SEI Tests Major Resistance Near $0.23 on Weekly Chart

⬤ SEI has been consolidating near the bottom of its multi-month range, still trading below its long-term moving average on the weekly timeframe. The 50-week simple moving average around $0.23 has become a crucial resistance zone. Right now, SEI’s hovering around $0.11, while a descending trendline continues to block any meaningful recovery attempts that started earlier in the cycle.

⬤ Past rallies toward this descending trendline couldn’t break back above the 50-week moving average, which reinforces the idea that SEI’s still trapped in a broader downtrend. Clearing $0.23 could spark stronger upside momentum—but so far, there just hasn’t been enough sustained buying pressure at that level. Until something changes, the long-term outlook stays cautious.

⬤ The chart also highlights potential upside targets near $0.65 and $0.95 if SEI manages to flip the trend. But here’s the thing: the token’s still sitting below both the major trendline and moving average, and weekly price action keeps compressing after a long decline. That tells us traders are sitting on the sidelines, waiting for clearer signals before making big moves.

⬤ Why does the $0.23 zone matter so much? Because long-term moving averages are widely seen as structural indicators of market strength. As long as SEI stays below this barrier, sentiment’s likely to remain conservative. A sustained break above it, though? That would signal improving momentum after an extended period of weakness. With broader crypto markets still reacting to macro-liquidity conditions, how SEI performs around this resistance level could shape what happens next.