SEI, the native cryptocurrency of the Sei blockchain, plunged 0.61% during Wednesday’s U.S. session to trade at $0.21. The bearish momentum accelerated as the broader market witnessed a slowdown in recovery momentum following the short consolidation in Bitcoin. However, the SEII coin shows an opportunity to counterattack and revert higher as a major asset management firm filed an S-1 registration statement with the U.S. SEC to launch the Staked SEI ETF.
Canary Capital Files for Canary Staked SEI ETF with SEC
On April 30, Canary Capital officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch Canary Staked SEI ETF. This exchange-traded fund aims to track the price movement of SEI while offering yield-generating opportunities through participation in the network’s Proof-of-Stake (PoS) mechanism.
Custodial support for the ETF will be jointly provided by industry heavyweights BitGo and Coinbase Custody, ensuring a secure and compliant asset manager.
The S-1 filing is a crucial first step in bringing any new ETF to market, as it discloses the fund’s structure, investment strategy, risks, and custodial arrangements. This filing signals Canary Capital’s intent to offer a fully regulated financial product that blends traditional compliance standards with on-chain yield mechanisms, potentially setting a precedent for future staked-token ETFs.
If approved, the SEI will attract institutional investors and boost demand and liquidity for the asset.
Also Read: Big Bitcoin ETF Inflows Return: BlackRock’s Robert Mitchnick
SUI Price Faces 8% Fall Before Next Recovery
In the last three weeks, the SEI price showed a V-shaped recovery from $0.135 to the current trading value of $0.21, registering a 56% surge. This upswing pushed the price beyond the multi-month resistance of the falling wedge pattern, signaling a change in market dynamic.
The pattern’s two converging trendlines show a diminishing bearish momentum, which gets overthrown by buyers.
The rising price also reclaimed the fast-moving 20 and 50 exponential moving averages of the daily chart, reinforcing the bullish sentiment.
However, the recovery halts at $0.217 resistance, evidenced by the long rejection candle at this level. If the overhead selling persists, the coin price will see a minor pullback to retest these EMAs as potential support.
If the post-pullback push could drive the price 37.5% higher to hit $0.29 resistance, followed by $0.36.
Also Read: Eric Trump: Blockchain Technology More Efficient Than Current Financial Operations
