Sei price joined other altcoins in a strong rally on Friday, continuing a trend that started in April when it bottomed at $0.1300. The token may continue soaring after its gaming ecosystem gained steam, with a key metric soaring by 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 the blockchain industry. DappRadar data shows that Sei, a layer-1 network, has become the biggest chain for the gaming sector in terms of 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, while 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’s growth in the gaming industry is notable because it has beaten other gaming-focused chains like Skale, WAX, Ronin, and Immutable.
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Sei Network DeFi Growth is Continuing
Meanwhile, more data shows that Sei Network is growing in other industries like decentralized finance (DeFi). According to DeFi Llama, 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 last 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, together with the surging stablecoin supply in Sei, will likely continue boosting its price in the coming weeks. They also explain why the number of users and transactions in the network 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 other bigger chains like Ethereum and Sui.
Sei’s active addresses surged by 47% in the last 30 days to over 9.45 million. Similarly, the amount of fees the network generated in this period rose by 470% to $25,000.
Sei Price Technical Analysis
The daily chart shows that the Sei token 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 at $0.1595, while the head was at $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 major rally. Most importantly, Sei’s price is nearing its golden cross, which happens when the 200-day and 50-day Exponential Moving Averages (EMA) are about to form a crossover.
Therefore, the Sei price will likely continue rising as bulls target the 50% Fibonacci Retracement level at $0.4328, which is about 28% above the current level.
Summary
The Sei price has formed an inverse head-and-shoulders pattern, pointing to more gains in the coming weeks.
Its strong technicals are being supported by the ongoing growth of its gaming and decentralized finance (DeFi) ecosystem. It has also become one of the fastest-growing chains as the number of active addresses and transactions jumps.
