SEI Price Shows Signs of a Potential Bullish Reversal Ahead of Canary Capital's Staked SEI ETF

Canary Capital is preparing a surprising move with a new venture: a staked SEI exchange-traded fund.

The price of Sei (SEI) is showing signs of a potential bullish reversal. The token has recently posted its first slightly higher high, which could be a signal of a longer-term structural shift.

Key levels to watch on the upside include $0.25, which could open the door for a move toward the $0.30 level, and $0.40, which would be a key point of resistance.

A breakdown below $0.14 local support would invalidate the bullish outlook.

On April 23, Canary Capital registered the Canary Staked SEI ETF Trust in Delaware, according to a document filed with the state.

The statutory trust is the first step toward launching a staked SEI exchange-traded fund in the U.S.

It is also noteworthy that SEI has recently reclaimed both the EMA-20 and SMA-50, and it is now edging toward the SMA-100 at $0.22.

This could be a signal that a longer-term structural shift could be underway.

The MACD shows a positive histogram and a bullish signal line crossover, while the Relative Strength Index stands at 66, which indicates strong buying pressure as it nears the overbought zone.

On the downside, a breakdown below $0.14 local support would invalidate the bullish outlook.

This new development follows a previous report by Blockworks in December 2022, which stated that several firms were planning to launch staked ETH ETFs.

Among them was True Digital , which had already filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) for its True Digital ETH Total Return Fund.

However, the SEC ultimately issued a refusal order for the ETF in February 2023.

In the case of Canary Capital’s initiative, the next stage will involve submitting a Form S-1 to the SEC.

This form will provide detailed information about the ETF’s structure, including how it will be managed, how SEI will be staked to generate additional yield, and how the rewards will be distributed to investors.

If approved by the SEC, the staked SEI ETF could become one of the first staking-integrated crypto ETFs in the U.S.

This would be a significant development, as it could help to boost demand for SEI and attract more institutional investors to the token.