BREAKING: Canada Approves Solana ETFs — Crypto Enters a New Phase

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According to a recent report, Solana’s price has increased by 4.5%, after getting approval from Canada for its first-ever spot Solana ETFs ( which is a type of investment fund)in North America.

This is a huge step toward attracting more serious and professional investors to the crypto world. The spot Solana ETF allows investors to invest directly in cryptocurrency, unlike future-based products, which means they can track real-time Solana prices. Investors’ trust is growing because of this move, which is helping Solana to do better.

Solana Price Rises Despite Economic Uncertainty

Recently, the price of Solana has stayed strong. Though there are global economic problems, the Solana price has increased to $134.60 on Thursday, after dropping to a low of $123.64 earlier this week. This has put Solana in the lead as the overall crypto market has just increased by 3% during that time.

Solana ETFs

The price of Solana is strong between the levels of $125 and $127, which means that it has not dropped below that level when there was selling pressure. On the other hand, it is facing strong resistance around the level of $133.50-$133.60. However, volume analysis suggests that there is increased interest from institutional buyers.

Solana ETFS Boost Interest from Institutions and On-Chain Growth

The launch of spot Solana ETFs in Canada is changing investors’ views on Solana. As Solana has now become more accessible through regulated investment options, experts think that there will be more interest from institutions. These ETFs provide a simpler way for those investors who don’t want to manage their private wallets or use exchanges directly.

Along with the launch of the ETF, Solana has also taken the lead over Ethereum in decentralised exchange(DEX) activity; it has a weekly gain of 16%. This shows that the network is growing and more on-chain activity is being adopted, which supports the growth of Solana’s price.

Market Volatility Brings Mixed Short-Term Signals

The recent trading has been showing some short-term ups and downs despite its positive outlook. On April 4, the price of Solana went down from $134.11 to $130.81. The high-volume sell-offs have caused a drop of 2.5%.

This drop broke the support level of $132 and went down towards the important Fibonacci level, which raised the question whether this momentum will be able to sustain without revisiting the resistance of $133.50-$134.

Conclusion

The launch of Solana ETFs in Canada is a big step for cryptocurrency in North America, as it will help investors buy Solana through a regular platform. Solana’s price is showing strong signs of growth, this growth is supported by good market activity and technical patterns. Though there are some short-term ups and downs, experts think that if the momentum continues, Solana might reach a new high above the level of $180.