Key Insights:
- SEI is showing a strong bullish divergence, signaling potential upward movement.
- A breakout above $0.20 could push SEI towards $0.30–$0.35.
- SEI’s growing U.S. positioning and strong on-chain metrics signal further bullish potential.
SEI price has recently broken through a crucial resistance level at $0.20, sparking optimism in the market. According to many analysts, the SEI cryptocurrency price can continue upward and reach levels of $0.30–$0.35. The recent resistance level break and increased interest from investors suggest that the data may continue an upward trend in the near future.
SEI Price Shows Bullish Momentum After Breaking $0.20 Resistance
However, SEI is a key breakout above $0.20 resistance as it begins a likely bullish rush. CryptoMichNL stated that the SEI/BTC pairing shows strong bullish divergence on higher timeframes, implying that SEI could be positioned towards experiencing major price action. A breakout to $0.20 is the key, enabling some higher levels as a $0.30 – $0.35 target.
Market sentiment is shifting positively toward the SEI as the SEI breaks resistance. Those buying pressures and the SEI’s growing interest imply that the currency has a firm foundation for increasing its price. This has further been bolstered by on-chain metrics, where TVL has grown 10x and has been accompanied by rising DeFi activity on SEI’s platform.
Key Resistance and Technical Indicators
The SEI has reached a critical resistance level of $0.20. The asset has maintained this resistance as a barrier for a while, and the recent breakout will likely increase the price.
The Relative Strength Index (RSI) indicator, SEI, is currently at 52.34, signaling a neutral market. This implies that SEI has the potential for more gains before the market becomes overbought.
The MACD line above the signal line and histogram green bar is also emerging indicate an increasingly bullish market.
Meanwhile the CVD indicator is also showing increased buying pressure with green bars pointing to positive volume. More buyers entering positions and the rise in volume contribute to the market’s bullish movement, further showing that SEI is gaining traction.
SEI’s Growing U.S. Positioning and Market Engagement
Additionally, SEI continues to establish itself in the U.S. market, which is important for its long-term development. The Sei Development Foundation in Manhattan demonstrates SEI’s dedication to complying with U.S. regulatory standards.
SEI has gained massive investment support from U.S.-based investors who recently committed $775K through World Liberty Finance.
Moreover, SEI’s on-chain metrics are positively reading for market viability, as opposed to many projects. With 400M in TVL and half of the supply already in circulation, SEI shows substantial growth in its ecosystem. Its supply is also staked further, as 53% of the total supply that is 62,000+ stakers are currently staking on the network, showing positive prospects for the network in the long run.
SEI’s penetration in the market is also evidenced by the increase in users’ daily active users (DAUs) and smart contracts reaching all-time highs (ATH). The increase in TVL and the fact that SEI’s platform is becoming appealing to investors confirm the growing belief that the cryptocurrency can get to $0.30–$0.35 pretty soon, as its fast-growing DeFi sector definitively supports this.
SEI Open Interest Analysis and Market Sentiment
The growing open interest (OI) in SEI suggests that market participants expect significant price movement. Total open interest stands at $57.4 million, all within perpetual contracts. This shows strong engagement in SEI’s market, especially from short to medium-term traders. A 5.29% increase in open interest in the past 24 hours indicates that traders are positioning themselves for potential upward movement.
Increased OI and a greater concentration of positions on leading exchanges like Binance and Bybit are positive signs for SEI. With more traders taking positions, market sentiment would turn bullish. Hence, there would be higher chances of a breakout above the $0.20 resistance.
Disclaimer
This article is for informational purposes only and provides no 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.
