Sei Network, a high-performance Layer-1 blockchain, has shown a consistent upward trend following its yearly low of $0.1303 for $SEI on April 7. The token is currently valued at $0.2301, reflecting a daily increase of 3.19%. This marks a noteworthy recovery, with SEI rising over 55% since its April downturn.
Despite this positive trajectory, the token’s performance remains relatively muted when evaluating the year-to-date figures, as it sits 57% lower than its previous highs. However, strong fundamentals within the network indicate a different narrative, with significant user growth overshadowing the current price stagnation.
Sei Network Surpasses 28 Million Active Addresses: What’s Next for SEI?
Recent data from Flipside, presented by Hess, highlights that Sei Network has achieved a significant milestone of 28 million active addresses after 380 days of ongoing developments. In just the past week, the network has registered 1.9 million new wallets, averaging around 330,000 new addresses per day. Additionally, last week saw 2.2 million active wallets, indicating a rise of 25%.
As of June 7, the Sei Network also processed more than 1.3 million transactions in a single day for the first time, primarily driven by its flourishing gaming sector. The Total Value Locked (TVL) in Sei peaked at approximately $550 million and currently remains steady at around $509 million, as reported by various sources.
Notably, Sei’s transaction fees average below $0.001, a significant advantage over similar networks such as Ethereum and Binance Smart Chain, as well as Layer-2 solutions like Polygon and Arbitrum. This exceptional performance underscores the network’s robust appeal.
Within the ecosystem, gaming applications have taken the lead in user engagement. DragonLand, a notable Web3 game operating on Sei, recorded over 1.36 million transactions, while other popular offerings like Hot Spring, World of Dypians, and Europe Fantasy League each contributed around 500,000 weekly transactions during the same period.
Developer Insights: $SEI Moving Towards $1
The growing utilization of the Sei Network has led experts to suggest that $SEI may be significantly undervalued, pointing to the possibility of a price correction imminently. A mobile Web3 game developer recently remarked on X that the price of $SEI at $0.20 appears “criminally undervalued.”
This developer emphasized that Sei is not merely another Layer-1 blockchain but is meticulously crafted for trading applications, providing an optimal environment for high-frequency decentralized finance (DeFi) operations. The developer asserted that with rising TVL, integrations with artificial intelligence, and superior performance metrics, targeting $1 for SEI is more a conservative estimate than a speculative goal.
Another trader, who primarily follows Solana and Ethereum, remarked that now that $SEI has regained the $0.20 threshold, breaking the $0.26 mark—only 25% above current prices—could ignite significant upward momentum. They projected that achieving a price of $2 would entail a market capitalization of $10 billion, positioning it competitively with projects like Sui and Hyperliquid.
Potential for a Rally: Will SEI Breakout Lead to New Heights?
Analyzing the SEI/USDT daily chart reveals a classic inverse head and shoulders pattern—an established reversal formation often indicating forthcoming price increases. This chart illustrates three low points, with the central “head” representing the lowest trough, while the outer “shoulders” exhibit higher levels, suggesting diminishing selling pressures and a potential shift toward upward momentum.
If this reversal pattern holds true, the critical neckline around the $0.26 resistance level could be pivotal for future price movements. Surpassing this level could lead to a target of around $0.35. Technical indicators suggest that clearing the $0.35 benchmark might propel SEI to approximately $0.50, representing a substantial potential gain of nearly 147% from its current trading levels.
The Relative Strength Index (RSI) stands at 47.77, just shy of the neutral 50 mark, indicating strengthening market sentiment. Historical indicators have previously aligned with identified bullish divergences, lending credence to the emerging pattern. However, the price remains entrenched below a significant descending trendline from late 2024, prompting a note of caution among investors.
If bullish conditions do not come to fruition, $SEI could experience a retest of support levels near $0.15. Nonetheless, the prevailing chart patterns currently suggest a mildly optimistic outlook for the token.
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