SEI price tumbles 17% as network activity falls and support breaks
SEI price dropped over 17% in 24 hours, with the move linked to weaker network usage and capital outflows. SeiScan data shows daily transaction fees fell 38% (3,849 SEI to 2,360), and average daily fees declined 39% to about $0.0002. DeFiLlama also reported SEI DEX volume slipping from ~$15M to ~$11.44M (down 24%) since early June.
On the derivatives side, CoinGlass data indicated futures positioning deteriorated after a mid-May peak at $0.08. Over the past 24 hours, more than $13M was sold in SEI futures, suggesting leverage amplified the selloff. Liquidity also appeared squeezed, which can reduce participation and trading appetite.
Technically, SEI price lost a slanting trendline support that had held for more than two months. A double-top formed around $0.07, while MACD remained bearish as seller momentum increased. RSI divergence hinted at a potential rebound near $0.04845, but the article stresses that a reversal likely requires supportive capital inflows, improved network activity, and broader market sentiment.
Key trader levels: watch $0.04845 for stabilization attempts; otherwise, continued weakness may follow after the support break.
Bearish
This news is bearish for SEI because it combines fundamental-onchain weakness with a clear technical breakdown. SEI price fell sharply alongside a 38% drop in daily transaction fees and a 24% decline in DEX volume, both consistent with reduced demand. At the same time, SEI futures saw heavy selling (over $13M in 24 hours) after a mid-May peak, which is the classic setup where leverage accelerates downside when positioning flips.
Technically, losing a two-month slant support and forming a double top around $0.07 increases the probability of follow-through selling. The RSI divergence signal near $0.04845 suggests oversold conditions, but without confirmation from capital inflows and network recovery, bounces can be short-lived.
In the short term, traders may expect volatility and potential “dead-cat” rallies toward resistance as sellers test any rebound. In the longer term, the bearish thesis improves if network activity and DEX volumes continue to fall and liquidity stays squeezed; the outlook improves only if SEI price stabilizes and begins reclaiming broken support levels alongside renewed fees and trading volume—similar to prior patterns where onchain fee recovery preceded sustainable rebounds.