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Solana Surges 4.5% as Canada Launches First Spot ETFs
North American institutional interest grows as SOL reclaims DEX dominance over Ethereum with 16% weekly gain.
Updated Apr 17, 2025, 6:00 p.m. Published Apr 17, 2025, 5:11 p.m.
What to know:
- Solana's price rose over 4% amid global economic tensions, outperforming the broader crypto market.
- The $125-$127 range has become a critical support zone for SOL, successfully rejecting multiple downside attempts.
- Canada launched the first spot Solana ETFs in North America, boosting institutional interest in the token.
Global economic tensions and trade policy uncertainties continue to create volatility in the crypto market, with SOL navigating these challenges better than many alternatives.
Solana token's price rose more than 4% on Thursday, while the broader market gauge, CoinDesk 20, rose about 3%.
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The $125-$127 range for SOL has emerged as a critical support zone that successfully rejected multiple downside attempts, while the $133.50-$133.60 area represents significant resistance, according to CoinDesk Research's technical analysis model.
Blockchain data shows over 32 million SOL (more than 5% of the total supply) accumulated at the $129.79 level, establishing it as a crucial pivot point for future price action.
Technical Analysis Highlights
- SOL established a well-defined support zone between $125-127, which successfully rejected multiple downside attempts.
- The price demonstrates strong resiliency, recovering 4.5% from its April 16th low of $123.64 to $135.57, establishing a clear uptrend.
- Canada launched the first spot Solana ETFs in North America on April 16, issued by asset managers including 3iQ, Purpose, Evolve, and CI, boosting institutional interest.
- Solana has reclaimed the top spot in DEX activity, surpassing Ethereum after a 16% gain over seven days, with total value locked (TVL) increasing by 12% to $7.08 billion.
- Volume analysis shows particularly strong accumulation during the April 16th afternoon surge, with over 3 million units traded as the price broke through the $130 resistance level.
- The Fibonacci retracement from the April 14th high ($136.01) to the April 16 low suggests the recent rally has reclaimed the critical 61.8% level.
- In the final 100 minutes of trading, SOL experienced a significant downward correction, plummeting from $134.11 to $130.81, representing a 2.5% decline.
- The sell-off intensified around 14:03-14:07, when volume spiked dramatically to over 92,000 units during a single-minute candle.
- A strong resistance zone at $133.50-$133.60 rejected multiple recovery attempts.
- A notable breakdown occurred at the $132.00 support level, triggering cascading liquidations.
- Prices have now retraced beyond the 78.6% Fibonacci level, suggesting potential continuation toward the $125-127 support zone if bearish momentum persists.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
External References:
- "Solana’s Cost Basis Shifts Sharply: $129 Emerges as a Key Pivot Zone," published April 16, 2025.
- NewsBTC, "Solana Retests Bearish Breakout Zone – $65 Target Still In Play?" published April 17, 2025.
- Cointelegraph, "Why Is Solana Price Up This Week?" published April 12, 2025.
- CryptoPotato, "Solana Jumps by 7% Daily, Bitcoin Eyes $85K Again (Market Watch)," published April 17, 2025.
- Cointelegraph, "Solana Price Is Up 36% From Its Crypto Market Crash Lows — Is $180 SOL the Next Stop?" published April 16, 2025.
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