SEI Token Skyrockets 20% in Bull Market Surge – What Lies Ahead for Investors?

• SEI price reached a new ATH of around 88 cents last week after experiencing a nearly 300 percent spike in December amid the gradual altcoin macro breakout.
• The fast-growing Layer One blockchain intends to integrate with the Ethereum ecosystem by having a compatible EVM by the end of this year’s first half.

Sei (SEI) network, a fast-growing layer one blockchain with a Total Value Locked (TVL) of about $11 million, has continued to make notable waves in the altcoin industry in the recent past. The Sei network was developed to enable the mainstream adoption of digital assets and web3 protocols by offering high throughput.

Furthermore, the Sei network has a higher throughput and transaction finality than Ethereum and Solana layer one blockchain. Notably, the proof-of-stake layer one blockchain has a throughput of 20k tps and around 380 ms in transactional finality.

As a result, the Sei network has attracted notable attention from Decentralized Financial (DeFi) developers with some of the notable web3 protocols including Astroport DEX, Kryptonite liquid staking, and Levana Perps derivatives among others.

In a bid to ensure sustainable future growth prospects, the Sei network is on the cusp of becoming the first parallelized EVM blockchain by the end of the first half of 2024. Through the Sei v2 initiative, DeFi platforms can rest assured of more important improvements geared to enable a seamless mass adoption of digital assets.

Sei v2: Parallelizing the Ethereum Execution Environment

Sei v2 is poised to become the first parallelized EVM blockchain. This major proposed update from Sei Labs aims to deploy a backward compatible Ethereum execution environment integrated into Sei’s core binary, inheriting… pic.twitter.com/6bfYeVsBLX

— Sei (@SeiNetwork) November 29, 2023

Closer Look at SEI Price Analysis and Action

The SEI coin has enjoyed a bullish outlook since it started trading in August last year. Up nearly 500 percent since August last year, SEI bulls are undeniably in control amid the ongoing altcoin breakout led by Bitcoin’s favoring fundamentals. Currently, the SEI coin is in the price discovery mode after hitting a fresh all-time high (ATH) of around 88 cents last week.

Notably, the ongoing SEI parabolic rally began after the rebound on the support/resistance level of around 21 cents and could continue in the near term based on the Bitcoin price action in the next few days. 

According to the daily Auto Fib Extension indicator, the next target for the SEI coin after it clears the current resistance level of around 77 cents is about 98 cents and $1.11. Meanwhile, the SEI coin has a high volume-to-market cap ratio of about 40 percent which indicates higher liquidity on both centralized and decentralized platforms. 

SEI Market Outlook

The future growth prospects of SEI are high amid the mass adoption of web3 protocols and digital assets. After the Sei network successfully integrates with the Ethereum network through the EVM, more DeFi developers can tap into the scalable ecosystem, thus offering mutual benefits to all parties.

As of this report, Sei network had a market cap of about $1.7 billion, a fully diluted valuation of around $7.4 billion, and an average 24-hour trading volume of approximately $442 million. As a result, SEI coin is well positioned to continue on a bullish outlook in the next coming quarters amid the ongoing crypto breakout from the 2022/2023 bear market.