Sei Token Surges 110% on Partnerships and Gaming Growth

Sei price has surged to its highest level since January 27, driven by significant growth in its decentralized finance and gaming ecosystems. The SEI token reached a peak of $0.3337, marking an 110% increase from its lowest point this month and elevating its market valuation to over $1.6 billion.

The recent rally can be attributed to Sei's strategic partnership with Circle, the creator of USD Coin (USDC), which recently went public through a successful IPO. Circle's IPO disclosed that it holds 6.25 million SEI tokens, signaling confidence in Sei's mission and potential.

Additionally, Sei is one of eleven blockchain networks under review by the Wyoming Stable Token Commission for the WYST stablecoin. The final decision is expected on July 17, with Sei being a strong contender for selection.

Another catalyst for Sei's price increase is the filing by Canary for a spot SEI exchange-traded fund. Approval from the Securities and Exchange Commission could significantly boost institutional demand in the United States.

Sei's network is also thriving in the gaming industry, with DappRadar data showing that games within its ecosystem had over 8.45 million unique active wallets in the last 30 days, an 80% increase. This growth positions Sei ahead of other chains such as Skale, WAX, Immutable, and Ronin.

The number of transacting users on Sei's network has also surged, reaching over 561,000 this month, up from 416,000 in May and 320,000 in April. This rapid growth makes Sei one of the fastest-expanding chains in the crypto industry.

Sei's decentralized finance network is also expanding, with its total value locked rising by 18% in the last 30 days to over $634 million. This indicates a growing interest and investment in Sei's ecosystem.

Technical analysis of Sei's price movement shows a slanted double-bottom pattern around the $0.15 level, with the price now above the neckline at $0.2767. The token has moved above the 50-day and 100-day Exponential Moving Averages, and the Average Directional Index has jumped to 24, suggesting a strengthening trend. Bulls are targeting the 50% retracement level at $0.4340, indicating potential for further price increases.