Sei price took another hit today, June 17, as the ongoing crypto crash intensified, sending the token plummeting to $0.1660. This marks its lowest level since April 17, with a staggering decline of over 40% from its peak in May. Since its peak in November 2023, Sei has seen a drastic drop of more than 77%.
Despite the bearish price movement, Sei’s fundamental strength remains intact. Data from DeFi Llama reveals that the network’s total value locked has surged to an all-time high of over 3.08 billion SEI, a significant increase from 715 million at the beginning of the year.
The decentralized applications running on the Sei network are witnessing a surge in adoption. Yei Finance, a lending platform similar to Aave (AAVE), has amassed over $295 million in assets, while Takara Lend has secured $51 million.
Moreover, Sei’s stablecoin supply has been on the rise, currently standing at over $200 million compared to $1.2 million in March. The majority of stablecoins in the ecosystem are USDC, holding an 83% market dominance.
The decentralized exchange volume on Sei has remained steady in recent months. Protocols built on Sei processed over $640 million in May, up from $612 million in April and $407 million in March. Key DEX platforms on Sei include Sailor, Dragon Swap, Uniswap, and Jelly.
Data also indicates a growing user base on the Sei network. Daily active addresses have surged to 263.6k from 61,000 in March, reflecting a significant increase in transacting users.
Analyzing the technical aspect of Sei’s price, the daily chart reveals a sharp downtrend since its peak on May 11. The price has breached all major moving averages, with the MACD and Relative Strength Index signaling bearish momentum. SEI is nearing a potential double-bottom formation around the $0.1295 support level, with a potential rebound targeting the neckline resistance at $0.2800.
In conclusion, despite the current price decline, Sei’s strong fundamentals and growing user base indicate resilience in the face of market volatility. Keep an eye on Sei’s price action for potential reversal patterns and support levels in the coming days.