Solana (SOL) Price: 20% Weekly Gain as Token Rebounds from $96 Low
TLDR
- Solana has gained 20% over the past week, rebounding from a $96 low to around $134
- Nearly 72% of Binance traders hold long positions on SOL, showing strong bullish sentiment
- Canada launched the world’s first Solana spot ETF (CSOL) on the Toronto Stock Exchange
- SOL needs to break above $147-$150 to confirm a new bullish trend
- Staking deposits increased by 2 million SOL ($270 million) between April 13-17, reducing circulating supply
Solana has made a strong comeback after recent market turbulence. The smart contract platform gained nearly 1.34% in the past 24 hours and is up an impressive 20% over the last seven days, as bulls regain control and push prices higher.
Just days ago, SOL dropped to a local low of $96 during broader market sell-offs driven by macroeconomic uncertainty. However, the dip was short-lived.
Solana has since staged a recovery, climbing back above key resistance levels and now trading around $134. The swift rebound underscores growing investor confidence and a return of bullish momentum.
Market sentiment appears to be shifting in favor of the bulls. According to data from a prominent analyst, about 71.87% of traders on Binance with open SOL positions are betting on continued upside.
This overwhelming long positioning signals strong expectations of a sustained rally. Crypto analysts note that Solana is showing technical strength after bouncing off weekly support.
71.87% of traders on Binance with open #Solana $SOL positions are betting on upward price movement! pic.twitter.com/aPnCb6JvjG
— Ali (@ali_charts) April 17, 2025
Canada Launches First SOL ETF
A major catalyst for Solana’s recent price action was the launch of the world’s first Solana spot ETF. The ETF, launched by Purpose Investments, began trading on the Toronto Stock Exchange under the ticker CSOL on Thursday.
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 key step in mainstreaming Solana exposure across North American financial markets.
The ETF’s launch comes at a time of dovish central bank signals across global economies, bolstering risk asset sentiment. As the European Central Bank prepares for rate cuts and President Trump puts pressure on the Federal Reserve to ease rates, liquidity conditions are turning increasingly favorable for crypto demand.
Technical Outlook and Price Targets
Solana is currently at a critical juncture as it trades around pivotal price levels that could determine its short-term direction. After weeks of selling pressure, bulls are attempting to regain control.
Top crypto analyst Crypto Seth shared an analysis suggesting that Solana has flipped bullish on the 8-hour chart. According to his view, if SOL can break above the $147 level, it could confirm a trend shift and trigger a potential recovery rally.
SOL must hold current levels and reclaim key resistance zones to spark a sustained recovery. Reclaiming the $132-$135 range is crucial, as it could confirm short-term momentum.
To establish a higher high and shift the current downtrend structure, SOL must push decisively above the $150 level. This area has served as a strong rejection point in previous attempts.
A clean breakout above this level could open the path toward higher targets and renewed investor confidence. Some analysts point to a falling wedge pattern on the daily chart, signaling a potential price target near $265.
On-Chain Activity Supports Bullish Case
On-chain activity has validated the bullish sentiment surrounding Solana. Staking deposits on the network surged by 2 million SOL—approximately $270 million—between April 13 and April 17.
This increased staking effectively removed a large amount of supply from circulation, which supports upward price pressure during periods of high market demand.
The recent repeal of restrictive DeFi regulations by President Trump has ignited demand for altcoins like Solana. With Ethereum facing challenges from high gas fees and divisive upgrades, Solana is increasingly viewed as a scalable, low-cost alternative.
This may explain why Solana price climbed 7% on Thursday, while Ethereum continued to struggle below the $1,600 zone.
SOL has now reclaimed the 50-day Simple Moving Average ($130.09), establishing it as short-term support. The Relative Strength Index (RSI) at 55.59 shows rising momentum but remains below overbought levels.
If bulls fail to defend the $125 support level, Solana may risk a drop back to lower demand zones around $100. Macroeconomic uncertainty and continued trade tensions between the U.S. and China remain factors that could weigh on SOL’s price.
For now, traders are watching key resistance levels closely. A breakout above $135 and then $147 could shift the tide decisively in Solana’s favor.
