Date: Wed, Nov 20, 2024, 02:51 AM GMTThe cryptocurrency market is shining with excitement as Bitcoin (BTC) records a new all-time high of $94,762, marking an impressive 41% surge over the past 30 days. Riding on this bullish momentum, major altcoins are showing signs of strength, particularly layer-1 tokens like <a href="https://coinsprobe.com/is-sui-on-track-to-surpass-sols-2021-historic-run-key-insights-compared/" rel="noopener noreferrer nofollow">SUI</a>, which has rallied 84% over the last month. Similarly, Sei (SEI) is gaining traction, signaling potential upside momentum amid substantial on-chain growth. SEI is currently trading at $0.4877, with its market capitalization exceeding $2 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a85c4e0a8efa43b283b73340176c4b41.png" />Source: Coinmarketcap<h3 id="on-chain-growth-driving-optimism">On-Chain Growth Driving Optimism</h3>According to the latest data from <a href="https://app.artemis.xyz/project/sei?from&#61;chains" rel="noopener noreferrer nofollow">Artemis</a>, SEI has witnessed significant growth in on-chain activity. Over the past 30 days:<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6b5134108dca469c849217484160f509.png" />Source; Artemis<ul><li>Daily Active Addresses: Surged from 85.7K to 179.3K, reflecting increased user participation.</li><li>Total Value Locked (TVL): Jumped from $174.3 million to $197.7 million, indicating rising confidence in SEI&#39;s ecosystem.</li></ul>This growth in key on-chain metrics suggests a strengthening foundation for the SEI network, bolstering its bullish outlook.<h3 id="can-it-lead-to-a-breakout">Can It Lead to a Breakout?</h3>From a technical perspective, SEI is forming a bullish pattern on the 2-hour chart, as it consolidates above a key support zone near $0.4664. The chart indicates a falling wedge pattern, which is often a precursor to a breakout.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/34c425e67d5940e78fdabcbe06c59423.png" />If SEI can breach the upper trendline resistance, it may rally toward its next target of $0.55, representing a potential 15% upside from its current price.The RSI indicator is also hinting at a possible trend reversal, as it rebounds from oversold levels. With strong on-chain metrics backing the bullish sentiment, SEI could see accelerated gains in the near term.<h3 id="conclusion">Conclusion</h3>As SEI builds momentum on the back of robust on-chain growth and favorable technical patterns, the stage is set for a potential breakout. While the current market environment remains bullish, investors should remain cautious and closely monitor key resistance levels.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/xrp-gains-momentum-following-key-breakout-whats-ahead/" rel="noopener noreferrer nofollow">XRP Gains Momentum Following Key Breakout: What&#39;s Ahead?</a>

SEI Builds Momentum With On-Chain Growth: Can It Lead To A Breakout?

Table of Contents

CoinsProbe

Other articles published on Nov 20, 2024

Ethereum Foundation (EF) Releases 2024 Annual Report: A Look at its Financial Growth

Best Cryptos to Buy in November 2024: Paving the Way for Real-World Asset Tokenisation, Qubetics,...

After Dogecoin & Pepe exploded, Flockerz raises $2M and could be the next 10x meme coin

Render Price Reclaims $8, Eyes To Hit $10 With A 25% Surge?

Taxation Confusion : Property Owners Caught In Fiscal Mistake

XRP Surpasses $1: What’s Next for This Altcoin?

Join our free newsletter for daily crypto updates!