The Sei price rose for two straight days as crypto traders cheered the ongoing network growth. It jumped from this week’s low of $0.1585 to a high of $0.1932, giving it a market cap of $1.1 billion.
Sei Network Growth Continues
Sei price jumped on Thursday after the Wyoming Stable Token Commission selected it as a candidate blockchain for WYST, the first fiat-backed stablecoin issued by a state. If selected, it will be a major thing for Sei, one of the most underrated chains in the crypto market.
Wyoming has become one of the top pro-crypto states in the United States. For example, the state parliament is deliberating on HB0201, a bill that proposes a Strategic Bitcoin Reserve for the state. If passed, the bill will allow the state to allocate a portion of its funds, up to 3%, into Bitcoin investments.
Third-party data shows that Sei Network is one of the most underrated players in the crypto industry. A data point from Nansen shows that Sei’s transactions increased by 130% over the last 30 days, reaching over 35 million. Similarly, the number of active addresses soared by 100% to 7.6 million.
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Another data shows that Sei is the second most active player in the gaming industry. According to DappRadar, Sei had over 2.5 million unique active wallets (UAW) in the last seven days and 7.83 million in the last 30 days. Its gaming transactions rose by 66% to 29.16 million in the same period.
Sei is also a big player in decentralized finance (DeFi), with a total value locked (TVL) of $550 million and a stablecoin market cap exceeding $215 million.
These numbers are significantly higher than those of some popular chains, such as Hedera Hashgraph, Cardano, and Algorand. Algorand has a total value locked (TVL) of $113 million, with $55 million worth of stablecoins, while Cardano and Hedera have a TVL of $337 million and $152 million, respectively.
Sei Price Technical Analysis
The daily chart shows that the Sei token price has crashed in the past few months despite its strong fundamentals. It plunged from a high of $0.7345 in December to $0.1930 today.
Sei price remains below the 50-day and 25-day Exponential Moving Averages (EMA), a sign that the bearish trend is continuing.
On the positive side, Sei price is slowly forming a double-bottom pattern at $0.1295 and a neckline at $0.2725. A double bottom is one of the most bullish patterns in technical analysis.
It has also formed a bullish flag pattern, comprising a vertical line and a descending channel. Therefore, the token may bounce back and possibly retest the double-bottom’s neckline at $0.2725. A move above that resistance level will point to more gains.
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