Key Insights
- The $0.13–$0.15 range is the key support SEI needs to hold to keep the bullish outlook intact.
- SEI added 350K new addresses in the last 3 days.
- SEI is on the verge of reaching 4 billion total transactions and has produced 170,000 blocks in the past 24 hours.
Sei Network (SEI) appears to be edging ahead of its competitor Sui Network (SUI) despite the two cryptocurrencies being tipped to replicate similar performance in terms of price and activity. SEI crypto was displaying seller exhaustion on different timeframes, while the activity was slowly growing.
New addresses from users, daily transaction count, and speeds were all pointing toward a strengthening market. However, this was not reflected in the price action, as it continued to follow the drain, as most cryptocurrencies did.
SEI Crypto Price Prediction: Will It Hold Above The Critical Zone at $0.13?
On the charts, analysts were predicting a potential rebound, but only if the price held above the critical levels. The altcoin generated three buy signals on the daily, weekly, and two-month charts, indicating a potential bottom due to this synchronisation.
Despite the daily chart throwing a buy signal, it was quickly invalidated; however, all was not lost, as the two bigger timeframes still held the hint. The SEI crypto price dipped to the zone between $0.13 and $0.15, but it needed to hold to maintain the bullish outlook.
The market has had mixed sentiment over the past one and a half months, with altcoins being affected the most. As Bitcoin (BTC) traded below the $90K zone, it hinted that the price of SEI could spend some time at this level. Bouncing above $0.16 would validate the invalidated signal on the daily chart.
The odds of holding above $0.13 were increasing, but they were heavily dependent on bulls injecting capital into the altcoin. Additionally, on-chain activity could fuel this trajectory, as it showed divergence from the price action.
New Addresses Show Growth in Chain Activity
The new addresses created were the first evidence of increasing chain activity on the SEI crypto blockchain. The data from SeiScan over the past six months has shown growth, increasing from slightly above 20 million to 80 million cumulative addresses.
In the crypto world, activity is key to determining price performance, although this is not always the case, especially during bear markets.
According to the current setup, these new users would increase SEI through capital inflows from them. The increasing activity could help SEI hold above the aforementioned support level, ranging from $0.13 to $0.15.
Based on the chart, most growth occurred between early June and late August, with the months that followed seeing a reduction. Despite that, cumulative addresses were hitting new peaks, indicating consistency in onboarding new users.
High Daily Transaction Count and Speed
Additionally, the total transactions were at 3.99 billion with a Transactions Per Second (TPS) of 31.1 at the time of writing. This was another demonstration of strength in activity, as it marked a new milestone achieved by the SEI crypto blockchain.
In the meantime, speeds were also improving as SEI was among the fastest blockchains. The last 24 hours saw a growth of less than 1%, representing a total of 4,199. However, approximately 12 EVM transactions remained pending.
During this period, the altcoin maintained a flat trend in daily block creation. On the day, approximately 170,000 blocks were generated, demonstrating the blockchain’s operational efficiency.
In conclusion, these factors hinted that SEI crypto could be above the $0.13 zone, but the prediction was not certain. In fact, bulls needed to defend the level if a reversal was to originate from the current outlook.
