SEI surges 8% after SEC approval – Will $0.36 breakout follow?

Key Takeaways

SEI gained 8% after the SEC acknowledged Canary’s ETF filing, with bullish metrics pointing toward a possible move toward $0.36.

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The U.S. Securities and Exchange Commission (SEC) formally acknowledged Cboe BZX Exchange’s filing to list and trade the Canary Staked Sei [SEI] ETF. The acknowledgment triggered bullish sentiment, lifting SEI’s price and trading activity.

Following the ETF update, SEI jumped 8% and broke a strong upside barrier. At press time, the token traded at $0.317, supported by a 120% surge in trading volume compared to the previous day.

SEI breakout and key levels to watch!

According to AMBCrypto’s technical analysis, SEI turned bullish after successfully breaking out of a Falling Wedge pattern and clearing a strong barrier near the $0.31 level.

On the four-hour chart, it appeared that there were no major hurdles to the upside, suggesting that a smooth rally could be possible if the momentum continues.

Now, AMBCrypto observed that in regard to the price action at press time, if SEI sustains its recent gains and holds above the $0.303 level, it could see another 15% uptick and potentially reach the $0.36 level in the future.

At the time of writing, the ADX stood at 33.78, above the 25 threshold that often signals stronger trend continuation.

Also, the Supertrend flipped green and trailed below price, reinforcing the upside bias.

On-chain positioning favors bulls

At press time, both investors and traders were reinforcing SEI’s bullish outlook by betting on and accumulating the tokens.

Data from CoinGlass revealed that over $2.2 million worth of SEI tokens moved out of exchanges over the past 24 hours. This outflow suggested potential accumulation by investors and long-term holders.

At the same time, around $1.81 million in short positions sat at risk near the $0.319 mark. But as the price approaches this mark, their positions could be liquidated if it breaks above that level.

The Liquidation Map revealed key levels at $0.295 on the downside and $0.326 on the upside at press time. A decisive move beyond these zones could spark further volatility.