SEI has quickly become the front-runner blockchain for gaming buoyed by a $600 million Total Value Locked (TVL). This exciting milestone is yet another indicator of a growing wave of network activity. Just within the past three months, daily transactions have tripled, surpassing 1.6 million on weekdays. SEI’s ecosystem has grown tremendously, now reaching 8.8 million wallets, a 74% growth. The gaming sector on SEI has experienced transaction volumes of $469 million over the last week.

This unprecedented level of activity and TVL has catapulted SEI into the spotlight as one of the most promising new contenders in the increasingly crowded blockchain space. At the time of writing, SEI’s price is $0.2835 after a modest 1.28% gain over the past 24 hours. It’s future potential for further growth that has both investors and analysts paying close attention to the cryptocurrency.

TVL and User Growth

SEI’s TVL hit a new all-time high on July 1st, topping $600 million. This boom is a reflection of the robust confidence and engagement happening inside the SEI ecosystem. The platform’s user growth and stickiness speaks for itself with the impressive growth of its wallet constituency.

Wallets on SEI have grown by 74%, surpassing 8.8 million wallets. This expansion is a reflection of the increasing adoption and interest in the platform. The network’s ability to support a user base that rapidly expands and changes is key to its long-term success.

This surge in TVL and user growth illustrates SEI’s rapidly growing importance within the ever-expanding blockchain gaming industry. Their platform focuses primarily on creating a solid, stable, and scalable gaming application infrastructure. This critical focus has drawn developers’ and users’ interest to ethical tech development.

Transaction Volume and Market Dynamics

SEI’s seven-day gaming transaction volumes have exceeded $469 million. This next figure emphasizes the strength of the activity that’s going on within this platform’s gaming ecosystem. The spike in transaction volume is indicative of the tremendous interest behind games being developed on top of the SEI blockchain.

In fact, the SEI’s daily transactions have more than tripled over the past three months, recently reaching a high of more than 1.6 million transactions per day. This quarter’s heavy transaction volume is a strong signal of the growing utility and adoption of the platform. The network’s true genius, though, is in its ability to process a vast number of transactions. That’s what keeps it fast and efficient and is at the heart of its success.

Daily txns have tripled in the last 3 months, now peaking at over 1.6M/day. Momentum has been building since Q2 began, and it’s not slowing down. - Nansen

Tether’s stablecoin supply has moved up to all-time highs! During its first week alone, it jumped by 23.24% to exceed an extraordinary market cap of more than $277 million. The presence of a strong stablecoin ecosystem and what stablecoins are available impact the platform’s attractiveness and usefulness to traders and investors. This increase in stablecoin supply creates additional liquidity and price stability within the SEI ecosystem, enabling more efficient trades with less price impact.

Price Analysis and Future Outlook

At the moment, SEI is trading at $0.2835, showing a 1.28% increase over the past 24 hours. ADA price is currently trading above the 9-day simple moving average, which has started to form an uptick. Technical indicators This bullish technical indicator points to some room for near-term price appreciation.

SEI’s Relative Strength Index (RSI) is at 61.51, which suggests solid momentum at these levels. The RSI, or relative strength index, is another momentum indicator that can be used to determine when an asset is overbought or oversold. A value of 61.51 indicates that SEI is in heavy demand, but is still below the overbought level.

In the short term, SEI is at a very important double resistance level at $0.35, which has previously acted as a strong supply area. A successful break above this level could trigger additional buying pressure, making the price surge into their $0.50 target. To overcome this resistance would be a big bullish higher trend confirmation and probably bring in more investment.

Short-term projections for SEI aim at $0.5, and estimates for the long-term go over $1. These projections are an expression of deep confidence in the platform’s growth potential. They emphasize its potential to absorb a larger percentage of the blockchain gaming market. SEI’s token value currently ranks 75% under its high. Still, the recent rebound in interest and TVL suggests a space poised to make a major comeback.

For reference, in March 2024, SEI’s token hit $1.14, and its TVL was only at $30.72 million. This historical data point illustrates the potential for SEI's token value to appreciate significantly as its TVL continues to grow.