SEI (Sei) is ripping higher. The token soared over 42% in the past 24 hours, catapulting its market cap from $1.08 billion to $1.54 billion, with intraday highs stretching even further to $1.57 billion before retracing into a tight consolidation band between $0.277 and $0.285.
It appears the primary driver behind the explosive move appears to be renewed market enthusiasm surrounding an ETF filing submitted by Canary Capital. The asset manager’s proposal for a SEI ETF quietly lodged in May has begun circulating more widely among investors this week.
If approved, the fund would represent a landmark step toward institutional access, potentially positioning SEI as one of the first smaller-cap Layer 1 tokens to make the leap into mainstream finance infrastructure.
Sei Network acknowledges ETF potential
The Sei Network itself has acknowledged the ETF’s transformative potential, noting that approval could serve as a demand catalyst and significantly accelerate real-world adoption of the SEI token.
On a seven-day basis, SEI is now up 68.92%, placing it among the top-performing assets in the Layer 1 category. While the broader altcoin market remains range-bound, SEI’s relative strength index (RSI) suggests bullish momentum remains intact, with volume metrics confirming the rally is supported by heightened participation rather than thin liquidity spikes.
On-chain growth adds further credibility. According to DappRadar, the Sei blockchain has now climbed to #2 among EVM-compatible networks by active addresses, crossing 8.1 million unique wallets, a staggering figure that points to rapidly expanding retail and developer interest.
As SEI prints a clean bullish flag near its daily highs, all eyes turn to regulatory channels. A green light on the ETF would not only validate the project’s institutional ambitions but could reprice the token’s risk premium substantially higher.
