• SEI shows renewed strength, approaching a key resistance zone with bullish momentum building.
• U.S. economic data, including GDP stats, will soon be accessible on the Sei network.
• Technical indicators suggest a potential breakout if the token closes above resistance, signaling further upside.

SEI is gaining traction in the crypto market after renewed signs of improvement. The token continues to rebound from recent lows and is poised for a critical resistance zone. Technical analysts are indicating that the momentum is skewed toward the buyers, and the breakthrough will lift SEI higher.

Currently, SEI is trading at $0.3280, and the 24-hour volume and market cap stand at $311.65 million and $1.96 billion, respectively. SEI went up by 4.69% over the last 24 hours, reflecting renewed vigor within the market.

Sei Network Adds U.S. Economic Data

Prominent crypto analyst PRIME 𝕏  revealed that the United States Department of Commerce statistics will soon be available on the Sei network. This includes key macroeconomic indicators, such as the U.S. GDP, and is expected to serve as a valuable data source for the Sei protocol and its users.

SEI Eyes Key Resistance Ahead of Potential Bullish Move

Technically, crypto analyst Alfa Crypto Signal highlighted that SEI is on its way towards a large resistance area after a recovery from recent lows. The market is presently testing the area of supply but holding above the 9 EMA and the 50 SMA, thereby registering a gradual accumulation of buying sentiment.

A breakthrough through the resistance level and converting it into support would be an excellent sign for more upward movements. As volume accumulates, a definitive daily close through the zone could facilitate the next upward push and clear the path for higher token targets.

Also Read | SEI Price Outlook: Breaking $0.38 Could Trigger Rally Toward $0.70

SEI’s Derivatives Market Gains Momentum

The derivative activity of SEI posted considerable growth with the jump in volume and open interest. Volume went up by 35.56% to $352.33 million, and the open interest improved by 11.34% to $301.96 million, showing higher market action.

OI Weighted for the month stood at 0.0135%, showing relatively steady long and short positioning. That is, leverage pressure remains at moderate levels irrespective of rising activity. A steady OI-weighted trend eliminates abrupt liquidations and facilitates smooth price movements.

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