SEI crypto: 600K active users meet bearish bets – What cracks first?

Key Points

1. SEI's price is at $0.279, down 1.15% despite strong on-chain momentum, with bulls struggling to break key resistance at $0.29–$0.30.

2. A confirmed breakout above resistance could push SEI toward $0.337, while a rejection may test support at $0.254.

3. Social Dominance for SEI spiked to 0.59%, indicating increased speculative interest, but Funding Rates remain negative at -0.02%.

4. The Open Interest-Weighted Funding Rate was -0.0129%, suggesting bearish sentiment despite improving network metrics.

5. A short squeeze could occur if bulls maintain pressure, potentially driving SEI's price higher despite current bearish bets.