Sei (SEI) surged over 25% in 24 hours, breaking above the $0.052 resistance to reach $0.06285, with daily volume spiking 289% to $203 million. The rally follows weeks of failed attempts near that level, signaling a shift from consolidation to upward momentum. However, the Relative Strength Index (RSI) hit 87.64, indicating extreme overbought conditions. Meanwhile, Canary Capital amended its S-1 filing to propose staking roughly 90% of its ETF’s SEI holdings, which could reduce circulating supply. Currently about 42% of SEI’s supply is already staked. Derivatives data show open interest near $95 million with moderately positive funding, suggesting leveraged positioning but also risk of reversal.
Sei’s (SEI) breakout accelerated after weeks of failed attempts near $0.052, suggesting a shift from consolidation to upward momentum. Buyers pushed the token to $0.06285, gaining over 25% in 24 hours, while daily volume surged 289% to $203 million according to CoinMarketCap data.
The price rise moved well beyond the prior trading range, leaving little support above $0.052. The Relative Strength Index stood at 87.64, indicating momentum has reached extreme levels. Although the overall trend remains bullish, sustaining gains may be difficult; a hold at $0.052 would validate the trendline, but a drop could pressure demand.
Canary Capital’s amended S-1 proposes staking roughly 90% of the ETF’s SEI holdings. This could remove most tokens acquired through purchases from open circulation. Currently about 4.2 billion out of 10 billion total SEI—approximately 42% of the circulating supply—are already staked. The ETF would further limit an already small pool of tradable tokens. Staking reward payments will go directly into the fund, increasing yield invested in SEI. BitGo will serve as sole custodian, simplifying operations while concentrating custody exposure.
Derivatives markets continue driving significant activity. Open Interest sits near $95 million, with funding remaining moderately positive around 0.01% as data posted on X indicates. Traders are positioning for further gains, but derivatives could amplify a reversal. The proposed ETF has not yet attracted actual creations because approval and listing remain pending. The recent price increase relies on expectations rather than direct ETF demand. Without a stronger shift toward spot trading, fading ETF optimism could encourage leveraged traders to exit, putting recent gains under pressure.
