Sei price nears bearish breakout as transactions plunge 87%

Sei price has crashed to an important support level and formed a descending triangle as the number of transactions and active addresses plunged in September.

Sei (SEI), a popular layer-1 network, plunged to the key support at $0.2645, its lowest level in August and September this year. 

Data compiled by Nansen show that the number of transactions plunged by 87% in the last 30 days to 57 million. This crash makes it one of the worst-performing chains in September.

The data show that active addresses dropped by 24% to 13 million. Also, fees dropped by about 12% to just $16,000.

Sei’s performance in the gaming market, where it dominates, also deteriorated. According to DappRadar, the number of unique active wallets dropped by 20% in the last 30 days to 13.45 million. 

More data shows that its total value locked plunged by 17% in the last 30 days. Most notably, Sei’s stablecoin supply dropped to $140 million, its lowest level since March and much lower than the year-to-date high of $296 million. 

Sei price technical analysis 

The daily timeframe chart shows that the Sei token price peaked at $0.3895 in July and then dropped to a low of $0.2645. It has crashed below the 50-day exponential moving average.

Sei crypto price has formed a descending triangle pattern whose support is at $0.2645. This is one of the most popular bearish continuation signs.

The Relative Strength Index has been in a downward trend. It has moved close to the oversold level of 70, while the MACD has moved below the neutral level.

Therefore, the token will likely have a strong bearish breakout, with the next point to watch at $0.1325, its lowest level this year. This target is about 50% below the current level. A move above resistance at $0.3500 will invalidate the bearish Sei price forecast.