Sei Coin Struggles at $0.29 as Market Caution Persists

Sei has faced renewed selling pressure this week, with the token slipping back toward the $0.29 level after a brief recovery attempt.

The decline comes as both technical and derivatives data highlight a cautious market mood, with traders closely watching whether support can hold. While the project’s fundamentals continue to attract attention, near-term sentiment remains fragile, shaped by a combination of flat inflows and muted momentum.

Open Interest Hints at Waning Conviction

On the lower timeframe chart, SEI’s price action shows a modest rebound after testing lows near $0.26 in late September, but the recovery has failed to build strong continuation momentum. The token has been trading in a tight band between $0.29 and $0.30, with resistance proving difficult to overcome.

Source: Open Interest

Aggregated open interest (OI) offers insight into this hesitation. OI currently sits around $118 million, reflecting a leveling off after a previous decline. While this stabilization prevents the risk of an aggressive flush-out, the lack of a notable increase also indicates that traders are not committing aggressively to new positions.

In other words, the market is in “wait-and-see” mode — neither strongly bullish nor bearish, but lacking conviction for a breakout.

For the asset to regain short-term momentum, a decisive push above the $0.30 threshold is needed. This would likely draw fresh participation, whereas a break below $0.28 could invite another test of the late-September support zone.

Market Data Shows Pressure Building

According to the latest market data, Sei is priced at $0.29, down 2.11% over the past 24 hours. Its market capitalization stands at $1.79 billion, placing it within the top 90 crypto assets by size. Daily trading volume has registered at $158.9 million, underscoring moderate activity but not the type of inflows typically associated with breakout rallies.

Source: BraveNewCoin

With a circulating supply of more than 6.12 billion tokens, the token remains liquid, but its recent price action suggests traders are more inclined to reduce risk than add exposure. The asset’s retracement from its August peak highlights this broader dynamic, as many altcoins have cooled off following the summer rally.

Technical Indicators Signal Neutral-to-Bearish Setup

On the other hand, the daily chart adds more color to the near-term picture. SEI/USDT is currently consolidating at $0.2930, slightly down on the day. The Chaikin Money Flow (CMF) sits at 0.00, reflecting neutral capital flows. This reading suggests that inflows and outflows are balanced, consistent with the sideways movement in price. For buyers to seize control, the CMF will need to climb into positive territory, signaling stronger accumulation.

Source: TradingView

Momentum indicators lean cautiously. The MACD (12, 26, close) shows the MACD line at -0.0059, only marginally above the signal line at -0.0057, with the histogram printing -0.0001. This alignment underscores a market still in consolidation, with bearish momentum fading but not yet replaced by clear bullish traction. Traders will be watching closely for a crossover or a histogram shift back to positive territory, which would reinforce confidence in a breakout attempt.