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SEI Token Breaks Downtrend — What’s Next for Price?
SEI Token Surges – SEI (SEI) has seen a remarkable surge in user activity. The number of Daily Active Wallets increased by 10.49% to 561,000, while Daily Transactions jumped 20.13% to 1.47 million. This strong growth confirms that SEI’s adoption wave, which started in early Q2, has accelerated, pushing the token price up to $0.3039.
SEI’s Social Momentum Continues to Rise
In the crypto world, SEI’s Social Dominance fell from 0.59% to 0.387%, but Positive Sentiment surged above 14 on June 27, according to Santiment data. This indicates that SEI is attracting growing attention from both the community and media. While increased social visibility often precedes price breakouts, it can also fuel speculative trading.
Cautious Volume and Short Positions Raise Eyebrows
Despite these positive indicators, funding rates remain negative at -0.032%, signaling a bearish tilt in the derivatives market. This suggests traders are still cautious and leaning towards short positions. However, if the price keeps climbing, these short positions could trigger a short squeeze, potentially accelerating SEI’s upward momentum.
Speculative Capital Flows Back
SEI’s Open Interest rose by 7.78% to $310.87 million, reflecting growing speculative interest. The simultaneous increase in price and open interest shows the market is gearing up for a move. Both bulls and bears are actively positioning, making it crucial to watch whether fresh capital continues to flow in or starts to dry up.
Key Resistance Level at $0.35 for SEI
SEI has successfully broken out of its long-term descending channel. Currently trading at $0.3039, SEI is approaching a critical resistance at $0.3508. The RSI reading of 67.89 indicates bullish momentum without being overbought, leaving some room for upward movement.
However, failure to breach the $0.35 resistance could lead to price consolidation or a retest of the breakout zone. SEI’s rally is supported by increased user activity, speculative interest, and positive social sentiment. Still, negative funding rates and strong resistance introduce short-term risks. If bulls manage to overcome this level, SEI could enter a fresh price discovery phase.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
