SEI Targets $0.29 in Attempts to Breakout from 23-Day Downtrend

Sei (SEI) has been experiencing a protracted decline over the past several weeks, regaining key levels while the market continues moving sideways. Today, market analyst MACrypto Alex disclosed that SEI is trying to break above a short-term downward momentum as selling pressure decreases.

SEI showing recovery

MACrypto Alex suggested that new buying activity could be pushing the asset’s price up. According to the analyst, World Liberty Financial, a crypto DeFi project backed by President Trump, purchased SEI a few days ago. Since then, the asset has been showing recovery indicators.

Last Thursday, Feb.20, World Liberty Financial (WLFI) spent $125,000 in USDC to buy 547,990 SEI tokens for the first time. While the acquisition was part of the project’s rebuilding of its portfolio, it reflected confidence in the SEI DeFi token. The recent big purchase shows strong interest in the digital asset, suggesting that other whales are purchasing more SEI tokens.

According to the analyst, if the SEI’s price can reach $0.29, it can begin experiencing significant upward momentum.

SEI price analysis

Since early this month, SEI has been experiencing substantial correction, dropping 23.7% over the past 30 days. Despite this recent decline, the DeFi token has displayed an incredible 12.9% rise over the past week.

The asset’s price is currently trading at $0.2698, indicating a possible change in trend. The recent price surge suggests that SEI is once again preparing itself for a possible breakout from the ongoing downtrend.

On-chain data are beginning to display promising signs for SEI. The Chaikin Money Flow Index is pointing at +1, showing that buying pressure is on the increase. Since the index has turned into a positive (+) sign, this suggests a bullish change in the market.

A notably interesting factor that is driving the SEI’s potential uptrend is whale activity. Three days ago, a prominent whale (World Liberty Financial) bought massive amounts of SEI tokens, as highlighted above. The whale’s recent activity signals a renewed buying pressure on SEI.

This massive acquisition highlights strong enthusiasm for the future price of SEI. The whale’s accumulation further decreased the circulating supply, potentially supporting a price uptick. Big investor buying activity normally indicates positive sentiment and could play a catalytic role in further price upsurge.

If SEI can manage to surpass the critical $0.3168 resistance level, the next key obstacle is the major $0.369 resistance zone. If it can break the psychological significance of the $0.360 level, it could trigger buying pressure and embrace an upward trend.