Key Highlights:
- Sei hits 671K active addresses, ranking #1 in gaming on DappRadar in June
- Japan’s FSA approves Sei listing, boosting credibility and adoption potential
- SEI drops 5.62% as whale exits 40K BTC, but charts show possible rebound
Bitcoin price fell 2.16% today to $108,133, leading to a broader market downturn and profit-taking across altcoins. Bitcoin dominance rose to 64.59%, putting pressure on altcoins while the overall crypto market cap dropped 1.06%.
As capital rotated back into BTC, altcoins like SEI followed the trend, dropping 5.62% in 24 hours. Whale activity worsened the decline, as a major wallet exited 40K BTC, once held from $30K, triggering high volatility.
SEI has recently seen a strong uptick in network activity, significant ecosystem growth, and regulatory progress. These factors helped investors stay optimistic, even in the face of today’s price drop.
User Growth on Sei Network Surges as Activity Reaches Record Highs
SEI peaked in daily active addresses, jumping 101% over the past 90 days to 671,000. This boom occurred amidst the increased ecosystem consumption, such as DeFi, gaming, and AI-related applications.
Moreover, it was the number one gaming blockchain on DappRadar during June, attracting thousands of new users.
According to an update by analyst AltCryptoGems on X, Japan’s Financial Services Agency (FSA) approved Sei for local exchange listings. The regulatory milestone will likely increase volume and user adoption in one of the strictest crypto markets in the world.
Sei’s expansion bridges multiple sectors, combining high-speed infrastructure with market-ready utility. On top of that, Sei’s ecosystem TVL crossed $600 Million, placing it 15th among all chains.
The rate of TVL growth started to pick up in March and has just reached a new record high. Greater real-world utility boosts investor confidence. This effect is powerful when fresh products and integrations hit the market.
Sei Gains Institutional Traction with ETF Filing and Stablecoin Backing
Sei’s recent growth has been fueled in part by new institutional interest. Several significant developments are currently underway, further strengthening its momentum.
It was a finalist to be the first U.S. state-issued stablecoin, the Wyoming Stable Token Commission, $WYST. Sei was one of the few competitors, such as Ethereum, Solana, and Arbitrum, and Aptos remained the only competitor.
This awareness makes the token a potential base layer of regulated digital assets. Its rapid finality and enterprise-level throughput supported it. This was further confirmed by the confirmed holdings of Circle in SEI, particularly in the quest to acquire a National Trust Bank Charter.
The cryptocurrency has the infrastructure to facilitate the operations of $USDC reserves and wider institutional adoption. Meanwhile, Canary Capital has submitted an SEI pending SEC approval.
This could open up additional institutional money. World Liberty Finance also bought the token for a million dollars. It is currently up 80%, indicating politically linked capital confidence. Such approvals strengthen the presence of SEI in the U.S. and other countries.
SEI Price Dips Amid Market Sell-Off, but Technicals Point to Potential Rebound
Despite strong fundamentals, SEI’s price fell 5.62% to $0.2636 today, mainly due to broader market risk-off sentiment. The sudden drop resulted from a whale selling 40,000 BTC.
This caused selling pressure and stop-losses everywhere. The token was not immune, with a 34.31% drop in 24-hour volume and increased liquidations.
However, market structure shows a falling wedge on the 4-hour chart, typically a bullish reversal pattern. The $0.24648 level and the 50% Fibonacci retracement have acted as strong support following SEI’s June rally.
Technicals indicate the possibility of bouncing off this level, provided market sentiment does not change. In the meantime, derivatives data are mixed. With this, Binance’s long/short ratios are long-biased, and overall positions are cautious.
In the last 24 hours, $1.1 Million in SEI positions were liquidated, mostly from longs. The pace has eased. However, the network activity and institutional presence can prop up another leg once it breaks the $0.32 level convincingly.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
