The SEI token price is hovering near the 200-day EMA mark and might see a pullback ahead. For weeks, the price action signified consolidation moves, and the token was trading in a downtrend.
Since the beginning of this month, the token has held gains and has started cooling off the selling pressure. Meanwhile, buyers have yet to cross the trajectory hurdle of $0.6200, which is the prompt resistance.
At press time, the SEI token price traded at $0.5286 with an intraday drop of 0.17%, reflecting neutrality on the charts. It has a monthly return ratio of -16.80% and a yearly return ratio of 725.30%.
The pair of SEI/BTC is at 0.00000765 BTC, and the market cap is $1.41 Billion. Analysts are neutral and suggest that the SEI price may regain momentum and will reach the upside mark of $0.7000.
Could SEI Glow the Gains Ahead?
For the past sessions, the SEI token has made a double bottom formation but has yet to cross the $0.6000 mark. Meanwhile, the sellers are eyeing the opportunity to push the token below the 200-day EMA mark and looking for a significant breakdown ahead.
The price action signifies the range-bound movement and lack of buying momentum. A break and close above the $0.600 mark would trigger the trend reversal ahead.
Source: TradingView
Amidst the market correction, the token was consistently underperforming, and a low volume of buying was witnessed. If the token succeeds in holding the momentum, it will lead to a significant surge ahead.
SEI Rolls Out Multi-Phase V2 Upgrade
In a recent tweet by @CryptoSeq, SEI V2, the next-gen parallel EVM L1, is launching tomorrow, which enables faster speed than Solana and is known for its compatibility.
$SEI v2, the next-gen Parallel EVM L1 is launching tomorrow, enabling faster than Solana speeds whilst having full EVM compatibility, and all without the single centralised sequencer / multisigs seen with L2s.
— Seq (@CryptoSeq) May 26, 2024
Backed by Multicoin Capital, Coinbase, Jump and Circle pic.twitter.com/9B0bCdy1fY
Source: X
The trading volume remained flat and increased over 22.30% to $81.36 Million in the last 24 hrs, conveying the decline in investor speculation.
Futures OI Data Outlook
The Futures OI data signifies decent investor participation, and the open interest remained flat, noting an upsurge of over 0.18% to $68.53 Million in the last 24 hrs.
Source: CoinGlass
SEI is trading below the 38.2% Fibonacci retracement level and has taken support in the mid-Bollinger Band support region.
The immediate support levels for SEI are $0.5160 and $0.5000, whereas the key upside hurdle is around $0.5400, followed by $0.5600.
Conclusion
SEI token price is expected to cross the range neckline hurdle of $0.600 in a significant breakout. Amidst the consolidation price action, the token might outperform in the upcoming sessions.
