Latest data shows SEI token testing support levels at $0.28–$0.29 after a breakout taking place amid declining trading volumes.
Technical Analysis and SEI Support
The SEI/USDT 4H chart reveals a breakout above a long-standing descending resistance line. Currently, a retest above this breakout is taking place, with the support area between $0.28 and $0.29 playing a crucial role. If SEI maintains its position above this support, it could lead to the formation of a higher low and open up for further upside.
Market and Trader Positioning
Data shows a strong bullish skew, with traders on Binance favoring long positions, achieving a ratio of 1.93. SEI’s trading volume over the past 24 hours stands at $131.4M, reflecting a 0.77% decline. Over the past week, the token has slipped 4.19%, but the structure remains intact.
Derivatives Data and Liquidation Pressure
The derivatives market shows cooling participation: volume has decreased by 11.07% to $224.81M. Open interest has also decreased by 1.43%, often indicating consolidation. However, liquidation data indicates that sellers are facing difficulties maintaining pressure. Liquidations totaled $89.59K over the last 24 hours.
The current dynamics of SEI indicate stability and support at the $0.28–$0.29 level. If this level is maintained, there is potential for further growth towards the $0.32–$0.34 range.
