Sei Network Crushes 28M Active Wallet Record – Is SEI Due for a Price Recovery?

The high-performance Layer-1 blockchain Sei Network has maintained a steady upward trajectory following its annual low of $0.1303 $SEI price recorded on April 7.

Currently trading at $0.2301 with a daily increase of 3.19%, SEI has demonstrated impressive resilience by climbing over 55% from its April bottom.

While the recovery is notable, the token’s performance remains relatively flat year-to-date, trading 57% below its earlier highs despite recent gains.

Nevertheless, underlying network fundamentals reveal a different story, with $SEI experiencing substantial growth in user adoption despite lackluster price performance.

According to Flipside data shared by Hess, the Sei Network has achieved a milestone of 28 million active addresses following 380 days of continuous development.

Sei Network just hit 28M active wallets in 380 days!

• 1.9M new wallets in the past 7 days (~330K/day)
• 2.2M active wallets last week (+25%)
• DAUs ranging from 450K to 630K
• Gaming continues to lead user growth
TVL peaked at ~$550M – now holding steady at ~$509M
… pic.twitter.com/XG8BM6iHKL

The platform has welcomed over 1.9 million new addresses within the past week alone.

Additionally, on June 7, the Sei network processed more than 1.3 million daily transactions for the first time in its history.

Most of these achievements have been concentrated in the second quarter of 2025.

Remarkably, despite the substantial transaction volume, Sei maintains average transaction fees below $0.001, significantly lower than Ethereum, BSC, and even Layer-2 solutions, including Polygon, Base, and Arbitrum.

The network’s total value locked (TVL) continues its upward momentum, recently surpassing the $500 million milestone and positioning Sei above competing blockchains such as Cronos, Cardano, Near Protocol, and TON.

Notably, gaming applications dominate Sei’s ecosystem activity, defying the broader skepticism surrounding Web3 gaming projects.

Over the past seven days, DragonLand, a prominent Web3 game on Sei, generated over 1.36 million transactions, while other popular titles, including Hot Spring, World of Dypians, and Europe Fantasy League, averaged approximately 500,000 weekly transactions each.

This expanding network utility has led many market observers to believe that $SEI remains significantly undervalued, with a potential price correction on the horizon.

A mobile Web3 game developer recently commented on X that $SEI at $0.20 appears “criminally undervalued.”

$SEI at $0.20 feels criminally undervalued

This isn't just another L1. it's built for traders:

-> Sub-400ms finality
-> Parallelized EVM (no more congestion)
-> Built-in order matching
-> Ultra low latency

It’s the perfect storm for high-frequency DeFi.

With rising TVL, AI… pic.twitter.com/VkLFgI1tdi

The developer recently emphasized that Sei represents more than just another Layer-1 blockchain; it’s specifically engineered for trading applications and represents an ideal environment for high-frequency DeFi operations.

He noted that “with increasing TVL, AI integrations, and superior performance metrics,” reaching $1 for SEI shouldn’t be considered speculative but rather a conservative baseline target for the coming months.

Another trader, known for focusing on Solana and Ethereum, suggested that now that $SEI has reclaimed the $0.20 level, breaking through $0.26 (just 25% above current prices) could trigger significant momentum.

$SEI reclaimed $0.2 price

All $SEI needs to be at $2 is to have $10B mcap

Sooner or later, we will be there. pic.twitter.com/tSKIEQQeD8

He projected that SEI could potentially reach $2, which would establish a $10 billion market capitalization, placing it in direct competition with projects like Sui and Hyperliquid.

The SEI/USDT daily chart reveals a textbook inverse head and shoulders formation, a well-known reversal pattern that frequently indicates upward price momentum.

This configuration features three low points, with the middle trough (the “head”) representing the deepest level, while the outer two (the “shoulders”) sit at higher levels, indicating diminishing selling pressure and potential momentum reversal.

Should this pattern execute successfully, the formation’s neckline, which corresponds closely with the $0.26 resistance zone, becomes pivotal.

A break above this resistance level could unlock the next significant target near $0.35.

Technical analysis suggests that if the $0.35 threshold is definitively surpassed, the price could surge toward $0.50.

Such a move would constitute a 147.47% gain from present levels, which will be a substantial medium-term bullish prospect if key resistance barriers are overcome.

$SEI (per request)

Potential for a large inverse head and shoulders setting up here. Which lines up well with 99smma resistance. Worth monitoring but could take a while to play out if it's going to. pic.twitter.com/A9vNCtddJK

The Relative Strength Index (RSI) currently sits at 47.77, just below the neutral 50 threshold but showing upward momentum, suggesting improving market sentiment.

Historical RSI Divergence Indicator signals have previously identified successful bullish divergences, lending credibility to the current pattern formation.

However, the price continues to trade beneath the major descending trendline established in late 2024, warranting continued caution.

Should the bullish scenario fail to materialize, $SEI might retest recent support levels around $0.15, though current chart patterns suggest a moderately optimistic outlook.

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