This newly emerged Layer1 has surged suddenly. Is it the next SOL or just a flash in the pan?

$SEI has recently shown strength. As a new public chain that only launched in August last year, its market value has now skyrocketed to $1.1 billion. This project focuses on the concept of a 'transaction-specific chain', specifically designed for infrastructure in high-frequency trading scenarios such as exchanges and game assets, backed by major institutions like Multicoin Capital.

However, looking closely at the data reveals something interesting: although the price has risen by 20% from the issue price, it is still 86% away from its historical high, and the FDV is more than double the market value, with a large number of tokens yet to be unlocked. Currently, the circulating supply is 5.5 billion, with a total supply of 10 billion, raising a question mark on whether subsequent unlocks will lead to a price drop.

The short-term excitement can be followed, especially since it is backed by the Cosmos ecosystem and supported by exchanges, but long-term viability depends on actual application deployment.

The public chain sector is currently very competitive; without unique features, it can easily be overlooked.

It is recommended to treat it as a trend play; the previous high of $0.25 is a crucial resistance level. If it can't break through, caution is warranted for a potential pullback.

This new public chain will either become the next SOL or fade into a footnote on a candlestick chart.

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