SEI Price Pulls Back but Bulls Stay in Control: Key Support Test Could Trigger Next Surge

SEI's Explosive Breakout and Healthy Retracement

Hold onto your hats, crypto fans! After an insane 79% rocket ride, SEI price has hit the brakes and is now testing a crucial support level. But don't sweat it—the technicals are still flashing green for more gains.

On June 20, SEI absolutely smashed through a descending channel like a bull in a china shop, rocketing from $0.19 to a mind-blowing $0.34. That's right, a 79% pump in no time! But now, it's cooled off a bit to $0.27. The good news? It's still way above the 20 EMA and 50 SMA, and those bullish crossovers post-breakout are still holding strong.

Key Support Retest: The Moment of Truth

Listen up, because SEI is now playing chicken with a key level—the first big swing high inside that descending channel. It used to be a wall of resistance, but now it's the support line in the sand. If it holds, buckle up for another wild ride to the upside!

And here's the kicker: the pullback happened while volume was dropping off. That's a healthy sign, not the start of some nasty correction. Plus, the price is playing nice with an ascending trendline from the breakout low. This level matters, folks.

Momentum Indicators: Bullish Vibes All Around

The momentum indicators are singing the bull song loud and clear. The RSI? Sitting pretty at 61, cooled off from overbought territory but still in the green zone. There's plenty of room to run before it gets too hot again. The MACD? Still sporting that bullish crossover with green histograms. Sure, momentum's taken a breather during this pullback, but it's not flipping on us yet.

Bottom line: the chart's still struttin' its stuff and ready for another leg up. But to keep the party going, SEI needs to break above that $0.34 resistance and stick a daily close there. Do that, and we're eyeing the next stop: $0.35 to $0.40.

Fundamentals: SEI's Got the Goods

And it's not just the charts that are looking good. SEI's got some serious fundamental mojo going on. Circle, fresh off its blockbuster IPO, just revealed they're holding a cool 6.25 million SEI tokens. That's right, the big dogs are betting on SEI. Plus, Wyoming's Stable Token Commission is eyeballing SEI for their WYST stablecoin. And don't sleep on Canary Capital—they've filed for a staked SEI ETF, and it's under the SEC's microscope right now.