The SEI price is approaching a decisive point after weeks of sideways trading, with technical patterns and improving on-chain activity giving traders fresh levels to monitor.
While the token remains under pressure from a broader bearish trend, recent price action suggests buyers are becoming more active near key support.
Falling Wedge and Double-Bottom Put Focus on Key Resistance
Crypto With Gopal noted that the SEI price is trading inside a rectangular consolidation while simultaneously forming a falling wedge that has developed into a double-bottom pattern.
This combination is often associated with weakening selling pressure and increasing buyer participation after an extended decline.
The SEI/USDT chart demonstrates how the sellers managed to take charge after the token declined from its highs of the day.
The decline slowed down after the formation of a falling wedge, which showed that the selling pressure had been reduced. This was followed by buyers pushing the prices out of the wedge.
Source: X
This pattern could not climb above resistance, and a lower high was created by the SEI price prior to falling, implying that sellers continue controlling this market.
Currently, the SEI price is trading at the rectangle’s bottom level, where a possible double bottom implies buyers’ attempts to protect this vital level of support.
When buyers overcome nearby resistance and manage to break out the top side of the rectangle with increased trading volume, the reversal formation will be validated. A breakdown of support will invalidate this bullish pattern, allowing the SEI price to fall towards the downside target of around $0.0520.
Also Read: Base Beryl Upgrade Postponed 24 Hours for B20 Activation Registry
SEI Long-Term Trend Still Needs Confirmation
More Crypto Online believes that despite SEI’s rebound from its new lows around $0.045, the crypto asset is still falling overall. According to More Crypto Online, the latest rebound could be the beginning of a larger correction.
As per the X post:
“Leading Scenario: The market has reacted from the support area around $0.045. A larger wave 4 rally remains possible, either already underway or just beginning from the June low. One more high would complete a small 5-wave advance and provide the first indication that a larger wave C recovery may be unfolding.”
However, there hasn’t been any confirmation of a reversal pattern at this time. Only when the five-wave rally completes will there be a technical signal of the reversal pattern.
Source: X
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: BNB Price Holds Gains Despite Bearish Signals and Weak Derivatives Activity
