SEI Holds Key Support as Market Mirrors 2019's Exhaustion Phase

Source: ETHNews Original Title: SEI Holds Key Support as Market Mirrors 2019’s Exhaustion Phase Original Link: Michaël van de Poppe compared today’s market conditions to late 2019, a period when crypto sentiment collapsed and investors believed prices would never rise again.

According to him, SEI is in a similar stage right now, weak price action on the chart, yet constant ecosystem growth in the background. Historically, this type of divergence has preceded major reversals.

SEI Price Action Shows Slow Bleed Into Support

The higher-timeframe chart shared by van de Poppe highlights a prolonged downtrend where SEI has consistently formed lower highs and lower lows. Price has now reached a broad green support box just above $0.028–$0.032, an area that previously acted as demand during multiple pullbacks.

At the end of 2019, it felt like the markets were never going to go up anymore.

That’s the same stage right now.

Slow bleed on SEI, while there’s continuous news coming out on the growth of the entire ecosystem.

I don’t think it will last staying in these regions for a long…

The chart shows two important elements:

• Sustained downtrend: SEI continues drifting lower with no strong impulse moves or aggressive buyers stepping in.
• Compression into support: Price is sitting inside a multi-week accumulation zone, suggesting selling pressure is slowing as it approaches a structural floor.

Above this region, the chart marks a distant target zone around $0.66, representing the upper resistance cluster from earlier in the cycle. Van de Poppe believes SEI won’t remain near current levels for long if the ecosystem continues expanding at its current rate.

Short-Term TradingView Chart Shows Stabilization After Sharp Drop

The chart provides a clearer look at short-term behavior. After sliding from $0.138–$0.140 down to the $0.125 area, SEI has begun forming a small recovery structure.

Key observations from the chart:

• Price currently trades at $0.1292, down 1.30% on the session.
• The decline from early December created oversold conditions, followed by a clean bounce from the intraday lows.
• Short-term candles show reduced volatility and tighter consolidation, indicating stabilized order flow after heavy selling.
• Volume appears lower compared to the spike on December 2, suggesting the aggressive sellers have stepped back.

While the short-term bounce is visible, the chart still leans bearish until SEI reclaims previous broken support levels and forms higher lows.

Macro Structure Remains Weak but Near Inflection Point

Van de Poppe’s commentary emphasizes a recurring crypto pattern: when sentiment is at its lowest, fundamentals quietly strengthen.

Several points reinforce his thesis:

• SEI’s ecosystem has been announcing continuous growth, despite price weakness.
• Market participants are emotionally exhausted, similar to late 2019.
• Long consolidations near major support have historically preceded expansions in new narratives and ecosystems.

If sentiment shifts, even slightly, SEI could move quickly out of this accumulation region.

Key Levels to Watch

Immediate Support

• $0.128–$0.126: Current intraday floor
• $0.028–$0.032: Major macro support highlighted by van de Poppe

Short-Term Recovery Levels

• $0.138–$0.140: First meaningful resistance
• $0.16: Breakout threshold that would tilt momentum bullish

Mid-to-Long-Term Target

• $0.66: Major resistance cluster, matching previous market structure highs

Conclusion

SEI continues to bleed slowly, with price drifting into a multi-month accumulation range. Yet the broader ecosystem keeps expanding, mirroring the dynamic seen in 2019 before markets reversed sharply.

Both charts point to a market under pressure, but also to a potential exhaustion of sellers. Unless SEI breaks below its lower support cluster, the current region may represent a base before a larger recovery phase begins.