Sei token continued its downward trend and is nearing its all-time low even as its ecosystem growth accelerated. Sei ( SEI ), a fast-growing layer-1 network, has extended its downward trend, nearing its all-time low even as ecosystem activity accelerates. SEI has declined in each of the past four consecutive weeks and is now trading at its lowest level since November 2023, down by 78% from its cycle highs. The ongoing SEI price crash comes despite positive ecosystem growth. According to DeFi Llama, the total value locked in the Sei network has surged by 70% over the past 30 days to $406 million, making it the 17th-largest chain in the crypto industry by TVL. Most dApps in the Sei ecosystem have gained assets in the past few weeks. Yei Finance, an AAVE ( AAVE ) rival has seen its assets jump by 72% in the last 30 days to $215 million. Sailor, a DEX network, has $60.65 million in assets, while Avalon Labs has jumped by 50%. You might also like: Sonic jumps 11% despite bearish markets: DeFi growth fuels the rally More data shows Sei’s apps are seeing more user growth even as crypto prices drop. The decentralized exchanges on the network handled volume worth $110 million in the last seven days, up by 62% from the previous week. The top DEX networks in the network are Sailor, Dragon Swap, and Uniswap. These metrics likely explain why Sei has the most bullish sentiment in CoinMarketCap. The sentiment stands at 88.5%, where it has been in the past few days. Other tokens with a bullish sentiment are Sonic, Polkadot, Bittensor, and Bonk. Sei price technical analysis SEI price chart | Source: crypto.news On the 8-hour chart, SEI remains in a steep downtrend, trading below its 50-period moving average, confirming bearish momentum. However, SEI has now formed a falling wedge pattern, a bullish reversal structure characterized by two descending and converging trendlines. It also appears to be forming an inverse head and shoulders pattern, another setup typically followed by a breakout to the upside. With this combination of technical support and strong fundamentals, SEI could be poised for a rebound. If a breakout occurs, the initial target will be $0.2920, the high from February 24. A drop below the year-to-date low would invalidate this bullish outlook. You might also like: Sonic jumps 11% despite bearish markets: DeFi growth fuels the rally
