The cryptocurrency token SEI is showing signs of a breakout as it forms a falling wedge pattern on the hourly chart. Price action currently hovers around $0.188, with resistance at $0.20 and support near $0.178. This indicates a consolidation phase before potential upside. 📈
The expected breakout targets are aligned with Fibonacci retracement levels of $0.207 and $0.223. Confirmation of a move above this wedge suggests a short-term bullish reversal, potentially pushing SEI to its target price of $0.22.
Active addresses hit 13.1 million in September, surpassing Ethereum and Polygon. This strong on-chain activity is driven by increased DEX volume exceeding $10 billion in Q3. 💪
SEI’s upcoming Giga upgrade will unlock impressive speeds – with sub-400ms finality and 200,000 TPS throughput. 🚀 These enhancements will significantly boost network speed, fueling the continued momentum. 📈
To summarize: a falling wedge pattern on hourly charts points towards a breakout. SEI’s robust growth in active addresses, the upcoming Giga upgrade, and bullish market sentiment suggest a potentially exciting future for SEI. 💪