SEI Price Jumps 8% on ETF Filing: $0.36 Target in Sight?
SEI Reacts Positively to ETF Filing
The price of Sei [SEI] experienced an 8% increase after the U.S. Securities and Exchange Commission (SEC) acknowledged Cboe BZX Exchange’s filing for the Canary Staked Sei ETF. This acknowledgment fueled bullish sentiment, impacting both SEI's price and trading volumes.
The announcement acted as a catalyst, propelling SEI past a significant resistance level. At the time of writing, SEI was trading at $0.317, supported by a 120% surge in trading volume compared to the previous day.
Source: X
Technical Analysis Points to Further Gains
AMBCrypto’s analysis indicates that SEI has turned bullish, breaking out of a Falling Wedge pattern and surpassing resistance near $0.31.
The four-hour chart suggests limited obstacles to further upward movement, implying a potential rally if momentum persists. If SEI sustains its recent gains above $0.303, a 15% increase towards the $0.36 level could be achievable.
Source: TradingView
Technical indicators support this outlook. The ADX currently stands at 33.78, exceeding the 25 threshold that often indicates strong trend continuation. Furthermore, the Supertrend indicator has flipped green, trailing below the price and reinforcing the bullish trend.
On-Chain Data Supports Bullish Sentiment
Investor and trader positioning currently favors a bullish outlook for SEI.
- CoinGlass data reveals over $2.2 million worth of SEI tokens has moved out of exchanges in the past 24 hours, suggesting accumulation by investors.
- Approximately $1.81 million in short positions are at risk near the $0.319 mark. A break above this level could trigger liquidations, further driving up the price.
Source: CoinGlass
The Liquidation Map highlights key levels at $0.295 on the downside and $0.326 on the upside. A decisive move beyond these zones could trigger increased volatility.
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