- Solana is gaining momentum with support from bullish technical patterns and the upcoming launch of Canada’s first spot Solana ETFs, which could attract fresh institutional interest.
- However, the price must hold above key support levels and break past $150 to sustain its rally and potentially target $200.
Solana (SOL) is back in the spotlight, riding a wave of optimism fueled by both bullish technical signals and some headline-making news out of Canada. After tumbling from a high of $290 to just over $100, SOL has quietly regained traction, and now traders are watching one key question: can it break through the $150 barrier?
ETF Buzz Breathes New Life into Solana
The big story pushing SOL back into the conversation is the upcoming launch of the world’s first spot Solana ETFs in Canada. Major players like Purpose, CI, and 3iQ are preparing to debut their products this week. For many investors, this marks a turning point — potentially opening the floodgates for institutional capital, just as we saw with the earlier Bitcoin and Ethereum ETFs.
With fresh money and attention likely on the way, the timing couldn’t be better for Solana to reclaim lost ground.
Technical Picture: A Battle Between Bulls and Bears
SOL began last week hovering in the $110–$115 range before breaking out to $136 by mid-April 15. This surge came after an inverted head-and-shoulders pattern formed on the charts — a classic indicator of a bullish reversal.
However, the momentum didn’t last. SOL retraced back to the $123–$125 zone, where it’s currently consolidating. This level now serves as critical support. If it holds, bulls could mount another run, with $135 and $150 as key resistance levels to clear. A successful push past $150 could even set the stage for a move toward $200, which coincides with an important Fibonacci retracement level.
But if $123 fails, SOL could fall back toward the $116–$110 range, dragging bullish hopes with it.
Short Squeeze Potential and Market Sentiment
Adding intrigue is the presence of $7.3 million in short positions clustered near $135. A move above this price could spark a short squeeze, amplifying gains. At the same time, large holders appear to be accumulating again, another sign that confidence in Solana’s future remains intact.
The ETF narrative gives SOL a real shot at reclaiming higher ground, but it will take more than hype to sustain the rally. As memecoin fever fades, attention is shifting to real-world utility and decentralized infrastructure — areas where Solana’s ecosystem is quietly growing.
Whether SOL breaks out or pulls back, the next few days could prove pivotal.