The Sei price continued its strong recovery on Wednesday as recent momentum gained steam and its fundamentals improved. It jumped to a high of $0.3850, its highest point since January 19, and 195% from its lowest point this year.
Why Sei Price is Surging
Sei, a fast-growing layer-1 chain known for speed, is in a strong uptrend as investors cheer its strong growth. Data shows that it has become one of the fastest-growing players in the crypto industry.
Its active users surged by 40% in the last 30 days to over 9.8 million. Similarly, the number of transactions in the network soared by 93% to 44.2 million.
Most notably, the fees generated by the chain surged by 594% to $28,000. This fee is small because Sei prides itself on being one of the cheapest blockchains in the industry, with a typical transaction costing pennies.
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Sei price has also jumped as Sei has emerged as the biggest blockchain network for the gaming industry. DappRadar data shows that its gaming segment had over 3.2 million unique active addresses, with the top games in the ecosystem being Hot Spring, Kawaii Puzzle, Archer Hunter, and DragonLand.
Sei’s success, low transaction costs, and fast speeds explain why it has become one of the top contenders for WYST, the upcoming stablecoin by the State of Wyoming.
Sei is also growing in other industries. For example, the total value locked (TVL) in the ecosystem has jumped by over 40% in the last 30 days to over $764 million. This is notable because the network crossed the $500 million mark last month. Its stablecoin supply has jumped to a record high of over $270 million.
Sei Crypto Price Technical Analysis
The daily chart shows that the Sei token price has staged a strong comeback in the past few weeks. It moved from a low of $0.1300, its lowest point in April, to its current value of $0.3697.
The coin moved above the key resistance point at $0.2743, the neckline of the inverse head-and-shoulders pattern. This pattern is one of the most common bullish reversal patterns.
The price of Sei is about to form a golden cross pattern as the spread between the 50-day and the 200-day moving averages has narrowed. It has moved above the 38.2% retracement point.
Therefore, the path of the least resistance for the coin is bullish, with the key level to watch being at $0.4328, the 50% retracement point. A move above that level will point to more gains to $0.5040, the 61.8% retracement point.
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