Sei crypto Faces Major Decline: Key Support Level and Descending Triangle Pattern
Sei (SEI), a well-known layer-1 network, has seen its price plummet to a crucial support level of $0.2645. This is the lowest point in August and September this year. The decline has formed a descending triangle pattern, signaling potential further losses.
Data from Nansen reveals a significant drop in transactions and active addresses. In the past 30 days, the number of transactions fell by 87% to 57 million. This makes Sei one of the worst-performing chains in September. active addresses also decreased by 24% to 13 million.
Sei’s dominance in the gaming market is weakening. According to DappRadar, unique active wallets have dropped by 20% to 13.45 million. Fees have decreased by 12% to $16,000. The total value locked has plunged by 17%, and its stablecoin supply is now at $140 million, the lowest since March.
Technical analysis shows a bearish trend. The Sei price has dropped below the 50-day exponential moving average. The Relative Strength Index is nearing the oversold level of 70, and the MACD is below neutral. A strong bearish breakout is highly likely, with the next target at $0.1325. However, a move above $0.3500 could invalidate this forecast.
