SEAM Soars 64% as Base Network Expands Capacity

SEAM Surges 64% Amid Base’s Capacity Scaling Announcement

SEAM, the cryptocurrency of Seamless Protocol, saw a remarkable 64% surge within the past day following Base’s announcement to scale its capacity by increasing gas limits. At press time, SEAM was trading at $1.99, marking its highest level since August 5 when the crypto and stock markets experienced significant turmoil, resulting in over $1 billion in liquidations in the global crypto market. The cryptocurrency reached an intraday high of $2.55, an impressive 104% increase from its weekly low of $1.25.

As SEAM’s price continues to rise, its market cap has surpassed $52 million, and daily trading volume has skyrocketed by 2,254% to approximately $11.4 million, according to CoinGecko data.

About Seamless Protocol

Launched in September, Seamless Protocol is a fork of Aave v3, an Ethereum-based DeFi lending platform. It operates on Base, the Layer 2 Ethereum network incubated by Coinbase. The protocol was founded by contributors and advisors from prominent firms, including Coinbase, Uniswap, CertiK, and Seashell.

Market Position

According to DefiLlama, Seamless Protocol is currently the 14th largest app on the Base network by total value locked and ranks third among native Base-based platforms, with approximately $22.22 million in assets locked.

Base Network’s Announcement

SEAM’s rally follows Base’s recent announcement to scale its network by increasing gas limits by 1 Mgas/s per week. This is part of its broader goal to reach 1 Ggas/s, a crucial step in enabling one billion users on-chain.

The latest initiative aims to enhance scalability and reduce transaction fees, driving heightened investor interest in SEAM and the Seamless Protocol.

Technical Indicators

Technical indicators for SEAM suggest that bulls are in control. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating that the upward momentum is likely to continue.

“The Aroon indicator shows the Aroon Up at 92.86%, reflecting strong upward momentum, while the Aroon Down is lower at 7.14%, suggesting minimal downward movement.”

This divergence generally points to bullish control in the short term.

However, the Commodity Channel Index (CCI) has spiked to 358.68 following the recent rally, a level well above the overbought threshold of 100. Such elevated readings typically signal the potential for an impending correction, so traders must exercise caution.

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