My rule of thumb with identifying overwatering vs underwatering is:
Underwatered plants have leaves that droop limply, with no rigidity. The leaves feel softer/papery.
Overwatered plants have leaves that look like they are wanting to reach for the sun, but the leaf tips bend downward.
One leaf is floppy, the other is contorted.
In extreme cases, underwatered plants will show a complete drop of the topmost growth, and will spring back up if not too damaged once they are watered.
Overwatered plants on the other hand will begin to get lighter colored (yellowish) as the roots begin to suffocate and certain nutrients become immobile/inaccessible. The lack of access to iron will cause chlorosis for example in an overwatered plant. When you push water through an overwatered plant they will often temporarily spring back up just because of the oxygen delivered with the fresh water that was able to reach their roots. However very soon after the suffocating situation will continue and then most likely progress.
It looks like overwatering to me from first glance. Keep in mind that your seedlings lifeline is a radicle, or taproot, that drives vertically downward into the soil, meaning that it may be pulling water/nutrients from further down in its pot, and not from the top layer. If the radicle hits the bottom of the pot, it can start spiraling and potentially end up in a mucky situation as the water accumulated at the bottom
Keep in mind, some strains like drought conditions and benefit from longer spacing between waterings. Also you should keep your eyes on the plant to know if your watering practices are bad instead of your soil. The plant will tell you everything you need to know