SEI Forms Bullish Cup Pattern as Recovery Eyes $0.30 Breakout

SEI forms a bullish cup and handle pattern with a 91% recovery from April lows and eyes a breakout above the $0.2900 resistance.Trading volume spikes and consistent higher lows signal strong bullish momentum as SEI approaches the $0.30 target zone.SEI's $520M TVL and rising stablecoin market cap reinforce technical strength and support a potential move toward $0.50–$0.70.SEI continues its rebound, testing key resistance levels after a prolonged market downturn. Currently trading at $0.2581, SEI has posted an impressive 91% recovery from its April lows. The asset now eyes a breakout above $0.2900, a level that could confirm a strong bullish reversal. The current trend shows signs of a classic cup and handle formation, suggesting further upside potential. If momentum holds, SEI could revisit the Q4 2024 highs at $0.4300. The asset recently saw a minor 5.53% pullback, but the broader trend remains upward. Analyst Michaël van de Poppe expects SEI to reach $0.30 before retracing slightly and then pushing toward the $0.50–$0.70 range.Recovery Fueled by Volume and Market StructureThe price structure from February to May shows a full market cycle. SEI peaked near $0.4300 in early February before a sharp selloff began. Prices declined by 68%, bottoming at $0.1350 in April. This level marked the beginning of a clear V-shaped recovery. Strong green candles in late April signaled renewed buying pressure. Besides that, the breakout attempt above $0.2520 in May further confirmed bullish sentiment.Moreover, the volume spiked during these major price swings. This validates strong trader interest at both local tops and bottoms. Significantly, SEI formed consistent higher lows throughout May. Consequently, this behavior supports the emerging bullish trendline. A successful break of the $0.2900 resistance could trigger the next leg higher. The next target may lie around $0.30 initially, followed by $0.50–$0.70 in the mid-term.Technical Indicators and Annotations Point BullishThe data shows strong support levels at $0.1874 and $0.1772. These levels played a critical role in reversing the earlier downtrend. Additionally, annotations like “Break here and we can talk about trend reversals” emphasize $0.1874's importance. Resistance zones at $0.2520 and $0.2917 challenge the bulls. However, price action suggests growing momentum as SEI climbs toward previous highs. Furthermore, TVL for SEI has reached a new all-time high of $520 million. Stablecoin market cap is also climbing, which boosts SEI’s ecosystem. Hence, broader fundamentals support the technical case for upside.The post SEI Forms Bullish Cup Pattern as Recovery Eyes $0.30 Breakout appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.