The Sei price action and fundamentals have diverged over the past few months. Its price has crashed to $0.17, down by over 76% from its highest point in November. This decline has led to a nearly $2 billion wipeout, as the market cap has plunged from almost $3 billion to $865 million today.
Sei’s DeFi Ecosystem is Doing Well
Sei, a popular layer-1 network, has become one of the fastest-growing players in the crypto industry.
DeFi Llama data shows that its ecosystem’s total value locked (TVL) has surged in the past few weeks, even as other chains have shed assets.
The network has over $414 million in assets, almost double its level in the same period last month. This figure has jumped to a record high in US dollar and SEI terms.
SEI’s growth was driven by the strong performance of most of its decentralized autonomous organizations (dAOs). Yei Finance, a lending protocol, had its assets jump by 103% in the last 30 days to $223 million. Similarly, Sailor, Stargate, SiloStake, and Avalon Labs have gained millions of dollars in assets in the past few weeks.
More data shows that the amount of stablecoins in SEI has jumped to a record high this year. It moved to over $211 million, indicating that the network is doing well. These numbers are significantly higher than those of other larger chains, such as Cronos and Cardano.
Meanwhile, SEI’s price has also plunged even after the developers announced that they would be placing a bid for 23andMe data. The goal is to help secure the data of over 15 million customers from the now-bankrupt company.
Sei hopes to deploy this data on SEI, return it through an encrypted transfer, and allow them to select how their data is monetized. It is unclear whether Sei will win the auction process.
READ MORE: Dogecoin Price Early Bull Run Signal Points to a 60% Surge by April 30
Sei Price Prediction
The daily chart shows that the Sei coin price has crashed over the past few months. It now sits near its all-time low. On the positive side, the token has formed a falling wedge pattern comprising two descending and converging trendlines. These trendlines are now nearing their confluence level, where breakouts typically happen.
The price of SEI has also formed a slanted triple-bottom pattern. Therefore, the coin will likely rebound soon and test the crucial resistance level at $0.2917, the highest point on February 24, about 65% above the current level.
READ MORE: Top 3 Reasons Why Pepe Coin Price May Soar 140% in April
