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- Solana is trading at $124.32, down 5.60% in the past 24 hours.
- Weekly gains show strength, with a 15.72% rise in the last 7 days.
- Trading volume drops 11.29% to $3.32B, suggesting reduced short-term interest.
Solana has gained attention after pushing past the $120 level, a key milestone for the bulls. The move came alongside increasing on-chain activity, rising technical strength, and growing investor optimism.
Yet, price action is currently trending in the direction of uncertainty. Despite the momentum, Solana is now confronting heavy supply levels between $136 and $142. The range may cap the uptrend or turn to support if buying pressure prevails.
Technical charts are now in favor of a bullish case. Three consecutive days saw the relative strength index (RSI) also remain higher than 50, which is an aberration not seen since January. On-balance volume is nearing levels in March, with sustained accumulation.
Solana’s relationship with Ethereum is also strengthening. The SOL/ETH ratio is rising, which suggests that Solana is performing better than Ethereum when it comes to capital inflow. If buyers can overcome resistance and turn $140 to their advantage, a move to $150-$160 is feasible. There are liquidations of over $2 billion in these high liquidity levels. A push-through to this area can induce short covering and propel more upside.
Solana ETFs in Canada to Offer Exposure and Yield
Among the strongest drivers for Solana’s recent uptick are announcements from Canada. There are various fintech companies, such as Purpose, Evolve, CI, and 3iQ, that are launching spot Solana ETFs this week. The funds will also facilitate staking, providing exposure as well as yield to investors.
This shift reflects increased confidence by institutions in Solana as an asset in blockchain. While there are two Solana products based on futures in the United States, they are still not very popular. The products have minimal assets under their management relative to other funds based on altcoin.
Nevertheless, Canadian ETFs are special. They will be directly backed by Solana and offer staking rewards, which will be something new in North America. If these work out, they will be an example to other markets elsewhere in the world and will improve SOL’s long-term attractiveness.
Solana Holds Strong, But Risks Remain
Although there are optimistic indications, there are still risks. A sudden sell-off might push Solana down to its solid base of $95. It is not likely that this would happen unless more general market conditions deteriorate. Analysts are watching Bitcoin closely, as its next move could heavily influence Solana’s short-term direction.
In general, Solana is looking good. Healthy technicals, institutional adoption, and weekly gains all indicate a bullish position. The ultimate test, however, is just ahead in the form of $140. If that breaks cleanly, Solana will likely soon be on higher ground.
Related Reading: Bitcoin Bulls or Bears? Key Levels to Watch as Geopolitics Heat Up
