Solana Gains 4.5% Amid Canada’s Debut of Pioneering Spot ETFs
Solana (SOL) experienced a notable 4.5% price surge following the launch of Canada’s first-ever spot exchange-traded funds (ETFs) dedicated to the cryptocurrency. This milestone marks a significant step in institutional adoption, as investors gain regulated exposure to Solana’s blockchain ecosystem. The ETFs, approved by Canadian regulators, provide a secure and accessible avenue for both retail and institutional participants to invest in SOL without directly holding the asset. Market analysts attribute the bullish momentum to growing confidence in Solana’s scalability and its expanding decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. The move by Canada sets a precedent for other jurisdictions considering similar crypto-based financial products.
Technical Analysis Highlights
SOL established a well-defined support zone between $125-127, which successfully rejected multiple downside attempts.
The price demonstrates strong resiliency, recovering 4.5% from its April 16th low of $123.64 to $135.57, establishing a clear uptrend.
Canada launched the first spot Solana ETFs in North America on April 16, issued by asset managers including 3iQ, Purpose, Evolve, and CI, boosting institutional interest.
Solana has reclaimed the top spot in DEX activity, surpassing Ethereum after a 16% gain over seven days, with total value locked (TVL) increasing by 12% to $7.08 billion.
Volume analysis shows particularly strong accumulation during the April 16th afternoon surge, with over 3 million units traded as the price broke through the $130 resistance level.
The Fibonacci retracement from the April 14th high ($136.01) to the April 16 low suggests the recent rally has reclaimed the critical 61.8% level.
In the final 100 minutes of trading, SOL experienced a significant downward correction, plummeting from $134.11 to $130.81, representing a 2.5% decline.
The sell-off intensified around 14:03-14:07, when volume spiked dramatically to over 92,000 units during a single-minute candle.
A strong resistance zone at $133.50-$133.60 rejected multiple recovery attempts.
A notable breakdown occurred at the $132.00 support level, triggering cascading liquidations.
Prices have now retraced beyond the 78.6% Fibonacci level, suggesting potential continuation toward the $125-127 support zone if bearish momentum persists.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
External References:
"Solana’s Cost Basis Shifts Sharply: $129 Emerges as a Key Pivot Zone," published April 16, 2025.
NewsBTC, "Solana Retests Bearish Breakout Zone – $65 Target Still In Play?" published April 17, 2025.
Cointelegraph, "Why Is Solana Price Up This Week?" published April 12, 2025.
CryptoPotato, "Solana (SOL) Jumps by 7% Daily, Bitcoin (BTC) Eyes $85K Again (Market Watch)," published April 17, 2025.
Cointelegraph, "Solana Price Is Up 36% From Its Crypto Market Crash Lows — Is $180 SOL the Next Stop?" published April 16, 2025.
