Recently, Solana (SOL) has reached a critical support level at $121, attracting the attention of traders and analysts.
Solana Support at $121
According to TradingView analysis, Solana is testing a key demand zone after recently breaking out from a descending trendline. The $121 level aligns with a prior swing low and falls within a known order block zone, making it a dynamic support on the 4-hour chart.
Market Prepares for Breakout
The chart also shows an inverse head and shoulders (IH&S) pattern with a neckline near $135. If the price rebounds from current levels and breaks above the neckline, the projected target for this pattern is around $190. The relative strength index (RSI) remains neutral, indicating the potential for price movements without encountering overbought resistance.
New Solana ETFs in Canada
According to a report from Cointelegraph, the Ontario Securities Commission approved the first spot Solana ETFs on April 16. Firms like 3iQ Corp., Purpose Investments, and Evolve Funds listed these ETFs on the Toronto Stock Exchange. “We are very proud and excited that Canada is [a leader] again in crypto,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments. These ETFs offer direct access to Solana’s spot price, different from futures-based ETFs currently seen in the U.S.
The state of Solana at the $121 mark draws trader interest, while new products in the Canadian market may further support the growing demand for this cryptocurrency.
