Date: Wed, Nov 20, 2024, 02:51 AM GMT
The cryptocurrency market is shining with excitement as Bitcoin (BTC) records a new all-time high of $94,762, marking an impressive 41% surge over the past 30 days. Riding on this bullish momentum, major altcoins are showing signs of strength, particularly layer-1 tokens like SUI, which has rallied 84% over the last month. Similarly, Sei (SEI) is gaining traction, signaling potential upside momentum amid substantial on-chain growth. SEI is currently trading at $0.4877, with its market capitalization exceeding $2 billion.
Source: Coinmarketcap
On-Chain Growth Driving Optimism
According to the latest data from Artemis, SEI has witnessed significant growth in on-chain activity. Over the past 30 days:
Source; Artemis
Daily Active Addresses: Surged from 85.7K to 179.3K, reflecting increased user participation.
Total Value Locked (TVL): Jumped from $174.3 million to $197.7 million, indicating rising confidence in SEI's ecosystem.
This growth in key on-chain metrics suggests a strengthening foundation for the SEI network, bolstering its bullish outlook.
Can It Lead to a Breakout?
From a technical perspective, SEI is forming a bullish pattern on the 2-hour chart, as it consolidates above a key support zone near $0.4664. The chart indicates a falling wedge pattern, which is often a precursor to a breakout.
If SEI can breach the upper trendline resistance, it may rally toward its next target of $0.55, representing a potential 15% upside from its current price.
The RSI indicator is also hinting at a possible trend reversal, as it rebounds from oversold levels. With strong on-chain metrics backing the bullish sentiment, SEI could see accelerated gains in the near term.
Conclusion
As SEI builds momentum on the back of robust on-chain growth and favorable technical patterns, the stage is set for a potential breakout. While the current market environment remains bullish, investors should remain cautious and closely monitor key resistance levels.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
