SEAM Soars 64% Amid Base Network Expansion Plans, Reaching Highest Price Since August

SEAM Soars 64% Amid Base Network Expansion Plans, Reaching Highest Price Since August

SEAM has surged by 64% in the last 24 hours following an announcement by Base to enhance its network capacity by increasing gas limits.

At the time of writing, SEAM is trading at $1.99, its highest level since August 5, when both the crypto and stock markets faced a significant downturn, leading to over $1 billion in liquidations across the crypto space. SEAM reached an intraday high of $2.55, marking a 104% rise from its weekly low of $1.25.

As SEAM’s upward trajectory continues, its market capitalization has crossed $52 million, with daily trading volume skyrocketing by 2,254% to approximately $11.4 million, according to CoinGecko data.

Seamless Protocol, which launched in September, is a fork of Aave v3, a DeFi lending platform based on Ethereum. It operates on Base, a Layer 2 Ethereum network incubated by Coinbase. The protocol was developed by contributors and advisors from prominent companies such as Coinbase, Uniswap, CertiK, and Seashell.

Data from DefiLlama indicates that Seamless Protocol is currently the 14th largest app on the Base network in terms of total value locked, and it ranks third among native Base-based platforms, with approximately $22.22 million in locked assets.

The recent surge in SEAM’s value coincides with Base’s announcement to gradually increase gas limits by 1 Mgas/s each week, aiming for a long-term goal of reaching 1 Ggas/s. This initiative is part of Base’s broader strategy to scale its network and accommodate one billion users on-chain, which has spurred investor interest in both SEAM and the Seamless Protocol.

Technical analysis shows that SEAM’s bullish momentum is strong, as the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, suggesting that the uptrend is likely to continue.

Additionally, the Aroon indicator on the daily chart reflects bullish control, with the Aroon Up at 92.86%, while the Aroon Down is lower at 7.14%, indicating minimal downward pressure. This divergence typically points to continued upward momentum in the near term.

However, the Commodity Channel Index (CCI) has surged to 358.68 following SEAM’s rally, significantly exceeding the overbought threshold of 100. Such high levels often signal the possibility of a price correction, so traders should remain cautious moving forward.