#SolanaSurge

Solana's price surged 7% recently, reaching $135, after Canada launched the world's first Solana spot ETF on the Toronto Stock Exchange. This ETF, offered by Purpose Investments, provides secure and compliant access to Solana, potentially paving the way for broader adoption in North American financial markets.

Key Factors Contributing to the Surge:

Increased Staking Deposits: $270 million in new staking deposits, reducing circulating supply and boosting investor confidence.

Favorable Macroeconomic Conditions:

Dovish central bank signals and potential rate cuts creating favorable liquidity conditions for crypto demand.

Growing Institutional Interest: Solana's ETF debut seen as a pivotal moment in the Layer-1 DeFi ecosystem battle, attracting developer and institutional interest.

Technical Analysis:

Falling Wedge Breakout: Points to a potential price target near $265, almost double the current value.

Reclaimed 50-day SMA: Establishes short-term support at $130.09.

RSI: Shows rising momentum without reaching overbought territory, indicating room for further gains.