Solana Jumps 4.5% as Canada Unveils Its First Spot ETFs -

Solana Surges 16% in a Week, Reclaims DEX Leadership Over Ethereum Amid Market Volatility

Solana (SOL) has shown strong resilience in the face of ongoing global economic uncertainty, outperforming many other digital assets. With a notable 16% gain over the past week, SOL has reclaimed its position as a leader in decentralized exchange (DEX) activity, surpassing Ethereum.

On Thursday, SOL’s price rose by over 4%, while the broader CoinDesk 20 index saw a 3% increase. The $125 to $127 range has become a crucial support level for Solana, successfully rejecting multiple attempts to push lower. Meanwhile, resistance remains near the $133.50 to $133.60 range, according to CoinDesk Research’s technical analysis.

Blockchain data highlights significant buying interest at the $129.79 price level, with over 32 million SOL (roughly 5% of the total supply) accumulating there. This establishes the level as a key pivot point for Solana’s price action going forward.

Key Technical Insights

Support and Resistance Zones: Solana has firmly established a support zone between $125 and $127, preventing further declines. Resistance remains strong near $133.50-$133.60.
Price Recovery: Following a low of $123.64 on April 16, SOL has gained 4.5%, reaching $135.57, signaling a recovery and a clear upward trend.
Impact of Solana Spot ETFs: On April 16, Canada launched the first spot Solana ETFs, backed by major asset managers like 3iQ, Purpose, Evolve, and CI, which has sparked growing institutional interest in SOL.
DEX Activity: Solana has regained its dominance in decentralized exchanges, surpassing Ethereum with a 16% price surge. Its total value locked (TVL) increased by 12%, reaching $7.08 billion.
Volume Surge: During the afternoon on April 16, SOL experienced heavy accumulation, with over 3 million units traded as the price broke through the $130 resistance level, signaling strong market support.
Fibonacci Analysis: The recent rally appears to have reclaimed the critical 61.8% Fibonacci level, as indicated by the retracement from the April 14 high of $136.01 to the April 16 low.
Short-Term Correction: Despite the bullish momentum, SOL faced a sharp correction, dropping from $134.11 to $130.81 in the last 100 minutes of trading, a 2.5% decline. This drop occurred around 14:03-14:07, with a significant spike in volume, signaling a potential liquidity issue.
Breakdown at $132: The $132.00 support level saw a significant breakdown, leading to cascading liquidations. If bearish pressure continues, Solana may test the $125-$127 support range, as it has retraced past the 78.6% Fibonacci level.