Sei price forms golden cross as USDC, gaming fuel momentum

The Sei price pared back earlier losses and bounced back to $0.3285, a few points below the year-to-date high of $0.3890. Its daily volume jumped to over $252 million.

Sei (SEI), a fast-growing layer-1 network, could be on the verge of a strong bullish breakout after forming a golden cross and after its USD Coin integration. 

USD Coin deploys on Sei Network

The Sei price stabilized after USDC deployed on its network, a major milestone since it is the second-biggest stablecoin in the industry. Users will now be able to leverage its low transaction costs and high speeds.

The announcement came as the stablecoin activity in Sei has been growing. Its stablecoin supply has increased by almost 2% over the last 30 days to exceed $229 million.

Similarly, the number of stablecoin addresses on Sei has grown by over 21% in this period to 35.1k. The adjusted transaction volume in the network has jumped by 230% to $55 billion. 

Sei Network’s total value locked in the decentralized finance industry has jumped to $705 million, marking a significant milestone since it reached a low of $220 million in February. 

This growth was driven by Yei Finance, whose assets have jumped to over $331 million. Takara Lend’s assets have soared by 76% in the last 30 days to $108 million, while Sailor rose to $85 million. 

Most importantly, Sei has become the most popular chain in the gaming industry. DappRadar data shows that its unique active wallets jumped by over 31% in the last 30 days to 10 million. This makes it significantly larger than other popular chains, such as Skale, Ronin, and WAX.

Sei price technical analysis

Sei price chart | Source: crypto.news

Technical analysis suggests that the Sei token price has been in a strong bullish breakout over the past few months. It moved from a low of $0.1300 in April to a high of $0.3890. 

The token formed an inverse head-and-shoulders pattern, which often leads to more gains. Most notably, it has formed a golden cross as the 50-day and 200-day moving averages crossed each other.

The price of Sei has formed a small doji candlestick pattern. Therefore, it will likely rebound and reach the 50% Fibonacci Retracement level at $0.4330. This bullish view will be confirmed if it moves above the key resistance at $0.3890.