Can Sei price keep climbing after Circle’s backing and ETF buzz?

Sei price has made a bullish breakout, rising to its highest level since January 27 amid strong growth in its decentralized finance and gaming ecosystems.

Sei (SEI) token climbed to a high of $0.3337, up by 110% from its lowest level this month, bringing its valuation to over $1.6 billion.

The rally is likely driven by its partnership with Circle, the creator of USD Coin (USDC), which went public recently in a highly successful IPO. Circle’s IPO noted that it holds 6.25 million SEI tokens, an indication that the company believes in Sei’s mission.

Further, Sei is one of eleven blockchain networks being reviewed by the Wyoming Stable Token Commission for the WYST stablecoin. The final decision will happen on July 17, and there is a possibility that Sei will be selected.

Sei price also rose after Canary filed for a spot SEI exchange-traded fund. Approval by the Securities and Exchange Commission would lead to increased institutional demand in the United States.

Additional data shows that Sei’s network is thriving in the gaming industry. DappRadar data indicates that games in its ecosystem had over 8.45 million unique active wallets in the last 30 days, an 80% surge. This makes it larger than other chains like Skale, WAX, Immutable, and Ronin.

Sei price has also increased due to the growing number of transacting users on its network. These users climbed to over 561,000 this month, up from 416,000 in May and 320,000 in April. This makes it one of the fastest-growing chains in the crypto industry.

Sei’s decentralized finance network is expanding. Its total value locked rose by 18% in the last 30 days to over $634 million.

Sei price technical analysis

The daily chart shows that Sei price formed a slanted double-bottom pattern around the $0.15 level. It has now moved above the neckline at $0.2767, the highest swing on May 10 and the 23.60% retracement level.

Sei token has moved above the 50-day and 100-day Exponential Moving Averages, while the Average Directional Index has jumped to 24, a sign that the trend is strengthening. Therefore, the token will likely continue rising as bulls target the 50% retracement level at $0.4340.