Sei Price continued his strong downtrend today, June 17, while the current crypto -crash accelerated.
Sei (Sei) Token fell to $ 0.1660, the lowest level since April 17, and is now more than 40% decrease compared to his high of May. From his peak in November 2023, token has fallen by more than 77%.
Despite the Bearish price action, the underlying foundations of SEI remain solid. According to data from Defi LamaThe total value of the network has reached a record high of more than 3.08 billion SEI, considerably an increase of 715 million at the start of the year.
Most decentralized applications on the SEI network have seen a growing acceptance. YEI Finance, a credit platform modeled to an Aave (Aave) has collected more than $ 295 million in assets, while Takara Lend has obtained $ 51 million.
Sei’s Stablecoin Supply has also continued to rise this year. It has more than $ 200 million in stablecoins, on van $ 1.2 million In March. Most stablecoins in the ecosystem are USDC, which has a dominance of 83% market.
The decentralized exchange volume of SEI has remained stable in recent months. Protocols built on SEI treated more than $ 640 million in May, an increase of $ 612 million in April and $ 407 million in March. Key Dex platforms on SEI include Sailor, Dragon Swap, Uniswap and Jelly.
Supplementary facts Show that more users become members of the SEI network. As the graph below shows, the daily active addresses has risen to 263.6k from 61,000 in March. Also, facts Show that transacting users have jumped in recent months.
SEI Price Technical Analysis
The daily graph shows that SEI is highly lower since the peak of 11 May of $ 0.2747. The decline is accelerated in addition to the weaker weakness of the crypto market.
The price has now fallen among all important advancing averages, while the MACD and the relative strength index both point downwards, which indicates bearish Momentum.
SEI is currently approaching a potential formation with double bottom around the level of $ 0.1295, the lowest swing from 8 April. If this support is effective and the pattern completes, a rebound can focus on the neckline resistance at $ 0.2800.
