bullish

Value

DeFi

<p>Sei (SEI) price action mirrored that of Sui Network (SUI) as of press time eliciting a similar price trajectory pattern in future. This suggested that smart money were investing in both Layer 1 blockchains concurrently. </p> 
<p>The fractal pattern indicated synchronized movements and investment strategies, thus the potential alignment in their cycles. For <a href="https://www.thecoinrepublic.com/2024/10/13/sei-network-price-took-u-turn-does-it-have-potential-to-make-it-big/">SEI</a>, after a period of downward movement, it saw a reversal, indicating a bullish trend. </p> 
<p>This reversal closely mirrored the pattern observed in SUI, with both showing sharp upward movements after breaking their respective downtrends.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Noticed an awesome fractal playing out between <a href="https://twitter.com/search?q=%24SEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SEI</a> and <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SUI</a> that perfectly shows that smart money is buying both of these, together.<br><br>Layer 1's are always going to shine every cycle and <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SUI</a> + <a href="https://twitter.com/search?q=%24SEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SEI</a> are the two outliers. <a href="https://twitter.com/search?q=%24SEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SEI</a> will follow <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SUI</a> and we are moments from new ATH's <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/z2GDzIWkIM">pic.twitter.com/z2GDzIWkIM</a></p>— D.I.Y Investing (@vajolleratzii) <a href="https://twitter.com/vajolleratzii/status/1856371880560558438?ref_src=twsrc%5Etfw">November 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The synchronicity suggested that both tokens could continue to perform well as Layer 1 solutions, which typically gain attention during each investment cycle due to their foundational role in the blockchain ecosystem. </p> 
<p>SEI could be on the verge of reaching new all-time highs, with a next potential price target at $1.6. If this pattern continues to hold, and SEI follows SUI’s path as anticipated, investors might witness substantial gains. </p> 
<p>Smart money being actively involved provided further confidence in the momentum and future prospects of these tokens.</p> 
<h2 class="wp-block-heading" id="strong-sei-tvl-hits-new-heights-strong"><strong>SEI TVL Hits New Heights</strong></h2> 
<p>The Total Value Locked (TVL) in SEI saw notable growth, surpassing $190 Million. The increase reflected adoption of Sei’s DeFi platforms, signaling growing trust and utility within the ecosystem. </p> 
<p>Starting from nearly negligible amounts in September 2024, the TVL remained quite steady until early 2025. Around March, the TVL began to climb, marking a pivotal shift. </p> 
<p>This rise was steady, escalating particularly sharply from May to September, before experiencing some volatility closer to November.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="384" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-1024x384.png" alt="" class="wp-image-828918" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-1024x384.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-300x112.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-768x288.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-150x56.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323-696x261.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-323.png 1049w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>SEI Total Value Locked | Source: DeFiLlama</em>
  </figcaption>
 </figure>
</div> 
<p>The increase in TVL suggested that Sei was gaining traction, which could mirror the price dynamics seen in SUI, given that both operate within the Layer 1 blockchain space and have similar market functionalities.</p> 
<p>The rising TVL is a bullish sign, often correlating with rising asset prices due to increased usage and locking up of the native token, which reduces supply and can drive up prices. It’s reasonable to project that SEI could reach the $1.6 price target.</p> 
<p>If the current growth in TVL continues and the broader market conditions remain favorable, SEI’s price could follow this upward trend, boosted by its expanding DeFi ecosystem and parallel to SUI’s performance.</p> 
<h2 class="wp-block-heading" id="strong-transaction-fees-on-the-network-reducing-strong"><strong>Transaction Fees on The Network Reducing</strong></h2> 
<p>Additionally, average transaction fees across various blockchains over the last 30 days highlighted SEI’s competitive edge in maintaining lower costs. </p> 
<p>The average transaction fee was lower than that of many other major blockchains, including Ethereum and Binance Smart Chain, positioning it favorably among users seeking cost-efficiency.</p> 
<p>SEI’s low transaction fees, stood out particularly against Ethereum, which had higher fees. SEI’s efficiency made it attract and retain users within the ecosystem, as lower fees enhanced user experience and increase transaction volume.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="683" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-1024x683.png" alt="" class="wp-image-828924" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-1024x683.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-300x200.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-768x512.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-150x100.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-696x464.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324-1068x712.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-324.png 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>Average Transaction Fee Per Chain | Source: X</em>
  </figcaption>
 </figure>
</div> 
<p>The impact of SEI’s low fees on its uptrend and potential to reach a $1.6 price target remained substantial. Sei not only encouraged existing users to transact more frequently but also attracted new users from more expensive chains, driving up demand for SEI tokens.</p> 
<p>This could further support Sei’s price uptrend, as increased usage typically leads to price appreciation in the cryptocurrency space.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/13/sei-mirrors-sui-1-6-possible-for-before-eoy/">SEI Mirrors SUI, $1.6 Possible For Before EOY?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

SEI Mirrors SUI, $1.6 Possible For Before EOY?

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 13, 2024

L2 chains have the highest fees for the past three months as crypto market rallies

Dogecoin Price Analysis: Bull Run Targets $0.50 This November?

VanEck lists SUI-based product on Euronext

Massive Bull Run Ahead? Top 4 Altcoins Set to Explode by December!

OpenSea Unveils Major Upgrade to NFT Marketplace, Set to Launch in December

Chinese Citizen Pleads Guilty to Laundering $73 Million

Join our free newsletter for daily crypto updates!