SEI price is experiencing a retracement after the sharp recovery recorded in August, whereas rising open interest and the release of Sei-Mastercard’s institutional blockchain adoption report keep the focus on the next breakout point.
At press time, SEI is trading at $0.04577, representing a drop of 5.28% against the previous 24 hours.
Despite this drop within the day, the coin had grown by 12.5% in August, marking some recovery against the losses of 30.3% and 12.5% recorded in June and July, respectively.
Also Read: SEI Price Eyes 2,500% Rally as Mastercard Partnership Boosts Bullish Outlook
SEI Price Rebound Faces Major Resistance
From the analysis of the TradingView daily chart, it is clear that SEI is rebounding from the $0.038–$0.040 zone and rising above the middle line of the Bollinger Bands at $0.04319.
While rebounding, the coin pushed itself towards $0.050; however, it was driven back below the upper Bollinger Band at $0.05009 by the sellers.
The $0.04078 zone is marked as the near-term support, while $0.05285 marks the major resistance.
Breaking $0.05285 on the daily candle will be a positive sign for this recovery move, and failing to stay above $0.04078 will weaken the current recovery setup and could put the $0.04319 level back in focus.
Also Read: SEI Price Eyes Recovery as Falling-Wedge Pattern Builds Bullish Momentum
What Does the SEI Price Chart Suggest?
Bollinger bands suggest that the price continues trading above the middle band, thus maintaining a constructive short-term setup despite the price fall seen today.
Trading volume increased during the latest rally period, suggesting greater participation around the price move.
As per the latest CoinGlass data, the open interest of SEI is around $48.5 million, up from approximately $40 million earlier in August.
A combination of an increase in open interest and the recent price rally suggests greater derivative trading activity, but it doesn’t help conclude whether traders are mostly bullish or bearish.
Also Read: SEI Price Targets $1.14 as Tokenized Finance Growth Boosts Bullish Outlook
Why Is the Sei-Mastercard Report Important?
The recent X post by Sei involves a collaboration with Mastercard involving a report based on interviews with over 40 experts who have analyzed how blockchain adoption is being evaluated within financial institutions.
This report is centered around infrastructure, governance, and scalability when institutions move towards production.
Sei highlighted the message, “The tech is ready. The next step is trust.” The statement connects the report with the broader challenge of moving institutional blockchain use from technological development toward practical adoption.
This development is important because it shifts the attention away from the blockchain technology alone to its actual need for institutional adoption.
For SEI, this becomes an important narrative point if the network’s strategy of institutional adoption gains momentum.
Can SEI Price Achieve $0.05285?
The first aim is for buyers to retake the $0.05009 price point and then push the price above $0.05285.
Failing to accomplish this could see a pullback in the price of SEI to $0.04319, with $0.04078 remaining the key support level to watch.
A sustained break above $0.05285 would provide stronger confirmation of the recovery, while a failure to hold $0.04078 would weaken the bullish setup.
Also Read: Sei Price Holds $0.04 as Mastercard Partnership Builds Momentum
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment