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SEI market watch: Long-to-short ratios indicate bullish sentiment, but…
The price of Sei (SEI) has been experiencing a downturn over the past month, falling by 9.48%. In the last 24 hours alone, SEI has shed another 5.95%, leading to uncertainty among traders.
However, a closer look at the market reveals that despite this decline, the sentiment remains bullish, as evidenced by long-to-short ratios and other key metrics.
Top traders on Binance have adopted a bullish stance, with a long-to-short ratio of 3.65 and an even more drastic imbalance in their long positions versus shorts. This is further supported by liquidation data, which shows that short positions have been liquidated to the tune of $14,230 over the past four hours, while long positions saw liquidations of only $1,340.
While this bullish sentiment may be encouraging for some traders, other factors suggest a potential downturn in the near future. Liquidity flow is currently running against SEI, with a significant decline in Total Value Locked (TVL) and a surge in funds moved from exchanges to crypto exchanges.
Source: ambcrypto.com
