Canada has become the first country to approve spot ETFs for Solana, resulting in a new wave of institutional interest and a 4.5% rise in SOL prices.
Canada Makes History with First Spot Solana ETFs
On April 17, the **Ontario Securities Commission (OSC)** approved four spot Solana ETFs launched by asset managers **3iQ, Purpose Investments, Evolve, and CI Global Asset Management**. These ETFs began trading on the **Toronto Stock Exchange (TSX)**, marking a significant milestone for both Solana and the institutionalization of altcoins.
> “Solana is no longer a ‘next-gen’ blockchain — it’s now front and center in institutional portfolios,” said a Purpose spokesperson, highlighting the high-speed chain’s potential to disrupt Ethereum’s DeFi dominance.
Solana Outpaces Ethereum in DEX Volume
The ETF launch wasn’t the only catalyst. Data from [DefiLlama](https://defillama.com) shows Solana overtook Ethereum in **DEX trading volume** this week, clocking in over **$1.6 billion**, a 16% weekly gain that outpaced all major chains.
Additionally, **Solana’s total value locked (TVL)** rose by 12% to **$7.08 billion**, underscoring renewed investor faith.
Price Action: SOL Rebounds, but Faces Resistance
On the technical side, **[Solana rebounded](https://deythere.com/solana-surpasses-expectations-with-120m-inflows-will-sol-price-follow/) from $123.64 to $135.57**, marking a 4.5% gain in 24 hours. However, the rally faced headwinds near the $134 resistance zone.
Analysts identified a key support range between **$125 and $127**, which successfully cushioned multiple bearish attempts. But profit-taking set in quickly — **SOL retraced to $130.81**, facing rejection around the **$133.50–$133.60 resistance** zone.
Solana’s spot ETF debut in Canada is more than a milestone — it’s a signal. Institutions are waking up to the protocol’s potential, and investors are taking note.
