Overview
Solana’s price experienced a surge of over 4% on Thursday, as the crypto market continues to navigate challenges linked to global economic tensions. In contrast, the broader market, as represented by the CoinDesk 20, only saw about a 3% increase.
Solana price increase
SOL rises 4.5% to $134.60 after Canada launches spot ETFs.
Key Insights
- Solana’s recent price performance coincides with the debut of North America’s first spot Solana ETFs, elevating institutional interest.
- The trading range of $125-$127 has established itself as a critical support area for SOL, effectively resisting multiple downturns.
- Technical analyses indicate resistance levels around $133.50-$133.60, which Solana is currently testing.
Market Conditions
Amidst ongoing volatility caused by global trade policies, Solana’s resilience has placed it ahead of many alternative tokens. The cryptocurrency has not only reclaimed its position at the forefront of decentralized exchanges (DEX) but has also achieved a remarkable 16% gain over the past week.
The support level around $129.79 is essential as over 32 million SOL, constituting more than 5% of its total supply, have been accumulated at this price point.
Technical Highlights
- SOL has shown robust recovery from an April 16 low of $123.64, with a notable uptrend established.
- The Fibonacci retracement analysis suggests a recent rally that has retaken the critical 61.8% level.
By confirming these pivotal price levels, market analysts will be closely monitoring further movements as resistance and support tests unfold in the coming days.
