TLDR

World’s first Solana spot ETF (CSOL) launched on Toronto Stock Exchange
SOL price jumped 7%, outperforming Bitcoin and Ethereum
ETF launch drove $270 million in new staking deposits, reducing circulating supply
Technical analysis shows a falling wedge breakout pattern targeting $265
SOL must break above $147 resistance to confirm bullish trend shift

Solana’s price surged 7% on Thursday, reaching $135 as Canada launched the world’s first Solana spot ETF on the Toronto Stock Exchange. This landmark event has positioned the cryptocurrency for potential further gains, with technical analysts eyeing a possible rise to $265.

The ETF, trading under the ticker CSOL, was launched by Purpose Investments and marks a major milestone for the Layer-1 blockchain. Purpose Investments’ CEO Som Seif highlighted that the fund offers “secure, compliant access” to Solana without requiring investors to manage private keys or use decentralized wallets.

Canada’s move to list a Solana ETF represents another step in the country’s progressive approach to regulated digital asset products. The development could pave the way for broader Solana exposure across North American financial markets.

The timing of the ETF launch coincides with dovish signals from central banks worldwide. The European Central Bank is preparing for its seventh rate cut this month, while President Trump is pushing the U.S. Federal Reserve to ease rates.

These macroeconomic factors are creating favorable liquidity conditions that could drive more demand for cryptocurrencies in the coming weeks.

Solana
SOL Price

On-Chain Activity Validates Bullish Sentiment

Since the ETF announcement, Solana has experienced a surge in on-chain activity. Staking deposits on the network increased by 2 million SOL—approximately $270 million—between April 13 and April 17, according to data from StakingRewards.

This increase in staking effectively removed a large amount of SOL from circulation. When supply decreases during periods of high market demand, upward price pressure often follows.

The recent repeal of a restrictive DeFi framework by President Trump has also sparked interest in alternative cryptocurrencies like Solana. With Ethereum struggling with high gas fees and controversial upgrades, many investors are turning to Solana as a scalable, low-cost alternative.

This shift in sentiment helps explain why Solana climbed 7% on Thursday, while Ethereum remained below the $1,600 level.

Technical Analysis Points to $265 Target

Technical indicators for Solana show a falling wedge pattern on the daily chart, signaling a potential price target near $265—almost double the current value.

This bullish price forecast follows weeks of consolidation within a narrowing wedge formation that began in late January. The breakout above $130, with a decisive candle close outside the upper trendline, confirms the pattern’s validity.

Solana has now reclaimed the 50-day Simple Moving Average (SMA) at $130.09, establishing it as short-term support. The Relative Strength Index (RSI) stands at 55.59, showing rising momentum without reaching overbought territory.

This suggests room for further gains without immediate exhaustion. If Solana can sustain a close above the 200-day SMA near $166, the path toward the $265 target could open up.

However, failure to hold above $130 might invite selling pressure, potentially invalidating the wedge breakout and pushing SOL back toward $120.

Critical Resistance Levels Ahead

Solana is currently at a pivotal price level that could determine its short-term direction. After weeks of selling pressure, bulls are attempting to regain control, but success depends on reclaiming higher resistance zones.

Crypto analyst Crypto Seth suggests that Solana has turned bullish on the 8-hour chart. According to his analysis, a break above the $147 level would confirm a trend shift and potentially trigger a recovery rally.

Solana has lost about 55% of its value since reaching its all-time high in January. This decline mirrors a broader correction in crypto markets, partly driven by macroeconomic tensions, including rising inflation and trade conflicts between the United States and China.

For bulls to maintain momentum, Solana must hold current levels and break through key resistance zones. The $132-$135 range is crucial, as reclaiming it could confirm short-term momentum and signal the start of a recovery.

To establish a higher high and shift the current downtrend structure, SOL must push decisively above the $150 level. This area has served as a strong rejection point in previous attempts.

If bulls fail to defend the $125 support level, Solana may drop back to lower demand zones around $100 or potentially even lower, depending on broader market conditions.

The post Solana (SOL) Price News & Analysis: Canadian ETF Sparks 7% Surge, What’s Next? appeared first on CoinCentral.

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Filed under: News - @ April 18, 2025 8:24 am