SEI started the session around $0.2002 but faced consistent selling pressure, driving the price lower throughout the day.
It found temporary support near $0.191, where buyers attempted a mild recovery.
Despite the bounce, the overall trend remains bearish until SEI breaks above the $0.20 resistance level with strong volume confirmation.
At the time of writing, the Memecoin was trading at $0.1937, representing a 3.59% decrease.
Source: X
The chart shared by analyst Ali Martinez highlighted a long-term descending trendline that has acted as a strong resistance for SEI since its peak.
Each time the price has touched this line, it has faced rejection, leading to significant pullbacks.
Currently, SEI is trading near the $0.20 level, showing signs of consolidation just below the critical $0.25 resistance zone.
This area represents a major decision point for the token, as a successful breakout above this line could mark the end of its prolonged downtrend.
Source: X
Martinez suggested that a clean break and close above $0.25 could trigger strong bullish momentum, potentially sending SEI toward $0.70.
This projected move aligns with historical price reactions where breaking long-term resistance levels led to rapid upward surges.
The chart’s dotted projection line illustrates a steep recovery pattern once resistance is cleared, reflecting renewed market optimism and accumulation interest.
If volume supports the breakout, SEI could experience a swift rally, reversing its bearish structure and attracting traders looking for a momentum-driven rebound.
SEI holding strong at key support, reversal likely
Recent data by VexeCrypto, SEI is trading within a clear weekly support zone after a long downtrend.
The price has stabilized near $0.20, a strong demand level. Buyers are defending this area, showing weakening selling pressure and early signs of accumulation.
Fibonacci retracement levels show SEI trading below the $0.618 mark, known as the discount zone.
Traders often view this area as a prime accumulation range for potential bullish reversals. This setup hints that buyers may be positioning for a rebound.
Source: X
If support holds, the price could rise toward the $0.382 and $0.236 Fibonacci levels. However, a break below support could invalidate this bullish structure and trigger deeper losses.