SEI token faces sustained selling pressure after breaking the $0.049 support level. At press time, Open Interest dropped 7% to $29 million, indicating capital outflow from the market. In the last 24 hours, long liquidations reached $553.2k, significantly outpacing short liquidations and forcing bullish traders to exit positions. The decline reflects weakening demand as traders turn cautious amid deteriorating derivatives metrics.
SEI Long Liquidations Reach $553.2k in 24 Hours
Long liquidations have been picking up as SEI struggled to regain momentum. In the last 24 hours, the network's long liquidations amounted to $553.2k, which is significant compared to the volume of sellers forced out of the market. Many traders were positioned for a rebound, but the recent weakness has forced some of those positions to close. As the number of liquidations increases, additional selling pressure is created, making it more difficult for the price to stabilize.
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Over the last few sessions, this trend has become increasingly difficult to ignore. At the same time, participation is fading. The steady decline in Open Interest suggests fewer traders are willing to stay exposed to SEI at current levels. Instead of buying the dip, many appear to be waiting for clearer signals before returning to the market. That hesitation is giving sellers room to stay in control.
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SEI Price Trades Below Key Technical Levels
At the time of writing, the token price was trading below key Exponential Moving Averages supports. Falling Open Interest and rising long liquidations rarely form a bullish combination. Unless demand returns and liquidation pressure begins to ease, SEI could remain vulnerable to further downside in the short term.
For now, traders aren't focused on the next rally. They're watching to see whether the market can finally find a reason to stop selling. In case the cards turn and bulls accumulate enough momentum, a retracement to fill the imbalance zone at around $0.06 cannot be overruled.
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FAQ
What caused SEI's Open Interest to drop 7%?
SEI's Open Interest fell 7% to $29 million as capital left the market amid sustained selling pressure and the breaking of the $0.049 support level. The decline reflects reduced trader willingness to maintain exposure at current price levels.
How much were SEI long liquidations in the last 24 hours?
Long liquidations reached $553.2k in the last 24 hours, significantly outpacing short liquidations. This forced many bullish traders to exit positions as SEI failed to regain upward momentum.
