- 33% of the SEI token’s maximum supply was circulating in the market.
- The token’s derivatives witnessed a slight decline in trading volume.
The total value locked for the SEI token was around $85.05 million, and it witnessed total inflows of $30.6K in the last 24 hours. It had raised $30.0 million in total.
When writing, SEI ranked 69th largest cryptocurrency in the global crypto market, with a market cap of $909.26 Million. Additionally, the token’s traded volume value declined by 13% over the last 24 hours.
Also, the crypto’s volume/market cap ratio was 8.02%, which resulted in medium liquidity. It had a decent market presence with a market cap dominance of 0.11% at the time of writing.
The crypto’s supply inflation was extremely high at 62.01%. It showed that the token price needs to rise over 62% to escape from inflation over time. The token’s sentiment was bearish, and its Fear and Greed Index was at 27, reflecting fear among the traders.
The security score of the SEI token was also strong at press time, at 90.5, and belonged to the AA tier. This resulted in a security ranking of #80 in the worldwide crypto market, as per Certik Skynet.
SEI Token Derivatives Data Analysis
The open interest in the SEI token advanced by 3.8% in the last 24 hours. Despite this, the token’s derivatives volume witnessed a decline of 9.5% and resulted in a traded value of $119.38M.
SEI crypto’s derivatives volume chart further showed a huge decline in trading activity over time.
Additionally, higher longs worth $123.01K were liquidated, against which the shorts of only $23.54K were liquidated. This further showed sellers’ dominance in the token price.
SEI Token Technical Analysis
The SEI token price continued to decline from the higher levels and has formed a lower low swing on the daily chart.
A falling wedge pattern was spotted on the daily chart of the SEI token, exhibiting a strong bearish price character.
The SEI token had witnessed a strong rallying uptrend and a declining downtrend. A swing high of $1.1455 was formed on 16th March 2024, and the token price has witnessed consistent profit booking since then.
This movement of SEI token price showed that it might continue to decline to lower levels.
SEI Token Technical Indicator Analysis
Most of the technical indicators for the SEI token price exhibited a bearish signal, followed by the existing downtrend in price.
SEI/USD Chart by TradingView
The 50-day and the 200-day EMAs on the daily chart look bearish as they traded in a death crossover for a long time. The token’s price declined below the same and sustained the lower levels.
The MACD and the signal lines sustained in the negative trajectory for a long time while the metrics traded in a golden crossover. It exhibited a neutral behavior in the token price.
The RSI followed a bearish cycle, took resistance at the 50 level, and started to decline to further lower levels. Also, a few days ago, the RSI hit the oversold zone, indicating solid weakness in the price.
The support levels for the SEI token price are $0.090 and $0.20, and the resistance levels would be present at the $0.650 and $1.060 levels.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
