Key Insights:
- SEI token dropped over 7% after the Robinhood listing, underperforming as the entire crypto market lost more than 4% in value.
- Hawkish signals from the Federal Reserve triggered widespread liquidations, extending losses across Bitcoin, altcoins, and Sei.
- Despite price weakness, Sei’s ecosystem showed strength with rising DeFi value, transaction growth, and gaming activity.
Sei’s crypto price declined by over 7% on October 30, falling to $0.1835 even after being listed by Robinhood, the $125 billion trading platform. The drop came as the broader cryptocurrency market weakened sharply. The token has now fallen more than 50% from its August peak and over 75% from its November highs.
The listing on Robinhood, which typically lifts token prices by increasing retail access, failed to spark a rally this time. Instead, Sei’s decline coincided with a market-wide downturn that pushed the total crypto market capitalization down by over 4% to $3.7 trillion. Bitcoin and several altcoins also recorded heavy losses as investor sentiment turned cautious.
Federal Reserve Stance Fuels Pressure
The selloff intensified after the Federal Reserve’s latest rate decision. Although policymakers reduced interest rates, they signaled hesitation to implement further cuts in December, citing ongoing inflation concerns. This hawkish stance prompted traders to unwind leveraged positions, resulting in higher liquidations across digital assets and adding downward pressure to token prices.
Despite the price drop, Sei’s ecosystem continues to show resilience. The total value locked in its decentralized finance segment surged to 2.65 billion SEI tokens, the highest since June. Additionally, the network’s stablecoin supply expanded by 14.78% in the past 30 days, reaching $168 million. Transaction volume also climbed 90% to over 8.4 million, driven by low fees and network efficiency.
Growth in the Gaming Sector Offers Support
Sei has strengthened its dominance in blockchain gaming. Data from DappRadar shows that active wallets in Sei-based gaming applications rose to 13.69 million in the past month, far surpassing opBNB’s 5.45 million. This growth highlights continued user engagement despite market turbulence.
Analysts note that Sei’s charts indicate potential for further declines. The token recently formed a death cross as the 50-day and 200-day moving averages converged. It also shaped an inverse cup-and-handle pattern, with immediate support near $0.1676. A break below this level could trigger an extended bearish move toward $0.10.
