Sei price has bounced back in the past few days, even as Bitcoin and other cryptocurrencies have plunged. The token rose to a high of $0.2200, its highest point since May 29, and 37% above the lowest point this year. Let’s explore why SEI crypto has soared and what to expect.
Sei is becoming a major player in gaming
The first main reason why Sei price has surged is that it has slowly become a major player in the gaming industry. Some of the top games leveraging its technology are Astro Karts, Celestial Flutters, and Dragon Land.
DappRadar shows that Sei’s gaming unique active addresses have surged by 82% in the last 30 days to over 8.1 million. The number of gaming dApps in the network rose by 6, while transactions surged by 68% to $30 million.
Sei’s numbers are much higher than the other chains like BSC Chain, Skale Network, WAX, Immutable, and Ronin. It means that it has more room to grow in the coming months as more games join.
Read more: Sei price prediction: what next as SEI jumps 15%?
Network growth is continuing
The other main reason why the Sei price has jumped is that the network has become one of the fastest chains in the industry. Data shows that the number of transactions in the network jumped by 141% in the last 30 days to over 36 million.
More users are joining the network, too. The number of active addresses on Sei has jumped bu 90% in the last 30 days to 7.8 million. Its addresses are higher thn that of popular chains like Ethereum, which had 6.9 million.
More data shows that Sei’s total value locked (TVL) has jumped to $576 million, a few points below the all-time high of $608 million. It has jumped from a low of $220 million earlier this year.
The biggest parts of Sei’s DeFi network are Yei Finance, Sailor, Takara Lend, and Pit Finance.
Stablecoin growth and DEX volume
While DeFi TVL is a good number, a better one is the stablecoin supply in the network. Its stablecoin market cap has jumped by over 7% in the last seven days to over $220 million.
Sei started the year with less than $1 million in stablecoins. Its stablecoin supply is more than other popular chains, especially Cardano, which has just $30 million.
Another notable metric is the DEX volume in its decentralized exchanges. Higher volume signals that investors are actively trading tokens generated using its network.
Sei had a DEX volume of over $570 million in the last 30 days and $50 million in the last 24 hours.
Sei token surged after it was shortlisted by the Wyoming Stable Token Commission to provide the blockchain for the WYST stablecoin. It will be the first of its kind issued by a US state.
Sei price technical analysis
The daily chart shows that the Sei price has been in a strong bearish trend in the past few weeks. It has formed a descending channel and has now moved above the 50-day moving average.
Sei token has moved above the upper side of the descending channel. Further, the two lines of the MACD have formed a bullish crossover, a bullish sign.
Therefore, Sei price will likely continue rising as bulls target the key resistance level at $0.2745, its highest point in May. A move above that level will point to more gains, potentially to $0.50.
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