SEI Price Surges 2.7% as Speculation Around Canary-staked SEI ETF Grows

SEI, the native cryptocurrency of the Sei blockchain, recorded a 2.7% surge during Wednesday's U.S. trading session. Despite the current market uncertainty, the buying pressure in this altcoin could be attributed to speculation around the Canary-staked SEI ETF, which was recently registered in Delaware.

SEI, the native cryptocurrency of the Sei blockchain, recorded a 2.7% surge during Wednesday’s U.S. trading session. Despite the current market uncertainty, the buying pressure in this altcoin could be attributed to speculation around the Canary-staked SEI ETF, which was recently registered in Delaware.

Will the renewed recovery breach $0.3 resistance?

SEI Gains Momentum as ETF Registration Fuels Investor Speculation

A new exchange-traded fund (ETF) focusing on Canary-staked SEI was registered in Delaware. The registration implies that the ETF will be subject to oversight by the U.S. Securities and Exchange Commission (SEC), which will evaluate it in detail and seek public comments.

This ETF is anticipated to enhance the liquidity and accessibility of SEI tokens for traditional investors seeking exposure to digital assets through regulated financial instruments.

While registration does not ensure approval, it signals a positive shift in the SEC’s openness toward altcoin-based ETFs. If Canary-staked SEI ETF gets its approval, it will draw institutional interest, bolstering both liquidity and demand for SEI’s native cryptocurrency.

SEI Price Breaks Out 3-Month Correction to Target $0.3

An analysis of SEI’s daily chart shows a V-shaped recovery from $0.13 to $0.19, accounting for 48% growth. The rising price recently provided an upswing breakout from the resistance trendline of a falling wedge pattern.

This chart setup drives a temporary correction within the two converging trendlines, which act as dynamic resistance. A bullish breakout of this pattern’s resistance trendline provides buyers with suitable support to rise higher and signals a change in market dynamics.

The coin price also breaks above the 20-day and 50-day exponential moving averages, indicating the restoring bullish market sentiment. With sustained buying, the altcoin could jump another 50% to challenge $0.3, followed by an extended recovery to $0.36.

On the contrary, the cryptocurrency price could show a short pullback to retest the breach trendline as potential support. If the buyers failed to hold this support, the price could re-enter the wedge formation and drive a prolonged correction.