North American Institutional Interest Grows as SOL Reclaims DEX Dominance
Solana (SOL) has demonstrated remarkable resilience in a volatile crypto market, posting a 4.5% surge amid growing institutional interest. The launch of Canada’s first spot Solana ETFs has further fueled bullish momentum, reinforcing SOL’s position as a top contender in decentralized exchange (DEX) activity.
Key Market Movements
- Price Action: SOL rose 4% on Thursday, outperforming the broader CoinDesk 20 index (+3%).
- Critical Support Zone: The $125–$127 range has solidified as strong support, rejecting multiple downside attempts.
- Resistance Levels: The $133.50–$133.60 zone remains a key barrier, with recent price action testing this threshold.
- Pivot Point: Blockchain data reveals 32 million SOL (5% of supply) accumulated at $129.79, marking a crucial pivot for future trends.
Technical Analysis Breakdown
Uptrend Confirmation:
- SOL rebounded 4.5% from its April 16 low ($123.64**) to **$135.57, establishing a clear upward trajectory.
- The rally reclaimed the 61.8% Fibonacci retracement level, a bullish signal.
Institutional Catalyst:
- Canada’s debut spot Solana ETFs (issued by 3iQ, Purpose, Evolve, and CI) have amplified institutional inflows.
DEX Dominance:
- SOL surpassed Ethereum in DEX activity with a 16% weekly gain, while Total Value Locked (TVL) rose 12% to $7.08 billion.
Volume Surge:
- The April 16 breakout above $130 saw 3 million SOL traded, signaling strong accumulation.
Bearish Correction:
- A late-session sell-off dropped SOL from $134.11 to $130.81 (-2.5%), driven by a 92,000-unit volume spike.
- The $132 support breakdown triggered cascading liquidations, pushing prices below the 78.6% Fibonacci level.
Key Takeaways
- Bullish Case: ETF adoption and DEX dominance underscore SOL’s institutional appeal.
- Bearish Risks: Failure to hold $125–$127 support could invite a deeper retracement.
👉 Explore Solana’s latest price trends
FAQ
Q: Why is Solana’s price rising?
A: The launch of Canada’s first spot Solana ETFs and regained DEX dominance have driven demand.
Q: What is SOL’s critical support level?
A: $125–$127 has emerged as a strong support zone, backed by significant accumulation.
Q: How does SOL compare to Ethereum in DEX activity?
A: SOL recently surpassed Ethereum with a 16% weekly gain, reclaiming the top spot in trading volume.
Q: What resistance levels should traders watch?
A: The $133.50–$133.60 range remains a key hurdle for further upside.
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