• SEI gains attention as CBOE files an SEC application for the Canary Staked SEI ETF, boosting adoption hopes.
• Sei is down -7.23% in 24 hours and now trading at $0.2991 with a $1.80B market cap.
• The TD Sequential indicator signals a bullish setup, hinting that the pullback could be a healthy correction.

Sei (SEI) is experiencing bearish pressure after a strong run earlier this month. At the time of writing, SEI is trading at $0.2991 and has seen a -7.23% decline in the past 24 hours. The token’s 24-hour trading volume stands at $309.51 million, while its market capitalization is $1.80 billion, highlighting sustained investor interest despite the recent pullback.

CBOE Files SEC Application for Sei ETF

In a significant move, SeiNetwork reported that CBOE, one of America’s biggest exchanges, which accounts for about 10% of all equity volume, has formally filed a 19b-4 filing with the SEC.

The filing is for the prospective Canary Staked SEI ETF, a product that might introduce SEI to mainstream investment spaces. If approved, it would be one of the few digital assets offered through mainstream financial infrastructure.

TD Sequential Flashes Bullish Signal for Sei Price

Further fueling this momentum, prominent crypto analyst Ali Martinez noted that SEI has been closely following the TD Sequential indicator over the last three weeks. According to the latest signal, the setup is now indicating a buy opportunity, suggesting that the recent pullback could be a healthy correction before an upswing.

On the brink of a possible ETF approval and increased focus on technical indicators, the token might be on the cusp of a fresh period of expansion. Though short-term fluctuations are present, the project advances toward institutional adoption and has attracted notice among market observers.

Also Read | SEI Breakout Signals Massive Potential: Is $0.55 Within Reach?

SEI Derivatives Show Signs of Weakness

The SEI derivative market registered a slowdown as trading volume and open interest fell. Volume fell -18.94% to $396.68 million, and open interest dropped -2.40% to $282.48M. The decline suggests cooling activity, with fewer positions being opened as price action remains relatively range-bound.

On the funding side, the OI Weighted Funding Rate was at -0.0112%, which is indicative of a bearish inclination. This shows that short positions are modestly on top, as sellers are willing to pay longs to keep their positions open. Such indicators are typically indicative of cautious sentiment, as investors expect further downside pressure in the short term.

Also Read | SEI Price Eyes $0.74; ETF Filing Could Shape Future Price Movements