After finding support near the $0.16 region, SEI has bounced slightly and is currently trading around $0.1869, just above the 9-day simple moving average (SMA) of $0.1806, a short-term bullish signal if sustained.

A critical resistance level lies at $0.26, which marks a 5-month-long descending barrier.

A successful breakout above this level could open the door for a bullish rally toward the $0.35 region, which has historically acted as a significant supply zone.

If momentum continues beyond $0.35, the chart outlines a potential mid-term target of $0.50, representing a 160% gain from current levels.

However, the Relative Strength Index (RSI) is currently at 46.42, indicating that SEI remains in neutral territory, although it has rebounded from oversold conditions below 30.

This rebound suggests renewed buying interest but does not yet confirm a strong uptrend.

In summary, SEI needs to convincingly break above the $0.26 resistance zone to validate a bullish reversal.

If this breakout occurs with rising volume, the next targets lie at $0.35 and potentially $0.50.

Failure to clear this resistance may lead to continued consolidation or a retest of lower support near $0.16.

The post SEI TVL Closes in on $1 Billion But Price Still Down 83% from 2024 Highs – When Will It Recover? appeared first on Cryptonews.