#SolanaSurge Solana (SOL) has seen a significant surge in recent days, with its price climbing 40% over the last 10 days to around $135.15. Several factors are driving this upward trend ¹ ²:
- *Launch of Solana ETFs in Canada*: The introduction of the first spot Solana ETFs in North America, issued by asset managers like 3iQ, Purpose, Evolve, and CI, has boosted demand and liquidity. These ETFs include staking options to generate yield, providing traditional investors with regulated exposure to SOL.
- *Growth in Solana Network Deposits*: Solana's network activity has surged, driving capital inflows. Over $120 million in liquidity has been bridged to Solana from other blockchains in the last 30 days, with $41.5 million coming from Ethereum and $37.3 million from Arbitrum.
- *Increased Institutional Adoption*: Real estate fintech firm Janover has doubled its Solana holdings to 163,651 SOL, valued at $21.2 million, reflecting growing confidence in Solana's long-term value.
- *Technical Indicators*: Solana's price has broken out of a falling wedge pattern, a bullish reversal pattern in technical analysis. The relative strength index (RSI) has increased from 33 to 55 since April 7, indicating growing bullish momentum.
In terms of potential future growth, analysts predict that Solana's price could reach $200, representing a 50% increase from its current price. However, to sustain this recovery, Solana needs to hold above the 50-day simple moving average (SMA) at $130 and overcome resistance between $160 and $180 ².
