SEI (SEI) Coin Rallies 21% as On-Chain Data Reveals a Surge in Daily Transactions and Active Addresses

Sei (SEI) coin has traded in an accumulation phase and consolidated near the 200-day EMA zone. It has built strong momentum and showed stability, which is marked by low volatility.

The SEI coin price has shown a significant rebound and gained upward momentum, capturing the attention of both traders and retail investors. A recent tweet by Christian Chifoi highlighted that SEI crypto’s price action signaled a hidden bullish divergence, presenting a bullish outlook.

Notably, SEI’s price action has formed a higher high and higher low structure, which could set the path toward the $1 mark for the upcoming sessions. Moreover, SEI price has retested the cycle low and taken support around the $0.4000 zone. Once the SEI coin surpasses the $0.500 level, a short covering rally toward $0.600 can be anticipated.

However, the Average Directional Index (ADX) at 27 indicated moderate trend strength, suggesting a potential for short-term consolidation. Therefore, holding support above $0.4300 will be crucial for sustaining this rally and building upward momentum.

Futures Market Data Outlook

The Long/Short Ratio revealed a balanced sentiment, with 48% of positions being long and 52% shorts. This indicated cautious optimism among traders, who are preparing for possible corrections. Therefore, this balance hinted at both opportunity and caution in the short term.

The Open Interest (OI) has risen over 15% to $146.81 Million, signifying prolonged buildup activity in the past 24 hours. Moreover, the OI-weighted funding rate remained positive at 0.0036%.

The immediate support zones for the SEI crypto were $0.4230 and $0.4000. At the same time, the resistance zones were $0.4700 and $0.5000.