• SEI Network noted nearly 22,000 new users and almost 175,000 active users in the past week.
• SEI co-founder teases “big things” are coming, likely referring to the deployment of Sei V2.
• SEI price dipped nearly 2% on Monday after yielding almost 13% weekly gains for holders.

In the last week, the network of the Cosmos-based blockchain SEI saw close to 175,000 weekly active users. In the week of Chinese New Year, 21,700 new users were registered with SEI. The community eagerly awaits the Sei V2 testnet launch, anticipated in early 2024.

Monday saw a nearly 2% decrease in the SEI price, which had given holders double-digit weekly gains.

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SEI sees a massive spike in user activity

Crypto expert Aaron Sage provided information about user activity on the SEI network during the previous week. In the week preceding the Chinese New Year, SEI registered 21,700 new members and 174,200 active users, according to a recent tweet from Sage. As of February 11, there were 950,300 active users on SEI.

As interest in the Cosmos-based chain’s V2 testnet grows, many users have joined. The project stated in an official blog post that the main net release would occur in the first half of 2024 once the V2 testnet is made available in early 2024.

In a recent tweet, co-founder of SEI Jayendra Jog hinted at the coming of “big things” to the network.

Jog is probably talking about the upcoming V2 test net, which the blockchain-based community of Cosmos is eagerly awaiting.

SEI price could rally 12%

The price of the SEI is currently rising. Since reaching its 2024 peak of $0.8828 on January 3, the SEI has fluctuated in value. A green bar flashing Awesome Oscillator (AO) indicates that the SEI price uptrend is in place. Green bars on the Moving Average Convergence/Divergence (MACD) indicate bullish momentum and the possibility of more price growth for the SEI.

The SEI price may encounter resistance at R1, $0.7556, a level that has supported the asset during the latter part of January and the first part of February. In terms of SEI, this would be a 12% rally.

If the SEI price declines, it may reach its 2024 bottom of $0.5500.

Conclusion:

The story of SEI Network is one of potential realized and promises yet to unfold. As it stands on the cusp of its most pivotal moment, we commend its growth, celebrate its commitment to its users, and eagerly look forward to what ‘big things’ might mean. SEI Network’s journey reflects not just a social network on the rise, but also an emblem of what’s possible when tech and community merge thoughtfully.