Solana Skyrockets 4% After Canada Launches 4 Groundbreaking Solana ETFs — SOL to Hit $150?

Solana (SOL) has made an impressive recovery, jumping nearly 4% to trade around $130 yesterday. This was fueled by the historic launch of Canada’s first-ever spot Solana ETFs and a massive surge in network inflows. This latest Solana news sparks fresh optimism among investors and analysts alike, positioning Solana for a potential breakout soon.

Canada’s Spot Solana ETFs Open Floodgates for Institutional Investors

The Ontario Securities Commission has greenlit several Canadian asset managers, including Purpose Investments, 3iQ Corp, Evolve Funds, and CI GAM, to launch spot Solana ETFs on the Toronto Stock Exchange starting April 16-17. This milestone gives North American investors direct, regulated access to SOL without needing digital wallets or exchanges.

Purpose Investments’ Chief Innovation Officer, Vlad Tasevski, said, “Solana represents the next wave of blockchain innovation, lightning-fast, scalable, and powering real-world applications. Launching the world’s first spot Solana ETF is a natural next step for Purpose.” The ETF also offers staking rewards powered by Purpose’s proprietary validator infrastructure, potentially boosting investor returns by eliminating third-party costs. Institutional interest is also surging, with Ark Invest recently investing about $4.95 million into the 3iQ Solana Staking ETF, signaling growing confidence in Solana’s long-term prospects. 

Big news! So happy to drop the only #Solana #ETF designed to deliver the highest staking rewards currently available to investors

Introducing the Purpose Solana ETF, available for trading today on the #TSX under the ticker $SOLL.

Learn more here: https://t.co/ofrOnMSlBM pic.twitter.com/STb0T4iUng

— Purpose Investments (@PurposeInvest) April 16, 2025

Network Inflows and Staking Activity Surge, Strengthening Solana’s Fundamentals

On-chain data reveals a dramatic rise in Solana staking deposits, up by 2 million SOL, worth around $270 million in just four days, reflecting firm investor conviction and reducing circulating supply. This influx coincides with Solana reclaiming its lead in decentralized exchange (DEX) activity over Ethereum and a 12% increase in total value locked (TVL) to $7.08 billion, solidifying its position as a DeFi powerhouse.

Technical analysis supports this bullish momentum. Solana’s 4H price chart shows an inverse head-and-shoulders pattern, a classic bullish reversal, with analysts eyeing a potential 40% Solana rally toward $190. With Canada’s ETF launch opening new doors and network fundamentals strengthening, Solana appears poised for a major breakout. Given that, let’s look at the latest Solana price action to ascertain the next immediate move for the Ethereum killer.

SOL Price Analysis: Stability at $135

SOL commenced trading yesterday with a price of $131. Half an hour into the day, a golden cross formed as SOL climbed up to $132. Correction soon arrived, and SOL was sent back to the $129.5 mark for support. At 4:05 AM, a wide golden cross formed on the MACD indicator, and SOL reacted, rapidly climbing to $135.2 by 7:25. With Solana now heavily overbought, a trend reversal was predicted. The reversal arrived with the 6:55 death cross as SOL was brought down to $132.7. 

Chart 1: published on TradingView, April 18, 2025

It tried to ascend again, but another downturn led SOL to dip to $131 by 15:00. At this point, oversold conditions persisted as a massive golden cross formed on the MACD. SOL followed suit and rose rapidly to test the $135 resistance. This attempt was unsuccessful as SOL faced heavy correction, plunging to $132 again. As the bulls pushed the price above, SOL established a new support at $133.3. Since late hours of April 17, the SOL price has been showcasing range-bound behaviour, testing the $135 resistance on multiple occasions. 

SOL Price Prediction: Can SOL Rise to $140 Today?

SOL has staged an impressive comeback since the Black Monday market crash. However, the progress seems to be stalled for a few days, with the $135 mark posing stern resistance. Even as of now, SOL seems to be lacking enough buying pressure, with any advances towards $135 facing strict downturns. Given that, today, Solana might relinquish the support before hatching any plans to ascend. 

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