Solana Price Nears Key Breakout as Canada Launches Spot SOL ETFs

Solana (SOL) is gaining bullish momentum, posting a 1.76% daily increase to trade around $131. The asset has maintained an ascending trendline in recent sessions, indicating growing buying pressure. However, SOL is approaching a critical technical level. A break below this trendline could send the price below $130, with the last major support resting around $116.

Volume has notably risen alongside this recovery, suggesting potential backing from institutional or retail investors. Yet, if the price breaks below trendline support without volume confirmation, bearish pressure could intensify. The Relative Strength Index (RSI) remains neutral but slightly elevated, signaling possible volatility and a swift reversal if sentiment shifts.

On the fundamental side, Solana has received a major boost from ETF-related developments. Bloomberg ETF analyst Eric Balchunas recently confirmed that Canada will debut several spot Solana ETFs on April 16. These ETFs—launched by Purpose, Evolve, CI, and 3iQ—have been greenlit by the Ontario Securities Commission (OSC). Unlike U.S.-based crypto ETFs, these Canadian funds will offer SOL staking, making them unique in the market and positioning Canada as a leader in altcoin ETF innovation.

This institutional exposure is expected to improve market sentiment and may support continued upward momentum. Should SOL break above the key resistance zone at $135–$140, a retest of the 100-day EMA near $154 is possible. However, traders remain focused on whether Solana can sustain its trendline support and capitalize on the bullish ETF narrative to fuel further gains.

With technicals and fundamentals in a delicate balance, the next few sessions could be pivotal for SOL's short-term trajectory.