Solana, a prominent cryptocurrency, increased by 4.5% this week, surpassing the performance of other digital assets. According to market data, this rise coincides with Canada’s introduction of the first spot Solana Exchange Traded Funds (ETFs), marking a significant development in North America’s cryptocurrency market.
The launch of these ETFs by leading Canadian firms such as 3iQ, Purpose, Evolve, and CI on April 16th has enhanced institutional interest in Solana, positioning Canada as a leader in the sector. This initiative reflects Canada’s growing influence in the global cryptocurrency ecosystem, particularly in the realm of decentralized exchange (DEX) activity where Solana has recently overtaken Ethereum, following a 16% increase over seven days.
Market analysis indicates that Solana has found robust support within the $125-$127 price range, demonstrating resilience against downward pressures amidst global economic uncertainties and fluctuating trade policies. The total value locked in Solana has risen by 12% to $7.08 billion, with significant accumulation observed during an afternoon surge on April 16th, where over 3 million units were traded as the price broke through the $130 resistance level.
However, the cryptocurrency experienced volatility in the final trading hours, with the price of Solana declining from $134.11 to $130.81, a drop of 2.5%. The sell-off intensified between 14:03-14:07, with trading volume reaching over 92,000 units in a single minute. The $133.50-$133.60 range has been a significant barrier, rejecting multiple recovery attempts, and a breakdown at the $132.00 support level led to cascading liquidations. Despite this, the price has retraced beyond the 78.6% Fibonacci level. Analysts suggest that continued bearish momentum could see Solana revisiting the $125-$127 support zone.
