Foreign media reports indicate that the SEI continued to face pressure after falling below $0.049. The decline in open interest in the derivatives market suggests that traders are reducing their exposure, and short-term sentiment has clearly weakened.

Long positions were squeezed

In the past 24 hours, approximately $553,200 worth of long positions in the SEI index were liquidated. As long positions were forced to close, selling pressure in the market increased further, making it even more difficult for prices to stabilize.

Traders turned to wait and see.

Open interest fell to $29 million, indicating that the funds remaining in the market are decreasing. Many traders are not choosing to buy on dips, but are instead waiting for a clearer signal.

In the short term, the strength of the recovery remains to be seen.

Currently, the SEI is still trading below key moving averages, indicating a bearish trend. The article mentions that if buying pressure returns, the price could potentially fall back to the gap area around $0.06.