Solana surged 7% on Thursday, outperforming major tokens as Canada debuts the world’s first Solana spot ETF on the Toronto Stock Exchange.
Solana ETF Debut on Toronto Exchange Sparks Rally as SOL Surpasses Ethereum, Bitcoin Gains
Solana (SOL) climbed more than 7% on Thursday retaking the $135 resistance level as it outpaced Bitcoin and Ethereum in daily performance.
Solana’s ongoing rally follows the landmark launch of the world’s first Solana spot exchange-traded fund (ETF). The ETF, launched by Purpose Investments, began trading on the Toronto Stock Exchange under the ticker CSOL, signaling growing institutional appetite for Layer-1 blockchain alternatives.
Purpose Investments’ CEO Som Seif emphasized that the fund provides “secure, compliant access” to Solana without the need for investors to manage private keys or engage with decentralized wallets. With Canada leading the charge on regulated digital asset products, the ETF is viewed as a foundational step in mainstreaming Solana exposure across North American financial markets.
The ETF’s launch arrives at a time of dovish central bank signals across global economies, bolstering risk asset sentiment.
As the European Central Bank prepares for its seventh rate cuts this month, Trump mounts pressure on the U.S. Federal Reserve to ease rates, liquidity conditions are turning increasingly favorable for more crypto demand in the weeks ahead.
Solana ETF Reinforces Institutional Credibility as Ethereum Struggles With Momentum
Beyond the immediate price reaction, Solana’s ETF debut is widely seen as a pivotal moment in the Layer-1 DeFi ecosystem battle. Solana is now making structural gains in legitimacy — a domain long dominated by Ethereum following the U.S. approval of ETH-based ETFs in 2024.
Since the ETF announcement, on-chain activity has validated bullish sentiment. Staking deposits on the Solana network surged by 2 million SOL—approximately $270 million—between April 13 and April 17, according to data from StakingRewards.
This increased staking deposits effectively removed a significant amount of supply from circulation, which supports the upward price pressure during periods of high market demand.
The recent repeal of a restrictive DeFi framework by President Trump has ingnited demand for other altcoins like Solana. With Ethereum mired in high gas fees and divisive upgrades, Solana is increasingly being viewed as a scalable, low-cost alternative attracting developer and institutional interest alike.
This may explain why Solana price climbed 7% on Thursday, while Ethereum continued to languish below the $1,600 zone.
Solana Price Forecast: Bullish Breakout Eyes $265 as Falling Wedge Resolves
Solana price forecast indicators flashed a falling wedge pattern on the daily chart, signaling a potential price target near $265—an implied upside of nearly 100% from current levels.
This bullish SOL price prediction emerges after weeks of consolidation within a narrowing wedge formation that began in late January. The breakout above $130, aligned with a decisive candle close outside the upper trendline, confirms the pattern’s validity and invites a measured move based on the wedge’s height.
More so, Solana price has now reclaimed the 50-day SMA ($130.09), establishing it as short-term support.
The Relative Strength Index (RSI) at 55.59 shows rising momentum but remains below overbought levels, suggesting room for further gains without immediate exhaustion. In a bullish scenario, a sustained close above the 200-day SMA near $166 would unlock the path toward the $265 target.
However, failure to hold above $130 could invite bearish pressure, potentially invalidating the wedge breakout and pushing SOL back toward the $120 price zone.
The post Solana Price Predicted to Hit $264 as Canada Launches First Ever SOL ETF appeared first on CoinGape.
