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Key Insights:
- Sei price is eyeing more gains as the Supertrend indicator turns green.
- Sei Network has become the most active chain in the gaming industry.
- Its decentralized finance (DeFi) assets and active users have jumped recently.
Sei price joined other altcoins in a strong rally on Friday. It continued a trend in April when it bottomed at $0.1300. The token may soar after its gaming ecosystem gained steam, with a key metric soaring nearly 40%.
Sei Has Become the Top Chain for the Gaming Industry
The gaming industry is seen as one of the biggest use cases for blockchain. DappRadar data shows that Sei, a layer-1 network, has become the biggest chain for the gaming sector regarding users.
The network had over 9.67 million unique active wallets (UAW) in the last 30 days, a 37% monthly increase. This increase led to a 24% transaction increase to over 33.16 million.
Most notably, the ongoing growth was not driven by one application. For example, Hot Spring – The Cozy World had 1.99 million UAW in the last 30 days, a 20% surge.
Similarly, Kawaii Puzzle had over 1.38 million uses. On the other hand, Archer Hunter, DragonLand, and IDLE Glory had 1.29 million, 946k, and 834k users in the last 30 days. The other notable gaming dApps on Sei are Empire of Sei, Dragon Slither, and World of Dypians.
SEI is making waves in gaming, outperforming rivals like Skale, WAX, Ronin, and Immutable. This momentum could positively influence the Sei price as investor interest grows.
Sei Network DeFi Growth is Continuing
Meanwhile, more data shows that Sei Network is growing in other industries, such as decentralized finance (DeFi). DeFi Llama said the network had a 24-hour volume of over $48 Million and a 30-day figure of $1.2 Billion.
These figures are much higher than those of other bigger chains. For example, Cadano DEX protocols handled just $4 Million in the last 24 hours and $97 million in the previous 30 days.
The other potential catalyst for the Sei price is that its decentralized finance (DeFi) total value locked jumped by over 34% in the last 30 days to $748 Million. This is notable since it crossed the $500 milestone in June.
These numbers and the surging stablecoin supply in SEI will likely continue boosting its price in the coming weeks. They also explain why the network’s number of users and transactions has soared.
Nansen data shows that Sei Network had over $42.9 Million in transactions in the last 30 days, a 104% increase. These transactions were much higher than those of other big chains like Ethereum and Sui.
Sei’s active addresses surged by 47% in the last 30 days to over 9.45 million. Similarly, the network’s fees rose by 470% to $25,000 in this period.
Sei Price Technical Analysis
The daily chart shows that the Sei price has rebounded in the past few days. This rebound happened after the token formed an inverse head-and-shoulders pattern. The right and left shoulders were $0.1595, while the head was $0.1300.
Sei Network’s neckline was $0.2743, which coincided with the 23.6% Fibonacci Retracement level. It has already moved above that level as it confirmed the breakout. The Supertrend indicator has turned green, which always happens ahead of a significant rally.
SEI is approaching a golden cross, a bullish technical signal. This happens when the 50-day EMA crosses above the 200-day EMA. Traders see this crossover as a sign of continued upward momentum.
Bulls are now eyeing the 50% Fibonacci Retracement level at $0.4328. That target sits roughly 28% above the current price, suggesting more upside potential.
Sei price has formed an inverse head-and-shoulders pattern. This indicated more gains in the coming weeks.
Its strong technicals are supported by the ongoing growth of its gaming and DeFi ecosystem. It has also become one of the fastest-growing chains as active addresses and transactions jump.
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.
