Solana (SOL) Surges 7% as Canada Debuts the World's First Spot ETF on the Toronto Stock Exchange.

Solana (SOL) climbed more than 7% on Thursday retaking the $135 resistance level as it outpaced Bitcoin and Ethereum in daily performance.

Solana (SOL) price rose more than 7% on Thursday, outperforming major tokens and Bitcoin as Canada launched 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) price rose more than 7% on Thursday, retaking the $135 resistance level as it outpaced Bitcoin and Ethereum in daily performance.

The token is also up more than 15% over the last seven days, trading at $134.18 by 10:00 ET.

The stellar gains come after Purpose Investments launched the first-ever Solana ETF on the Toronto Stock Exchange. The ETF, which tracks the price of Solana and trades under the ticker CSOL, is now open for trading, providing institutional investors with direct exposure to the Layer-1 blockchain.

The ETF provides investors with a "secure, compliant way to gain exposure to Solana without the need to manage private keys or engage with decentralized wallets," said Purpose Investments CEO Som Seif.

Canada is a world leader in regulated digital asset products, and this ETF is a foundational step in mainstreaming Solana exposure across North American financial markets.

The ETF launch comes at a time when global central banks are signaling a dovish bias, which bodes well for risk assets like crypto in the coming weeks.

The European Central Bank is set to announce its seventh interest rate decision this month, while former President Trump is urging the U.S. Federal Reserve to cut rates to spur economic growth.

As liquidity conditions become increasingly favorable for crypto demand, more traders are anticipating a return to the 2021 bull market highs.

Solana ETF: A Pivotal Moment in Layer-1 Ecosystem Battle

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.

Recently, President Trump also repealed a restrictive DeFi framework that could have hampered the crypto industry's recovery.

This development, along with the ongoing macroeconomic trends, has sparked renewed interest in altcoins like Solana.

With Ethereum still mired in high gas fees and divisive upgrades, Solana is being viewed as a scalable, low-cost alternative that is attracting developer and institutional interest.

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.

Frequently Asked Questions (FAQs)

1. What triggered Solana's recent price surge?

2. What is the significance of the Solana ETF launch in Canada?

3. What technical indicators suggest a bullish Solana price forecast? output: Rising interest in Layer-1 blockchain technology has led to the launch of the world's first Solana (SOL) exchange-traded fund (ETF) in Canada.

The ETF, launched by Purpose Investments and listed on the Toronto Stock Exchange (TSX) on Thursday, will provide investors with direct exposure to Solana without the need to manage private keys or engage with decentralized wallets.

The ETF is a significant development in the crypto industry