Cryptocurrencies displayed recovery signs on Tuesday as their market cap soared 0.25% the previous 24 hours to $3.85 trillion.
Meanwhile, SEI outperformed with an over 4% gain in the past day, driven by positive ETF news.
The L1 blockchain revealed that the US Securities & Exchange Commission has formally acknowledged Canary Capital’s application for a staked SEI exchange-traded fund.
JUST IN: The SEC has formally acknowledged the filing for the Canary Staked SEI ETF. This notice sets in motion the public comment phase, where feedback is gathered and the path toward potential approval of a U.S.-listed ETF takes shape.
That’s crucial as it opens the doors for a possible American-listed ETF tied to Sei.
The nod is the regulator’s confirmation that the paperwork is ready for review.
While that could be far from approval, the simple step is enough to trigger excitement in the fast-paced cryptocurrency world.
Furthermore, it reflects the soaring institutional interest in the altcoin.
Asset manager 21Shares shifted attention to Sui after a similar move last month.
SEC invites public comment on SEI ETF
After the acknowledgment, the public feedback period follows.
Here, regulators gather views and comments from market players, the public, and industry experts before the ultimate decision.
The Sei team detailed:
This notice sets in motion the public comment phase, where feedback is gathered and the path toward potential approval of a US-listed ETF takes shape.
The comment period remains crucial as it helps determine how the watchdogs evaluate the application and the products.
Proponents often mention benefits like investor protection, accessibility, and transparency, whereas skeptics highlight risks such as market manipulation and volatility.
Meanwhile, this is a pivotal moment for Sei.
Massive positive comments could increase the chances of a SEI ETF approval, while significant criticism would slow the process.
An exchange-traded fund would be a game-changer for the SEI ecosystem.
ETFs attract institutional investors to the blockchain as they can gain exposure without handling exchanges, staking, or wallets.
All they need is to use brokerages to purchase and sell shares of the company.
Meanwhile, Canary’s SEI ETF goes deeper by prioritizing staking, a blockchain feature that has witnessed considerable demand lately.
Besides bolstering the network’s security, staking generates additional yield for the community.
Moreover, a regulated alternative could enhance SEI’s appeal to global investors.
SEI price outlook
The native coin exhibited a bullish structure amidst the ETF chatter.
Sei hovers at $0.3105 after gaining 4.35% and 10% in the past day and week.
Its daily trading volume has increased by 85%.
That signals significant investor and trader activity amidst prevailing optimism.
Short-term technical indicators support the upside stance.
SEI trades well above the 50- and 100-EMAs on the 3Hr timeframe, confirming bull dominance.
Additionally, the MACD and RSI indicate the presence of buyers.
Analyst Ali Martinez highlighted $0.38 as the crucial resistance for SEI.
Overcoming this barrier could trigger uptrends to $0.70.
$0.38 is a key barrier for $SEI. Break it and $0.70 comes next!
That would mean a roughly 125% rally from Sei’s current market price.
A broader market bull run would be essential for such gains to materialize.
Nonetheless, prevailing institutional interest positions SEI for remarkable growth in the coming times.
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