Solana Price Analysis: SOL Surges as Canada Launches First Spot ETFs

·

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

Technical Analysis Breakdown

  1. 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.
  2. Institutional Catalyst:

    • Canada’s debut spot Solana ETFs (issued by 3iQ, Purpose, Evolve, and CI) have amplified institutional inflows.
  3. DEX Dominance:

    • SOL surpassed Ethereum in DEX activity with a 16% weekly gain, while Total Value Locked (TVL) rose 12% to $7.08 billion.
  4. Volume Surge:

    • The April 16 breakout above $130 saw 3 million SOL traded, signaling strong accumulation.
  5. 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

👉 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.

👉 Stay updated on SOL’s market movements

Disclaimer: This analysis adheres to strict editorial standards and excludes promotional content. For full transparency, review our AI Policy.