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- SEI price is down 74% since March, with continued declines in open interest and development activity.
- The coin faced critical resistance at the $0.30 level, and a break of this level could lead to a potential recovery.
the He is [SEI] The SEI cryptocurrency, which previously peaked at $1.14 in March, has seen a significant decline in recent months. At the time of writing, SEI is trading at $0.2648, a 74% drop from its March high.
This decline represents a continuation of a broader downtrend that has been ongoing over the past week, with the token losing nearly 10% of its value.
The past 24 hours alone have seen a 3.3% drop in the price of SEI, raising concerns about the token’s future prospects.
Is there room for recovery?
Amid this bearish market performance, prominent crypto analyst Michael van de Poppe shared his views on SEI, suggesting that the token could be approaching a critical stage.
Van de Poppe confirmed that SEI stock was consolidating below the $0.30 level, which he identified as a point of “critical resistance.”
He pointed out that breaking through this resistance could pave the way for… big up movewhich could push the token price to $0.45.
However, to understand whether SEI is in a position to make such a breakout, it is necessary to examine the underlying fundamentals that could influence its price action.
Source: Michael van de Poppe/X
SEI Basic Overview
While the potential for an upside breakout is there, the SEI fundamentals presented a more complex picture.
Data Data from Coinglass suggests that SEI’s open interest has been mirroring its price action, showing a decline that could indicate a decline in investor confidence.
Over the past 24 hours, SEI’s open interest has decreased by about 5.40%, bringing its value at press time to $58.60 million.
Similarly, the open interest volume decreased by 23.72%, now standing at $70.50 million.
Source: Coinglass
The decline in open interest and volume suggests that traders are becoming more cautious, perhaps due to continued price erosion.
Open interest, which reflects the total number of contracts outstanding in the futures market, is often linked to market sentiment.
A decrease in open interest, especially during a downtrend, may indicate that fewer traders are willing to maintain or initiate new positions, which could lead to lower liquidity and further price declines.
If SEI stock is to reverse its current trend, it will likely require a rebound in open interest, indicating renewed trader interest and confidence.
In addition to the decline in open interest, SEI’s network development activity has also been on a downward trajectory.
according to Data According to Sentiment, SEI’s development activity has fallen sharply from a peak of over 13 points in March to less than 2 points at the time of publication.
Source: Santiment
Reads six [SEI] Price prediction 2024 – 2025
Development activity is a key metric that tracks the progress of the project database and overall ecosystem development.
A decline in this metric could serve as a warning signal, indicating a decline in innovation and project updates, which in turn could impact investor sentiment and long-term confidence in the asset.
