After several weeks of slow bleeding, SEI is finally showing some technical and fundamental signs of life. Recent data indicates that SEI is forming a structure that could lead to a breakout.
Formation of Bullish Structure
On the daily chart, SEI appears to have formed a **double-bottom pattern**, with support at **$0.1688**. This is a common reversal signal in technical analysis. It is expected that if the neckline (resistance) around **$0.2725** breaks with strong volume, it could set the stage for a potential trend reversal.
Indicators Showing Positive Changes
The **MACD** is beginning to curl upward, suggesting a shift in momentum. While not fully bullish yet, there is early crossover potential. Meanwhile, the **RSI** has bounced off the lows and is heading toward the 55 mark, indicating recovery from bearish conditions. Bulls will need to push through resistance at $0.24 before targeting the $0.2725 neckline.
Fundamental Support for Optimistic Outlook
SEI has demonstrated several impressive developments that could fuel further upside. SEI was chosen by the **Wyoming Stable Token Commission** to support WYST, the first state-issued stablecoin in the U.S., marking a significant credibility boost. Moreover, integration with **LayerZero** enhances cross-chain functionality. There has been a **30% spike in transactions** and a **100% increase in active addresses**, indicating real signs of growth and increasing demand.
SEI exhibits a convincing technical setup for a potential breakout, supported by real ecosystem growth and strong on-chain metrics. If bulls can break above resistance levels at $0.24 and $0.2725, the next target of **$0.3058** seems achievable.
