• SEI experiences a short-term decline but shows positive momentum over the past week.
• Analysts target SEI at $0.6700 mid-term, with long-term projections reaching up to $1.5000.
• Trading volume is up 1.36% to $244.04 million, while open interest falls by 6.76%, showing market fluctuation.

SEI is currently trading at $0.2899 with a 3.35% decline in the past 24 hours. The trading volume has also fallen by 0.61% and now stands at $129.03 million. This represents a modest decline in market activity compared to earlier times. However, SEI has been experiencing a positive trend of increasing its price by 3.83% over the last week.

Source: CoinMarketCap

Crypto analyst Alex Clay has highlighted that the monthly chart for SEI displays a robust pattern. He pointed out a V-recovery of a lower zone and a broadening wedge on the downward trend. These trends indicate that SEI has high growth potential in the future.

His midterm and long-term targets of SEI are $0.6700, $1.0000, and $1.5000, respectively. Clay also indicated that with the current trend, the price may even exceed these projections, and it will represent an optimistic prospect of the growth trend ahead of SEI.

Source: X

SEI’s Bull Pennant Signals Potential Breakout

Moreover, another analyst, Crypto Dodo, mentioned that there was a breach of the inverse head and shoulders pattern around $0.26. Following this breakout, the price effectively retested the level, validating the pattern. 

Also Read: Chainlink Price Analysis: link Targets $28 Amid Renewed Market Strength

The token has already developed a bull pennant, which forms resistance at $0.32. A breakout at this level would validate the pattern. The initial value of SEI is $0.60. If the momentum persists, the price could rise to a level of $0.78.

Source: X

Open Interest Declines as Trading Volume Rises

According to CoinGlass data, the trading volume has risen by 1.36% to $244.04 million. This volume increase shows some improvement in the market activity of digital currency, although there have been fluctuations in the price recently. This rise in volume means that other indicators are producing mixed outcomes, but there is still a point of interest in the asset.

Source: CoinGlass

Conversely, open interest has declined by 6.76%, and it is currently $251.13 million. The OI-weighted funding rate stands at 0.0014%. This is an indication that players in the market are not paying high funding charges, particularly as the performance of SEI stabilizes and fluctuates.

The temporary decrease in cryptocurrency is insignificant to its long-term potential. Analysts are closely monitoring the situation, anticipating positive targets should key resistance levels be broken. Investors should monitor the performance of the token as it passes through these decisive levels.

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