Solana is stealing the spotlight. In a historic move, Canada has greenlit the first-ever spot Solana ETFs in North America, triggering a fresh wave of institutional interest and a 4.5% price surge for SOL.
The digital asset, often dubbed the “Ethereum challenger,” is no longer lurking in the shadows. With Ethereum still tangled in congestion and high gas fees, Solana’s rise through institutional channels could reshape the altcoin hierarchy.
Canada Makes History With First Spot Solana ETFs
On April 17, the Ontario Securities Commission (OSC) approved four spot Solana ETFs — launched by asset managers 3iQ, Purpose Investments, Evolve, and CI Global Asset Management. These ETFs began trading on the Toronto Stock Exchange (TSX), marking a milestone not only for Solana but for altcoin institutionalization in general.
“Solana is no longer a ‘next-gen’ blockchain — it’s now front and center in institutional portfolios,” said a Purpose spokesperson, noting the high-speed chain’s potential to disrupt Ethereum’s DeFi dominance.
This marks the third cryptocurrency after Bitcoin and Ethereum to earn a spot ETF listing in North America, and Solana didn’t need SEC approval to get there.
Solana Outpaces Ethereum in DEX Volume
The ETF launch wasn’t the only catalyst. Data from DefiLlama shows Solana overtook Ethereum in DEX trading volume this week, clocking in over $1.6 billion, a 16% weekly gain that outpaced all major chains.
Additionally, Solana’s total value locked (TVL) rose by 12% to $7.08 billion, underscoring renewed investor faith. This revival comes after months of cooling sentiment, making the latest surge a potential turning point.
Price Action: SOL Rebounds, but Faces Resistance
On the technical side, Solana rebounded from $123.64 to $135.57, marking a 4.5% gain in 24 hours. However, the rally faced headwinds near the $134 resistance zone.
Analysts identified a key support range between $125 and $127, which successfully cushioned multiple bearish attempts. But profit-taking set in quickly — SOL retraced to $130.81, facing rejection around the $133.50–$133.60 resistance zone.
Volume analysis showed a dramatic spike on April 16, with over 3 million SOL units traded as prices broke through the $130 barrier. However, a rapid selloff followed, with cascading liquidations and a price retracement below the 78.6% Fibonacci level.
Solana (SOL) Price Table
| Date | Price (USD) | 24h Change | Market Cap |
|---|---|---|---|
| April 18 | $130.81 | -2.5% | $59.1 Billion |
| April 17 | $134.11 | +4.5% | $60.6 Billion |
| April 16 | $123.64 | -1.2% | $55.8 Billion |
What It Means for Ethereum
Solana’s rapid rise is adding fuel to long-running questions about Ethereum’s scalability and dominance. With faster throughput, lower fees, and now ETF legitimacy, Solana is quickly turning into Wall Street’s newest darling.
That said, Ethereum remains the heavyweight in DeFi and NFTs. But if Solana’s institutional flows continue, the balance could shift faster than expected.
Conclusion
Solana’s spot ETF debut in Canada is more than a milestone — it’s a signal. Institutions are waking up to the protocol’s potential, and investors are taking note. With solid on-chain metrics, growing TVL, and technical resilience, Solana’s momentum might just be getting started. While ETH still holds the crown, Solana’s latest moves are a reminder that the DeFi throne is far from unshakable.
FAQs
What triggered Solana’s recent price surge?
Canada’s approval of the first spot Solana ETFs, coupled with strong DEX volume and TVL growth, sparked the 4.5% rally.
Which firms launched Solana ETFs?
3iQ, Purpose, Evolve, and CI Global Asset Management have launched the ETFs, which are trading on the Toronto Stock Exchange.
How is Solana performing vs Ethereum?
Solana recently surpassed Ethereum in DEX trading volume and is gaining ground in TVL and institutional adoption.
What is the current resistance level for SOL?
Key resistance sits between $133.50 and $133.60, with support around the $125-$127 zone.
Glossary
ETF (Exchange-Traded Fund): A financial product that tracks an underlying asset and is traded on stock exchanges.
DEX (Decentralized Exchange): Platforms that allow peer-to-peer crypto trading without intermediaries.
TVL (Total Value Locked): The total value of assets locked in DeFi protocols on a blockchain.
Fibonacci Level: A technical analysis tool used to identify potential reversal levels in price trends.
Cascading Liquidations: A rapid sell-off triggered by margin calls or leveraged positions getting closed.
Sources:
For advertising inquiries, please email . [email protected] or Telegram
