The Sei Blockchain’s Native SEI Token Surges 25% and Crosses $1.8 Billion Market Cap
The native SEI token of the Sei blockchain has experienced a significant surge, climbing 25% in the past week and reaching a market cap of over $1.8 billion. This upward momentum can be attributed to various factors, including technological upgrades, increasing network adoption metrics, and the overall bullish market trend.
Sei Upgrades Devnet to Support Ethereum Virtual Machine (EVM)
Sei recently launched its Devnet V2 with enhanced compatibility for the Ethereum Virtual Machine (EVM). This upgrade enables developers to deploy decentralized applications originally designed for Ethereum onto Sei’s high-throughput blockchain architecture. By integrating thousands of EVM-based apps from areas like decentralized finance, Sei positions itself as a viable alternative smart contract platform compared to other competitors.
Sei’s Technical Architecture and Appeal to Trading Platforms
Sei combines elements of Ethereum and Solana in its unique technical architecture. Its parallelized design divides transaction processing across multiple nodes, resulting in rapid transaction speeds. This makes it particularly attractive for trading platforms and exchanges that require high throughput capabilities.
Increasing User Base and On-Chain Activity
On-chain usage data indicates a growing user base on Sei, which corresponds with the recent price breakout of SEI. Reports show that Sei has gained over 20,000 new users in the past week, bringing its total user count to over 950,000. The increase in activity is also reflected in the total value locked on the platform, which has reached an all-time high.
Favorable Market Conditions and SEI Price Potential
The timing of the technical upgrade and increased on-chain activity aligns with the overall positive sentiment in the crypto market. The rebound of crypto markets in 2024 has created a bullish environment, with the fear and greed indices reaching “extreme greed” levels. Fundamental announcements like these can act as catalysts for altcoins to attract investor attention, as evidenced by the 25% price spike of SEI.
Potential Price Target for SEI
From a technical analysis perspective, if SEI manages to break past the psychological resistance at $0.75, it could potentially rally towards the $1.08 price point. Traders see the low $0.70s as an attractive entry point for upside exposure, considering the supportive market conditions.
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