Technical charts and market data suggest the formation of higher lows, with bulls defending key levels near $0.29. Analysts view this area as a decisive battleground that could determine whether the asset rebounds toward prior highs or faces further declines.

Higher Lows Signal Bullish Momentum and Critical Support Zone

Analyst Michaël van de Poppe highlights SEI’s consistent higher lows on the chart, indicating gradual bullish momentum gain. Price is consolidating around $0.29 to $0.32, which acts as the immediate defense line for buyers. Annotations on the chart emphasize $0.29 as the pivotal level breaking below it could signal trend reversals, while holding it supports continuation.

Source: X

Volume is steady but not overwhelming, consistent with an accumulation phase in which traders position for potential upside moves. The Relative Strength Index (RSI) sits in the middle range, reflecting neither overbought nor oversold conditions. This balance suggests market equilibrium as he token approaches a critical juncture.

Should the coin maintain its upward trajectory, a rally above $0.35 appears feasible, opening the path toward earlier highs near $0.40. Conversely, failure to defend $0.29 risks an acceleration downward to support levels around $0.187 or even $0.17, which are key on lower timeframes.

Market Data Shows Supportive Structure Amid Short-Term Resistance

Aditionally, BraveNewCoin’s chart presents SEI trading near $0.31 with a market capitalization of roughly $1.89 billion and a 24-hour volume near $130 million. The daily price action captured a climb to around $0.325 before a modest retracement, indicating active selling pressure at short-term resistance, though the token remained above $0.31.

Source: BraveNewCoin

Volume trends provide deeper insight; spikes accompanied the upward moves, while declines in volume appeared during correction phases. This pattern typically signals short-term profit-taking and not a full reversal, suggesting that underlying buying interest remains intact.

Watchers note that a renewed rise in trading volume combined with sustained closes above $0.325 would confirm upward momentum. However, persistent price rejection might lead to a sideways range-bound movement between $0.29 and $0.32, making this zone crucial for identifying the next breakout or breakdown.

Macro Elliott Wave View Envisions Large Impulsive Cycle Toward $1.50+

The Wyckoff Architect offers a macro Elliott Wave perspective on SEI, interpreting the current price action as part of a larger impulsive cycle. The forecast projects a 5-wave structure with targets well beyond $1.50 in the long term, placing the token on a path to major growth.

Source: X

The current corrective move from wave (2) to (3) reflects a consolidation phase before the anticipated wave (3), typically the strongest leg of an Elliott Wave impulse. The analyst draws parallels between the coin fundamentals and adoption trajectory and those of early-stage chains like Solana and Ethereum, positioning the asset as a potential future network contender.

These projections, however, depend on price holding its accumulation base near $0.30 and avoiding a breakdown below critical support at $0.17. Confirmation through increasing volume and sustained rallies will be key. Success in these areas could see the token surge past the significant psychological milestone of $1, igniting a broader market rally.

---

Filed under: Bitcoin - @ August 24, 2025 5:00 pm