SEAM Soars 64% as Base Boosts Gas Limits

Price Performance and Market Impact

The cryptocurrency reached an intraday high of $2.55, representing an increase of over 104% from its weekly low of $1.25. As SEAM’s price continues to climb, its market capitalization has exceeded $52 million, while daily trading volume surged by 2,254%, reaching approximately $11.4 million, according to CoinGecko.

About Seamless Protocol

Launched in September, Seamless Protocol is a fork of Aave v3, an Ethereum-based DeFi lending platform. It operates on Base, a Layer 2 Ethereum network incubated by Coinbase. The protocol is backed by contributors and advisors from renowned firms, including:

• Coinbase
• Uniswap
• CertiK
• Seashell

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

Base’s Initiative and Investor Interest

SEAM’s recent rally can be attributed to Base’s announcement to enhance its network scalability by increasing gas limits by 1 Mgas/s per week. This initiative is part of Base’s broader goal to reach 1 Ggas/s, a critical step towards accommodating one billion users on-chain. The latest efforts aim to:

• Enhance scalability
• Reduce transaction fees
• Drive increased investor interest in SEAM and the Seamless Protocol

Technical Indicators and Market Sentiment

Technical indicators suggest that bulls are firmly in control. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating that upward momentum is likely to persist. Additionally, the daily chart reveals:

• Aroon Up at 92.86%, reflecting strong upward momentum
• Aroon Down at 7.14%, suggesting minimal downward movement

This divergence generally signals bullish control in the short term. However, the Commodity Channel Index (CCI) has spiked to 358.68 following the recent rally, significantly above the overbought threshold of 100. Such elevated readings typically indicate the potential for an impending correction, prompting traders to exercise caution.