47% Surge: Is SEI the Next Solana in Disguise?

The crypto market loves a comeback story, and this time, it’s SEI that’s starting to turn heads. While Solana stole the show last bull run with massive gains, SEI could follow a similar path in this cycle.

SEI, a layer-1 blockchain built for high-speed trading apps, has seen its price jump by over 47% in just a week. The surge comes after a rocky start as many in the crypto space still remember SEI’s rough airdrop experience two years ago.

But fast forward to today, and it seems the project has cleaned up its act, launching updates and steadily expanding its ecosystem.

One big reason behind SEI’s recent rise is its unexpected link to Wyoming’s upcoming state-backed stablecoin, WYST. SEI is one of the finalists being considered to manage it. While nothing’s confirmed, just making the shortlist has boosted SEI’s visibility and investor interest.

Additionally, SEI’s total value locked (TVL) has jumped to nearly $600 million, with its top protocol, Yay Finance, controlling over half of that. It’s a solid comeback for a project many had written off after its messy airdrop.

SEI’s latest price action has analysts draw direct comparisons to Solana’s historic rally, which saw it move from $14 to a staggering $259 before the FTX crash halted its momentum.

While SEI might not pull off a 20x rally like Solana did, a 3x to 5x gain could be possible, especially if the real-world asset (RWA) sector continues to expand and SEI secures more deals with stablecoin issuers or CBDC projects.

SEI’s price recently bounced from an important support level around $0.253. After a strong rally, where it touched $0.32, the price pulled back but managed to hold above this support.

Right now, the market’s looking for another move higher. If SEI can hold above the $0.30 mark, there’s still a good chance it could push toward the next target around $0.38.