The Sei (SEI) blockchain has secured its position as the leading chain in web3 gaming, with gaming transaction volumes reaching $469 million over the past seven days across its network.
Despite this impressive activity, the SEI token has remained relatively subdued. It is currently trading at $0.2835 and has gained a modest 1.28% in the last 24 hours.
However, the layer-1 blockchain’s expanding influence in both the gaming and DeFi sectors suggests that the current price may be significantly undervalued compared to its 2024 performance, during which SEI maintained levels mostly above $0.5 and peaked at $1 in March.
According to DappRadar analytics, Sei has claimed the top position in web3 gaming over the past 30 days, leading with 8.8 million connected wallets, a remarkable 74% increase from the previous month.
During this period, 14 gaming applications on the Sei network surpassed 100,000 unique active wallets, with all maintaining upward growth trajectories.
Popular titles, including World of Dypians, Archer Hunter, Europe Fantasy League, and Empire of Sei, have experienced unique user growth ranging from 33.2% to an impressive 139%.
Data from DefiLlama reveals that the total value locked (TVL) on Sei reached a new all-time high on July 1st, surpassing $600 million.
This represents a stark contrast to March 2024, when the SEI token reached $1.14 with TVL at just $30.72 million.
While DeFi activity on the chain has expanded by over 2,000%, the token value remains 75% below its peak.
Nansen’s data further supports this growth narrative, showing that daily transactions on Sei have tripled over the past three months, now reaching peaks of over 1.6 million transactions per day.
The stablecoin supply on Sei has also reached record levels, growing 23.24% in the past week to achieve a market value exceeding $277 million.
Coinbase CEO Brian Armstrong highlighted the broader potential of crypto payment infrastructure during a recent CNBC interview, noting that crypto rails are facilitating $30 trillion in stablecoin volume.
“These rails are faster, they’re cheaper, they’re more global. Payments flow to the path of least resistance, and crypto rails are now the most efficient rails globally,” Armstrong stated.
Sei’s momentum since the beginning of Q2 has been particularly noteworthy.
The price action reflected this underlying strength as SEI emerged as the top-performing altcoin in June with gains exceeding 49%.
However, with a current market capitalization of only $1.57 billion, many analysts believe significant upside potential remains. Short-term projections target $0.5, and longer-term estimates exceed $1 when broader market volume returns.
The SEI/USDT daily chart displays a bullish breakout, with price action climbing above a five-month resistance level at $0.26.
SUI is currently trading around $0.2821. The price sits slightly above the 9-day simple moving average, which is beginning to trend upward, supporting short-term bullish momentum.
A crucial resistance level awaits at $0.35, which has historically served as a significant selling zone. Should SEI achieve a decisive close above this threshold, the next major target becomes $0.50, representing a potential 76% upside from current levels.
The Relative Strength Index (RSI) reads 61.51, indicating robust momentum while remaining below overbought conditions, suggesting additional upside room exists.
However, the $0.35 resistance level remains critical; a clean break above this point would likely drive additional buying pressure toward the $0.50 target.
If rejected at this level, a retest of the $0.26-$0.28 support zone could provide a healthy consolidation period before resuming the upward trend.
