SEI Looks Bullish at First Glance Until This Metric Changes the Picture

SEI has been flashing strong signals lately, at least at first glance. Usage is climbing, activity keeps setting new records, and the network feels busy in a way many Layer 1s would envy. A closer look at the latest State of Sei Q3 2025 report from Messari, highlighted by analyst Fabius DeFi, shows a more