Solana price soars past 20 EMA as Canadian ETF drives bulls

Solana, the 6th most prominent cryptocurrency in terms of market capitalization, has added 15.63% to its trading prices in the past 7 days, and in a month, its prices are up by 6.54%.

Source: CoinMarketCap

According to the data from CoinMarketCap, when writing, SOL was exchanging hands at $134.20 with a slight addition of .83% in the intraday time frame.

As we all know, price spikes are usually backed by some fundamental or technical development taking place behind the curtain. In Solana’s case, there are claims that the hype of its exchange-traded fund ( ETF) has backed the spike in prices.

The recent correction in Solana prices has helped it trade above the 20-day exponential moving average, but it is also below its 50, 100, and 200-day exponential moving averages.

Source: TradingView Solana ETF approval in Canada draws a new path for a brighter future

The information of Solana ETF approval in Canada got circulated like a fire, and the

X post of Eric Balchunas dated April 14, 2025, says that, “ Canada is readying spot Solana ETFs to launch this week after the regulator gave the green light to multiple issuers including Purpose, Evolve, CI and 3iQ. ETFs will include staking via TD.”

With this launch, SOL has attracted institutions in Canada and from all over the globe. Since April 07, a strong bullish force has been observed in the volume, which indicates a fresh injection of millions of dollars in Solana.

According to data from Defillama, the total value locked on Solana is now $7.166 billion, which was below $5 billion in the last quarter of 2024. With the growth in TVL, it is now 2nd most prominent blockchain in the market after Ethereum.

However, Solana has remained in the spotlight as over the years it has become one of the most used chains in terms of crypto token and coin development and deployment. 

Solana became the 1st choice of those seeking to develop and deploy their own crypto as it is termed to be one of the most scalable, fastest, and cheapest blockchains.

Yet last year Solana ecosystem faced severe allegations and accusations of providing an ecosystem for memecoin, which troubled the market at the verge in the past few quarters and especially in Q2 and Q3 of 2024.

Despite these allegations, Solana has achieved a new milestone as it recorded a time high of $294.33 on January 19, 2025. Now the greenery in SOL prices is expected to help to grow further, with it seen beating the resistance of $164.72, followed by $180.83 and $206.65.

If Solana fails to maintain its pace of growth, its visible supports are $112, $96, and $70.