SEI rose 16.5% to approximately $0.057 after Canary Capital filed an amended registration statement for a proposed staked SEI exchange-traded fund (ETF). The fund would hold spot SEI, with approximately 90% of its holdings expected to be staked, meaning most of the fund’s tokens would be committed to help validate activity on the network rather than held in reserve. BitGo would serve as the fund’s sole custodian.

The move followed an extended period of weakness. SEI had declined from a May peak near $0.077 and later traded below $0.050. CoinGecko data showed the token at $0.05579 after news of the filing, with trading activity also increasing sharply.

Canary Capital Files S-1 Amendment for Staked SEI ETF

Canary Capital filed Amendment No. 2 to its Form S-1 registration statement with the U.S. Securities and Exchange Commission. The Form S-1 is the registration document an issuer files with the SEC to describe a proposed fund, and amendments like this one are a routine part of the agency’s review; a fund cannot begin trading until its registration statement goes into effect. The filing covers a Staked SEI ETF that would hold spot SEI, with the provided filing details indicating that about 90% of the fund’s holdings would be staked.

BitGo is listed as the fund’s sole custodian for its holdings, the role responsible for safekeeping the fund’s SEI. The filing coincided with SEI’s move back above its 50-day and 200-day moving averages, which were near $0.045 and $0.046, respectively.

Before the latest increase, SEI formed a base around $0.038-$0.040 during July and early August. From mid-August, the token primarily traded between $0.043 and $0.050. The latest advance carried its price toward resistance between $0.058 and $0.060, with the next resistance level near $0.063.

Support has developed around $0.050, followed by the $0.046-$0.045 area. A deeper decline could return the $0.040 region to focus.

Michael van de Poppe Points to Divergence

Analyst Michael van de Poppe said SEI had been accumulating within its recent trading ranges and pointed to a divergence that had formed over several months. He said the setup could lead to a move toward $0.10. His comments came as SEI traded near its breakout area and were published on X: https://x.com/CryptoMichNL/status/2101770875477352484?s=20.

The chart showed substantially higher volume during the latest price surge. The sharp move could also be followed by profit-taking and short-term volatility. A sustained move above $0.060 would bring the $0.063-$0.068 levels into focus, while a decline below $0.050 could expose the moving averages as the next support area.

For the filing itself, the near-term markers are procedural: any further amendment and the SEC’s determination on whether the registration statement can go into effect would indicate how the proposed fund is progressing.

Original report: https://cryptofrontnews.com/sei-surges-16-5-as-staked-etf-amendment-filing-sends-price-toward-0-06/