Sei's Gaming Chain Dominates with 74% Wallet Growth, $600M TVL

Sei, a layer-1 blockchain, has established itself as the leading chain in web3 gaming, with gaming transaction volumes reaching $469 million over the past seven days across its network. This impressive activity has positioned Sei at the forefront of the gaming sector, with 8.8 million connected wallets, marking a 74% increase from the previous month. Despite this surge in activity, the SEI token has remained relatively subdued, currently trading at $0.2835 and gaining a modest 1.28% in the last 24 hours.

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. This discrepancy 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.

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. This growth in stablecoin supply further underscores the expanding influence of Sei in both the gaming and DeFi sectors. The momentum since the beginning of Q2 has been particularly noteworthy, with SEI emerging 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.

Technical analysis of the SEI/USDT daily chart displays a bullish breakout, with price action climbing above a five-month resistance level at $0.26. 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.

In summary, Sei's position as the leading gaming chain with $600 million TVL and 8.8 million connected wallets highlights its growing influence in the web3 gaming sector. Despite the SEI token trading 75% below its peak, the expanding activity and TVL suggest significant potential for future growth. Analysts' forecasts indicate that the token could surge 20% to $0.35, driven by the bullish technical indicators and the underlying strength of the Sei network. The stablecoin supply reaching record levels further supports this optimistic outlook, positioning Sei for continued success in both gaming and DeFi sectors.