Sei (SEI), one of the most talked-about layer-1 blockchains, is under significant selling pressure after its token crashed to a key support level. The cryptocurrency has been struggling through September as both user activity and on-chain fundamentals deteriorated sharply.<\/p>\n\n\n\n
Over the past 30 days, Sei\u2019s network usage has fallen off a cliff. Data from Nansen shows the number of transactions plummeted by 87%<\/strong>, dropping to just 57 million<\/strong>, making it one of the worst-performing chains in the market this month. At the same time, active wallets fell by 24%<\/strong> to around 13 million<\/strong>, while fees collected on the network slipped by 12%<\/strong> to only $16,000<\/strong>.<\/p>\n\n\n\n The weakness has also shown up in Sei\u2019s once-dominant gaming sector. According to DappRadar, unique active wallets in gaming dropped by 20%<\/strong>, settling at 13.45 million. Total value locked (TVL) in the ecosystem has shrunk by 17%<\/strong>, and the supply of stablecoins on Sei has fallen to $140 million<\/strong> \u2014 its lowest level since March and far below the year\u2019s peak of $296 million.<\/p>\n\n\n\n On the charts, Sei has not fared any better. The token peaked at $0.3895 in July<\/strong> before tumbling to a low of $0.2645<\/strong>, where it now sits on a crucial support zone. It has already slipped below the 50-day exponential moving average, forming a descending triangle<\/strong> a bearish chart pattern often seen before further declines.<\/p>\n\n\n\n Momentum indicators paint a gloomy picture as well. The Relative Strength Index (RSI) has been trending lower, inching toward oversold conditions, while the MACD has dropped beneath neutral territory.<\/p>\n\n\n\n If sellers maintain control, Sei could be staring at a deeper correction with the next target near $0.1325<\/strong>, almost 50% lower from current levels. However, a break above the $0.3500<\/strong> resistance line would be an early sign that the bearish outlook is weakening.<\/p>\n\n\n\n For now, Sei\u2019s path looks difficult as investors weigh declining on-chain metrics against a fragile technical setup. Whether the network can turn around activity and restore confidence will likely determine the token\u2019s next big move.<\/p>\n","protected":false},"excerpt":{"rendered":" Sei (SEI), one of the most talked-about layer-1 blockchains, is under significant selling pressure after its token crashed to a key support level. The cryptocurrency has been struggling through September as both user activity and on-chain fundamentals deteriorated sharply. Over the past 30 days, Sei\u2019s network usage has fallen off a cliff. Data from Nansen…<\/p>\n","protected":false},"author":3,"featured_media":11674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[65,281,713],"class_list":["post-11673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-crypto","tag-price-analysis","tag-sei"],"yoast_head":"\n