Cryptocurrency enthusiasts and investors have been closely watching SEI Network as its price action heats up. Currently trading within a triangle pattern on the daily charts, SEI shows a mix of bullish and bearish indicators. While the key support lies at $0.28, a potential breakout to $0.50—a significant 66% surge—is on the horizon if certain conditions align.
Key Market Dynamics Behind SEI’s Movement
SEI’s performance has been affected by recent token unlocks, with $18.42M SEI released in the last 24 hours. The next unlock, valued at $17.76M, is set for October 15, which could further increase selling pressure. Despite this, SEI’s on-chain metrics are promising, showcasing nearly 1 million daily active addresses and a Total Value Locked (TVL) of $593 million. However, the daily trading volume dipped by 14% to $150 million, signaling cautious sentiment in the market.
Bulls vs Bears: The Path Forward
Technical analysis indicates a critical juncture for SEI. Should prices drop to $0.28 as expected, a bullish breakout to $0.50 is possible. Conversely, failure to hold this support could see SEI tumble to $0.24, aligning with the existing fair value gap (FVG). On the shorter timeframe, hourly chart insights give room for optimism, with a buy signal linked to RSI divergence suggesting a temporary deferral of the $0.28 drop.
Analyzing On-Chain Metrics
SEI’s growing ecosystem remains a positive backdrop amidst the fluctuating price trends. The number of active on-chain addresses is unwavering, highlighting robust user participation. However, the current low DEX trading volume at $30.5 million could indicate hesitation among traders. General market sentiment is still 85% bullish according to user surveys.
Stay Ahead with SEI
For those looking to invest in cryptocurrency, timing is everything. To navigate this volatility, consider tools like the Ledger Nano X to securely manage your digital assets. This hardware wallet ensures your investments stay safe from potential cyber threats, giving you peace of mind as you analyze market trends.
