Solana Soars 4.5% with Canada’s Launch of First Spot ETFs

Solana Outperforms Market with 16% Weekly Surge, Dominates DEX Activity Over Ethereum

In a market marked by economic uncertainty and fluctuating global conditions, Solana (SOL) has emerged as a standout performer, gaining 16% over the past week. The cryptocurrency has reclaimed its leadership in decentralized exchange (DEX) activity, surpassing Ethereum for the time being.

On Thursday, SOL’s price jumped more than 4%, while the broader CoinDesk 20 index experienced a 3% increase. The critical support zone for Solana lies between $125 and $127, consistently fending off attempts to push lower. Meanwhile, resistance remains strong around $133.50 to $133.60, according to CoinDesk Research’s technical analysis.

Blockchain data reveals that more than 32 million SOL—representing over 5% of its total supply—has accumulated around the $129.79 level, marking it as a key pivot point for future price direction.

Technical Insights and Market Activity

Solid Support and Resistance Zones: Solana’s price has found strong support between $125 and $127, effectively holding off downside pressure. Resistance at $133.50-$133.60 continues to prevent further upward movement.
Resilient Price Action: After reaching a low of $123.64 on April 16, SOL rebounded by 4.5%, rising to $135.57, signaling a firm recovery and ongoing uptrend.
Spot ETF Launch Boosts Institutional Interest: The launch of the first spot Solana ETFs in Canada on April 16, led by asset managers like 3iQ, Purpose, Evolve, and CI, has fueled institutional demand for SOL, marking a significant milestone in its adoption.
DEX Market Leadership: Solana has reclaimed the top spot in decentralized exchange activity, surpassing Ethereum after a 16% weekly price gain. Total value locked (TVL) on Solana has also risen by 12%, reaching $7.08 billion.
Volume Surge and Accumulation: On April 16, SOL experienced a sharp surge in trading volume, with over 3 million units exchanged as the price broke through the $130 resistance level, signaling strong market support.
Fibonacci Recovery: The recent rally has successfully reclaimed the crucial 61.8% Fibonacci retracement level from the April 14 high of $136.01 to the April 16 low, reinforcing the bullish trend.
Price Correction and Sell-Off: Solana’s price saw a correction in the final 100 minutes of trading, dropping from $134.11 to $130.81, marking a 2.5% decline. The sell-off accelerated between 14:03 and 14:07, with a dramatic spike in volume signaling increased selling pressure.
Breakdown at $132 Support: A breakdown at the $132.00 support level triggered cascading liquidations, which have pushed prices past the 78.6% Fibonacci retracement level. If bearish momentum continues, SOL could revisit the $125-$127 support zone.