$SEI just made a serious move ๐๐ฅ
SEI jumped more than 25% and broke above the important $0.052 resistance, reaching around $0.0628. Volume also exploded, showing that this move is getting strong market participation.
But thereโs another big story behind the rally.
Canary Capitalโs latest SEC filing for its proposed Staked SEI ETF says the fund expects to stake at least 90% of its SEI under normal conditions. BitGo is listed as the custodian. If approved and launched, this could reduce the amount of SEI actively available from the ETFโs holdings.
For the next move, $0.052 is the level Iโm watching closely. If SEI holds above it, the breakout could potentially extend toward $0.07 and higher.
But RSI is already extremely stretched, so a pullback or retest would not be surprising.
The ETF is still only a proposal, so future demand will depend on actual approval, inflows and spot buying.
SEI is moving fastโฆ now the question is whether buyers can hold the breakout. ๐
#sei #breakout #volume
SEI jumped more than 25% and broke above the important $0.052 resistance, reaching around $0.0628. Volume also exploded, showing that this move is getting strong market participation.
But thereโs another big story behind the rally.
Canary Capitalโs latest SEC filing for its proposed Staked SEI ETF says the fund expects to stake at least 90% of its SEI under normal conditions. BitGo is listed as the custodian. If approved and launched, this could reduce the amount of SEI actively available from the ETFโs holdings.
For the next move, $0.052 is the level Iโm watching closely. If SEI holds above it, the breakout could potentially extend toward $0.07 and higher.
But RSI is already extremely stretched, so a pullback or retest would not be surprising.
The ETF is still only a proposal, so future demand will depend on actual approval, inflows and spot buying.
SEI is moving fastโฆ now the question is whether buyers can hold the breakout. ๐
#sei #breakout #volume
