Sei price has surged in the past few months, becoming one of the best-performing tokens in the crypto market. It surged to a high of $0.3340 in May, up over 156% from its lowest point in April of this year.
Why the Sei Network Price is Surging
Sei Network token surged in June as investors cheered its growth in the gaming industry. Data compiled by DappRadar shows that it was the fastest-growing chain in the gaming sector.
The network’s gaming ecosystem had over 8.83 million unique active wallets, a 73% month-on-month increase. In contrast, the opBNB Chain handled over 6.17 million tokens, while Skale, WAX, and Immutable had 3.15 million, 1.2 million, and 1.02 million, respectively.
This growth was driven by top games in the ecosystem, such as World of Dypians, HotSpring, Archer Hunter, and Dragon Ninja. Some of these games are growing fast and gaining traction in the industry.
Sei Network is also gaining traction in other areas. For example, its total value locked (TVL) in the network has continued growing, and currently stands at over $627 million. This makes it much bigger than popular chains like Cardano, Algorand, and Near Protocol.
Sei Price Technical Analysis
The 12-hour chart reveals that the Sei token price has been in a strong bull run in the past few months. It has jumped from a low of $0.1323 in April to the current $0.2753.
Sei is now hovering at the 23.6% Fibonacci Retracement level, which coincides with the 23.6% Fibonacci Retracement level. It also coincides with the highest level in May and February last year.
Sei price has moved above the 50-period Exponential Moving Average (EMA). Therefore, it will likely continue rising as bulls target the key resistance level at $0.4353, which is up by over 40% from the current level. A drop below the support at $0.25 will cancel the bullish view.
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Block3 Raises $500k in a Day
Meanwhile, Block3, a new project, is gaining traction following the launch of its much-anticipated token sale. Data on its website shows that it has already raised over $500,000 within a day.
Block3 has gained traction among investors because of the total addressable market of industries it is working to disrupt. It aims to disrupt the artificial intelligence industry, which platforms like ChatGPT and Grok currently dominate. It will achieve this by creating an AI engine that can build AAA games with just a single word prompt.
Block3 is also disrupting the gaming development industry, which is currently dominated by leading platforms such as Unreal Engine, Unity, GoDot, and GameMaker Studio. Unity, the biggest player in the sector, is now valued at over $9.9 billion.
Its AI game development platform will enable anyone to build a game within days. It will save developers money and time since game building is a process that takes over three years and costs millions of dollars.
Block3 gained traction on its first day because the price was expected to keep rising during the token sale process. One BL3 token costs $0.01 today, and the next price increase will be $0.0105. Buy Block3 token here.
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