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Sei Price Prediction: SEI Soars 3% as Analyst Predicts a Bullish Breakout to $0.70

Highlights:

  • The Sei price is showing signs of life, surging 3% to $0.19 mark today.
  • On-chain metrics still show a drop in volume and open interest, indicating waning activity.
  • A crypto analyst foresees a bullish breakout to $0.70 in Sei price.

The Sei price is showing signs of recovery, surging 3% to $0.1932. Despite the daily trading volume being down 25%, indicating a drop in market activity, the bulls are showing early signs of momentum. Moreover, recently, SEI obtained the Robinhood listing, which has boosted its visibility. 

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The native token of the high-performance Layer-1 blockchain, SEI, has experienced a visible reduction in derivatives trading activity. According to Coinglass data, the overall trading volume declined by 29.63% to $214.79 million, indicating a waning speculative activity among traders. Equally, the open interest, that is the number of outstanding futures contracts, was also down by a modest 0.96% to 111.01 million. This indicates lesser exposure in the derivatives market.

SEI Derivatives Data: CoinGlass

Although this action resulted in the pullback, the long/short ratio will give a mixed sentiment among the large exchanges. The total ratio (24h) indicates a bearish bias of marginal confidence, which is 0.9623. This means that the bulls need to gain strength and push past 1 to rekindle the bullish outlook.

Notably, the 24-hour liquidation sum amounted to $538.26K, with longs constituting the larger portion of $534.51K, and shorts constituting the smaller portion of $3.76K. This means that the volatility as of late has impacted the bullish traders more than the bears. This implies that consumers were taken by surprise by this recent reduction in the Sei price.

SEI OI-Weighted Funding Rate: Coinglass

However, major derivatives indicators indicate that stabilization can be in sight. The rate of funding that is used to balance futures markets sits at -0.0282%. This negative rate means that short traders are paying longs, and short-term price recoveries usually follow the state.

Sei Price Poised for a Bullish Breakout to $0.70

The chart for SEI/USDT on the 1-day timeframe shows a rollercoaster that has hit a rough patch. The price recently hit a low of $0.17, and it’s currently trading at $0.19, showing a slight recovery. The 50-day Simple Moving Average (SMA) at $0.2578 and the 200-day SMA at $0.2598 are both acting as immediate resistance zones, suggesting some short-term bearish strength. However, the SEI price is trading within a triangle pattern, with a potential breakout likely if the bulls show strength.

Sei price
SEI/USD 1-day chart: TradingView

Digging into the indicators, the Relative Strength Index (RSI) is 38.23, indicating oversold conditions. However, the MACD indicator shows a bullish crossover, calling for traders to rally behind the SEI token. In the short term, if the bulls push past $0.2538, there could be a charge toward $0.2598 or higher. According to popular analyst, Ali Martinez, as Sei prices the X-axis of the triangle, there could be a bullish breakout towards $0.70.

On the flip side, if the bears tighten their grip, the support at $0.17 will be a solid floor. For now, it’s a wait-and-see game. Investors may want to keep an eye on volume and the RSI for future Sei price movement.

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