SEI continues to trade under pressure, reflecting broader uncertainty across the crypto market. Over the last 24 hours, the token slipped by 2.51%, while its weekly loss is 3.16%.
At press time, the token is trading at $0.2818. Trading volume stands at $138.74 million, up 6.72% over the same period. The market capitalization holds steady at $1.68 billion, placing SEI among mid-cap altcoins.
Despite the decline, analysts point to a potential bullish setup on SEI’s chart. SEI’s structure is forming a falling wedge, a classic reversal pattern that often precedes upward moves. This wedge, marked by downward-sloping trendlines, indicates fading selling strength.
At $0.2820, the token trades just below key resistance at $0.2901, reinforced by the 0.786 Fibonacci retracement. Clearing this resistance could confirm the wedge and pave the way for a rebound.
Also Read: SEI Holds Key Support at $0.288, Aims Short-Term Rally to $0.345
Crypto analyst Ali said if SEI breaks above the $0.2901–$0.2930 resistance zone, it could trigger a bullish sequence with several upside targets. The first hurdle lies at $0.3033, followed by $0.3130 and $0.3230, with the next major target at $0.3350, which aligns with the 0.236 Fibonacci level.
This broader target of $0.3400 represents a potential 16% rally from current prices, with chart projections suggesting a gradual bullish climb. Historically, such wedge breakouts often attract momentum, especially once reinforced by strong trading volume.
On the downside, failure to break the resistance could stall progress. A drop below $0.2740, aligning with wedge support and the 1.0 Fibonacci level, would invalidate the bullish outlook and open the path to $0.2680. Such levels are greatly anticipated by traders in a directional lead.
Derivatives activity supports technical analysis. Open interests in SEI have dropped 3.47% to $240.28 million, a sign that leveraged positions are being unwound. That unwinding tends to be a catalyst for a reset and makes way for sustainable rather than speculative changes.
Meanwhile, the OI-weighted funding rate is 0.0057%, slightly positive but overall neutral. Non-directional bias suggests balancing positioning, which reduces the chances of rapid liquidation events. Overall, these suggest a pause in market activity preceding a directional movement, and the token’s next move will be reliant upon whether or not the downtrending wedge will break above or below.
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