Solana News: Canada Approves Solana ETFs—Is a Rally to $134 Ahead?

Solana just scored a major win on the global crypto stage. Canadian regulators have officially approved several spot Solana ETFs, making it easier than ever for traditional investors to gain exposure to SOL without needing a crypto wallet. Starting April 16, 2025, these ETFs will hit the market, giving Solana a seat at the table alongside Bitcoin and Ethereum in regulated financial products. It’s a big step forward for Solana and altcoins in general, as it opens the door to broader adoption and legitimization through conventional Solana investment channels.

Big Institutions Back SOL, And Staking Sweetens the Deal

What makes this move stand out is who’s involved. Trusted firms like 31Q, Purpose Investments, CI Global Asset Management, and Evolve are behind these Solana ETFs, bringing a level of credibility that could attract more cautious investors. But there’s another kicker: staking. Unlike most ETFs, these Solana funds will stake some of their holdings, meaning investors can potentially earn passive income on top of any SOL price gains. According to TD Bank, SOL’s staking rewards are even higher than Ethereum’s right now, which is definitely a compelling reason for yield-hungry individuals exploring Solana investment opportunities to pay attention.

US Regulatory Delay Casts Contrast as Canada Surges Ahead

While Canada races ahead, the U.S. is still stuck at the starting gate. The SEC has yet to green-light any spot SOL ETFs, with big names like Fidelity and Grayscale waiting on standby. The delay only highlights how far Canada has come by comparison. With the April 16 launch around the corner, excitement is building, and many are wondering how this could impact SOL price action in the short term. Let’s take a closer look at what the charts are telling us as SOL gears up for this potentially game-changing moment in Solana investment history.

SOL Price Action Analysis of April 16th, 2025

The SOL price trading began on April 15 on a strong note, rallying upward within a clearly defined ascending channel that peaked near the $134 resistance level. However, after reaching this top, the momentum shifted sharply as the SOL price broke below the rising channel and entered a downward trend. A new descending channel formed, pushing SOL down to the $125 support area. This region has since acted as a critical floor, halting further losses multiple times. Throughout this decline, the RSI showed repeated dips into the oversold zone, particularly after each death cross on the MACD, reinforcing the bearish pressure during that phase.

Chart 1, Analyzed by Alokkp0608, published on April 16th, 2025

Currently, the price appears to be stabilizing just above the $125 support. On April 16, buyers stepped in after another touch of this level, initiating a slight recovery toward $127. Both RSI and MACD indicators show subtle signs of a shift. The RSI has risen above 48, indicating a potential rebound from oversold territory, while the MACD printed a recent golden cross, suggesting the bearish momentum may be weakening. However, price action remains constrained within a sideways consolidation near the support, reflecting investor caution despite the ETF-related news catalyst. Solana may test $128 if bullish momentum holds, but a close below $125 could invite further selling pressure.

What Lies Ahead for Solana

Canada’s approval of its first spot Solana ETF is a big moment for the crypto world, as it helps Solana gain recognition alongside Bitcoin and Ethereum. With strong institutional support and the added bonus of staking, these ETFs are becoming an appealing option for both traditional investors and those looking to earn a passive income. Meanwhile, the ongoing regulatory delay in the U.S. shows how the global market is still fragmented, but Canada’s decision could inspire other countries to follow suit.

Looking at the charts, Solana is showing some signs of stabilizing, and there’s potential for a short-term recovery. However, until SOL breaks out of its current price range, traders should tread carefully. Solana’s next moves will likely depend on how the market reacts to the ETF launch and the wider economic environment.

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