The Sei token continues its strong downward trend, reaching the price of $0.1660 amid a broader crypto market crash.
Current Position Analysis of Sei
The condition of the Sei token has worsened, as its price has now dropped to $0.1660, the lowest level since April 17. Since its peak in May, the token has fallen by more than 40%, and from its November 2023 high, its value has decreased by over 77%.
Fundamental Indicators of Sei
Despite the price fluctuations, the fundamental aspects of the Sei network remain strong. Currently, the total value locked in the network has exceeded $3.08 billion SEI, significantly higher than the $715 million at the start of the year. Most decentralized applications within the Sei network are seeing growing popularity, such as Yei Finance, which has accumulated over $295 million in assets.
Technical Price Analysis of Sei
The current chart shows that the SEI token has been declining sharply since its peak of $0.2747 on May 11. Indicators of declining momentum, such as MACD and the Relative Strength Index, also suggest a bearish sentiment. The price is approaching a potential double-bottom formation around the $0.1295 level, and if this support holds, a rebound could target the resistance level at $0.2800.
While the challenges in the price dynamics of the Sei token are serious, they have not adversely affected its fundamental indicators. The network's condition and the growing number of market participants may positively influence its future price.
