Analysis of SEI's current state shows bullish pressure and stability above key support levels.
Support Levels and Key Resistance Zones
According to chart analysis, SEI bounced from the $0.27 support level, which has been tested several times. Holding this zone indicates that buyers are still absorbing sell pressure.
The immediate resistance level to watch is $0.308, where rejections have happened before. A reclaim above this zone could mark a potential bullish reversal. The next target would be $0.338, aligning with liquidity clusters and previous market peaks.
Intraday Price Action and Market Performance
As of writing, SEI is trading at $0.2889, reflecting a daily gain of 1.98%. Intraday price action shows a rally from $0.2827 followed by a sharp dip to $0.277 before recovering in a V-shaped rebound.
Derivatives Sentiment and Liquidation Activity
Derivatives metrics reinforce the bullish outlook as trading volume rose 10.65% to $248.52M while open interest added 4.37% to reach $242M. The overall long/short ratio stands at 0.9231, suggesting a slight dominance of shorts.
However, Binance data shows a 1.578 ratio indicating strong long positioning. In the last 24 hours, $127.53K in positions were liquidated, with the majority being shorts.
Overall, SEI shows increasing bullish pressure amidst strengthening trader positions and derivatives analysis. The $0.308 level will be a key indicator for future movements.
