• SEI joins the Canary Staked SEI ETF filing, potentially boosting liquidity and staking rewards if approved.
• The 100-period EMA shows a neutral to bullish outlook, with RSI at 50.56 and MACD indicating slight bullish momentum.
• The coin’s price fluctuates between $0.25 and $0.35; a breakout above $0.3547 could target $0.40–$0.74.

SEI is currently experiencing a downturn, with its price steadily mirroring the broader market’s ongoing decline, reflecting the prevailing bearish sentiment across the crypto space. Its price over the last 24 hours is down by 2.38%, but over the last week it is up by 5.57%.

At the time of writing, SEI is trading at $0.3202 with a 24-hour trading volume of $219.81 million, down by 32.06% over the last 24 hours. The coin has a market capitalization of $1.92 billion, which is also down by 2.34%.

The general market trend has turned bearish due to declining investors confidence and BTC’s downward momentum. The overall market is badly affected by this downward momentum, including altcoins like SEI.

Canary Staked SEI ETF Boost Institutional Access

According to the data from Sei, CBOE has submitted the Canary Staked SEI ETF 19b-4 to the U.S. SEC, beginning the formal approval process of the intended ETF. This submission puts the coin on the list of major cryptocurrencies, such as Ethereum and Solana, within the emerging staked ETF space, providing regulated access to the coin.

Investors can receive staking rewards while enjoying liquidity through the Canary Staked SEI ETF, which may be a precursor to rapid access to the coin and greater institutional interest in digital assets within decentralized finance.

If approved, such an ETF would propel wider adoption of the coin, establishing it as a major entrant among veteran tokens. Staked ETFs are gaining traction among both retail and institution-level investors, giving their holders staking rewards plus traditional ETF liquidity.

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

SEI Technical Indicators Point to $0.74 Resistance

The technical indicators demonstrate a neutral market. The price is currently seen above the 100-period EMA, which can be interpreted as a potential bullish trend if the price remains above $0.25. Bollinger Bands suggest decreased volatility and a potential breakdown or breakout.

The RSI at 50.56 demonstrates a neutral market, whereas the MACD indicates minor bullish momentum with a positive histogram at 0.00463.

The current position of the coin is between $0.25 and $0.35, and the price keeps moving between the range. A bullish movement can be validated by a break above the resistance of $0.3547, which can pull the price towards higher levels of $0.40 and even $0.74. On the other hand, a breakdown below the current support of $0.25 can lead it to the $0.16 support zone.

SEI Derivative Data Faces Consolidation: What’s Next

On chain data reveals that the volume has declined by 31.51% to $495.04 million, and open interest fell by 2.42% to $285.52 million, which reflects decreased market participation. This reflects a period of consolidation or indecision, with a smaller number of traders opening fresh positions.

The OI weighted funding rate decreased by 0.0304%, which indicates lowered leverage demand. This shows a cautiously oriented market, where investors are utilizing fewer borrowed funds, which can be a step towards a safer and less volatile trading market.

Also Read: Sei Gains Momentum as USDC Adoption Crosses $160 Million in Just Two Weeks