SEAM spikes 64% as Base plans to scale up gas limits

SEAM is up 64% in the last day after Base announced plans to increase its capacity by increasing gas limits.

At press time, SEAM (SEAM) was trading at $1.99, its highest level since the crypto and stock markets crashed on August 5, with the global crypto market seeing liquidations of over $1 billion. The cryptocurrency is up over 104% from its weekly low of $1.25 to reach a daily high of $2.55.

According to CoinGecko data, SEAM’s price continues to climb, with its market cap exceeding $52 million and its daily trading volume increasing by 2,254% to around $11.4 million.

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

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

SEAM’s rise comes after Base announced that it was scaling its network by increasing its gas limit to 1 Mgas/s per week as part of a broader goal of reaching 1 Ggas/s, a significant step towards reaching one billion users on-chain.

The latest initiative aims to increase scalability and reduce transaction fees, which is increasing investor interest in SEAM and Seamless Protocol.

Technical indicators for SEAM show that the bulls have taken control and the Moving Average Convergence Divergence line has climbed above the signal line, indicating that the upward momentum is likely to continue.

SEAM price and MACD chart | Source: TradigView

Also, on the daily chart, the Aroon indicator is showing Aroon Up at 92.86%, which reflects strong upward momentum. In contrast, Aroon Down is lower at 7.14%, which indicates minimal downward movement. This divergence usually indicates bullish control in the short term.

SEAM Aron and CCI chart | Source: TradigView

However, the Commodity Channel Index has risen to 358.68 following the recent rally, a level well above the overbought threshold of 100. Such high readings usually signal the potential for an impending correction, so investors should be cautious.