Will Sei (SEI) rise?

The Layer-1 blockchain Sei ($SEI ) has fallen to an important support level following the declines in Bitcoin.

The declines experienced in the crypto market last week led to many altcoins pulling back by 15 to 30 percent. One of the cryptocurrencies most affected by these declines was SEI.

Although $SEI made a recovery increase of nearly 30 percent after the major decline on December 20, it could not hold on. The popular altcoin has fallen by 12 percent since December 21.

AMBCrypto stated that SEI is showing contradictory signals and is facing uncertainties.

According to an analysis prepared by AMBCrypto, the long-short ratios of Sei (SEI) indicate an upward trend. Despite this trend, contradictory signals have begun to emerge.

SEI tested the support of the ascending channel, which is a potential indicator of an upward move. Despite the purchases from the support point, the liquidity movement on the exchanges attracted attention.

As the price chart shows, #SEI was subject to selling pressure from the resistance level of the ascending channel. The downtrend in recent days has pulled the popular altcoin back to the support point at $ 0.43.

AMBCrypto commented on the price chart as follows: “SEI’s possible move based on technical models will be an uptrend, potentially targeting $ 0.65.”

The analysis predicted that the next move towards the new target would be possible if an important support level of $ 0.43 was maintained.

Coinglass reported that top traders on Binance are bullish on SEI. The data in question is created from long-short ratios based on traders’ account balances and position sizes.

The long-short ratio is at 3.65. This level indicates that transactions are being taken that SEI’s price will rise. AMBCrypto noted that another indicator of the upward trend is liquidation data. Short (bearish) liquidations have been higher in recent hours.