SEI Crypto Eyes $0.50 Breakthrough Amid Strong Bullish Momentum

• SEI crypto regained traction and reclaimed the 200-day EMA amid strong momentum.
• SEI’s total value locked (TVL), ranked 33 on DeFiLlama, has comfortably surpassed $200M.

Sei (SEI) coin has traded in an accumulation phase and consolidated near the 200-day EMA zone. It has built strong momentum and showed stability, which is marked by low volatility.

The SEI crypto traded at $0.4572 at press time, noting a rise of over 21.30%. Furthermore, the token replicated a sharp bounceback in the last 24 hours. Its market cap rose to $1.92 Billion, ranked 62 among the top crypto coins.

SEI’s On-Chain Analysis: What the Data Reveals

SEI’s daily transactions surged to over 4.20 million. It marked a substantial growth from its earlier average of around 3.80 million transactions in early November.

This significant surge solidifies SEI coin’s leadership in the sector. That demonstrated its increasing popularity and the strength of its growing ecosystem.

Specifically, a record high of 376,000 daily active addresses was achieved this December. This reflected a tenfold increase from a baseline of 20,000 to 30,000 addresses in just two months.

Meanwhile, the transaction surge has also increased SEI crypto’s total value locked (TVL). DeFiLlama reported that the token’s TVL has reached $224.71 Million.

The new wallet creations also reflected a possible uptrend. This increase in the new wallets was directly associated with an increase in the gaming ecosystem of SEI. This indicated that the firm had efficient market penetration strategies in place.

SEI coin has a sound economic basis, and $100 Million of funds are secured from top firms. That ensures stable further development and growth of the overall ecosystem.

How Does the SEI Price Action Look Right Now?

The SEI price has shown a significant rebound and gained upward momentum. The token captured the attention of both traders and retailers.

A recent tweet by Christian Chifoi highlighted that SEI crypto’s price action signaled a hidden bullish divergence. That represented a bullish outlook.

Notably, SEI’s price action has formed a higher high and higher low structure. This could set the way toward the $1 mark for the upcoming sessions.

SEI price has retested the cycle low and taken support around the $0.4000 zone. Once the SEI coin surpasses the $0.500 level, a short covering rally toward $0.600 can be anticipated.

However, the Average Directional Index (ADX) at 27 indicated moderate trend strength. It suggested a potential for short-term consolidation. Therefore, holding support above $0.4300 will be critical for sustaining this rally and building upward momentum.

Futures Market Data Outlook

The Long/Short Ratio revealed a balanced sentiment, with 48% of positions being long and 52% shorts. This indicated cautious optimism among traders, who are preparing for possible corrections. Therefore, this balance hinted at both opportunity and caution in the short term.

The Open Interest (OI) has risen over 15% to $146.81 Million, signifying prolonged buildup activity in the past 24 hours. Moreover, the OI-weighted funding rate remained positive at 0.0036%.

The immediate support zones for the SEI crypto were $0.4230 and $0.4000. At the same time, the resistance zones were $0.4700 and $0.5000.

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.