As a seasoned crypto investor with a knack for recognizing potential gems, I must say, the SEAM surge is nothing short of captivating. Having navigated through the tumultuous crypto market since its inception, I’ve learned to spot trends and identify projects that have the potential to make waves. The recent 64% surge in SEAM after Base’s capacity expansion announcement is a clear sign that this could be one such project.
Yesterday, SEAM experienced a significant increase of 64%, following Base’s announcement about expanding their operational capacity by boosting gas limits.
Currently, SEAM is being exchanged at $1.99, marking its highest point since August 5, when both the crypto and stock markets experienced a dip. During this global crypto market downturn, more than $1 billion in liquidations occurred. Notably, SEAM reached a peak of $2.55 today, representing an increase of over 104% from its weekly low of $1.25.
With SEAM‘s price soaring, its market capitalization has surpassed the $52 million mark, and according to CoinGecko data, daily trading volume experienced a significant increase of approximately 2,254%, reaching around $11.4 million.
Launched in September, Seamless Protocol is a version derived from Aave v3, a decentralized finance (DeFi) lending platform on the Ethereum blockchain. This protocol runs on Base, a Layer 2 network developed by Coinbase for Ethereum. The creators of this protocol include team members and consultants from well-known companies including Coinbase, Uniswap, CertiK, and Seashell.
As reported by DefiLlama, at present, the Seamless Protocol stands as the 14th most significant application within the Base network when considering the total amount of funds secured (Total Value Locked). Furthermore, among homegrown platforms on the Base network, it holds the third position, boasting around $22.22 million worth of assets securely locked.
SEAM’s rally is due to Base’s latest decision to progressively expand its network capacity by boosting gas limits by 1 million transactions per second each week. This move is an essential part of Base’s ambition to reach a gas limit of 1 gigatransaction/second, which could potentially support up to one billion users on the blockchain.
The latest initiative seeks to enhance scalability and reduce transaction fees, driving heightened investor interest in SEAM and the Seamless Protocol.
As a researcher analyzing SEAM‘s market trends, I find myself observing a favorable technical setup. The Moving Average Convergence Divergence (MACD) line has crossed above its signaling line, suggesting that the bullish trend is currently dominating. This crossing indicates a potential continuation of the upward momentum in the near future.
On a daily basis, the Aroon indicator indicates robust uptrend with Aroon Up at 92.86%, signifying a dominant upward momentum. Meanwhile, the Aroon Down is relatively low at 7.14%, implying limited downward action. This disparity usually suggests short-term bullish dominance.
After the recent surge, the Commodity Channel Index reached an unusually high level of 358.68. This is significantly higher than the overbought limit of 100, which usually indicates a possible upcoming correction. Therefore, traders should approach this market with careful consideration.
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2024-09-26 11:42