Dragon

DeFi

<p>As the total crypto market cap slipped over 2 percent in the past 24 hours to hover about $2.23 trillion on Thursday during the early London session, Sei (SEI), a well-funded layer one (L1) blockchain, registered double-digit losses.&nbsp;</p>   
<p>The mid-cap altcoin, with a fully diluted valuation of about $4.1 billion and a daily average traded volume of around $412 million, dropped over 11 percent in the last 24 hours to trade about $0.415 at the time of this writing.</p>   
<h2 class="wp-block-heading" id="h-crypto-analysts-forecast-more-pain-for-sei-holders">Crypto Analysts Forecast More Pain for SEI Holders</h2>   
<p>With Bitcoin price showing midterm bearish sentiment following the heightened geopolitical tensions in the Middle East, more crypto analysts have signaled potential crypto capitulation ahead. According to popular crypto analyst alias Credibull Crypto, Sei's price will likely retest this year’s lows of about 20 cents before rallying to a new all-time high.</p>   
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<p>Furthermore, the Sei price in the daily time frame has formed a bearish divergence in the Relative Strength Index (RSI). Additionally, the altcoin has retraced back below the 200-day Moving Average (MA), suggesting the bulls have lost ground.</p>   
<p>However, the SEI price could find a solace around 33 cents, if the buyers exceed the on-chain sellers.</p>   
<h2 class="wp-block-heading" id="h-fundamental-aspects">Fundamental Aspects</h2>   
<p>The Sei network has grown to a vibrant web3 ecosystem, with more than $187 million in total value locked (TVL) and over $10 million in stablecoins supply. Remarkably, Sei’s TVL has grown exponentially year-to-date from its top DeFi projects led by Yei Finance, and Dragon Swap.</p>   
<p>Worth noting that early investors of Sei will unlock around 372 million coins in the next three months. On October 15, 2024, the Sei network will unlock 124 million coins, which will further dilute the existing supply and potentially weigh down on the bullish sentiment.</p>

Sei (SEI) Faces Double-Digit Losses Amid Crypto Market Slump

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