TLDR
- Solana has seen $120 million in liquidity bridged from other blockchains over the past 30 days, indicating renewed confidence
- Canada launched the first spot Solana ETFs in North America, potentially boosting institutional demand
- Technical analysis shows SOL price forming an inverse head and shoulders pattern with a possible 40% upside target to $190
- SOL must break above $147 to shift its current bearish trend, with current strong resistance at the 50-day EMA
- Solana-based memecoins like FART, POPCAT, and BONK have seen double-digit gains recently, helping drive DEX volumes up
After facing challenges earlier this year, Solana is showing signs of recovery with increased liquidity flowing into the network and new institutional access points opening. The cryptocurrency, currently trading around $132, faces both technical hurdles and promising catalysts that could determine its price direction in the coming weeks.
Over the past 30 days, market participants have bridged more than $120 million in liquidity to Solana from other blockchains. The highest transfers came from Ethereum at $41.5 million, followed by Arbitrum with $37.3 million, according to data from Debridge. Users on Base, BNB Chain, and Sonic moved $16 million, $14 million, and $6.6 million respectively.
The current inflows coincide with renewed activity in Solana-based memecoins. POPCAT, FARTCOIN, BONK, and WIF rose by 79%, 51%, 25%, and 21% respectively over the past seven days.
Memecoin Rally Drives DEX Volume
Data shows that trading volumes across Solana’s decentralized exchanges have nearly doubled from $8.3 billion in late March to over $15 billion by the end of last week. Spot volumes on platforms like Raydium and Orca have surged by 28% and 11% in the past week alone.
FART has emerged as the best performing memecoin among the top 10 in the past month with gains of nearly 200%. It now holds a market cap of $905 million, making it just $12 million away from flipping BONK to become the fifth most valuable memecoin overall and the second most valuable in the Solana ecosystem, behind only Official Trump (TRUMP).
However, Solana’s fee generation remains well below its peak. Total generated fees for March were just under $46 million, compared to over $400 million in January 2025. Current April fees stand at roughly $22 million.
Technical Outlook Remains Mixed
From a technical perspective, Solana faces challenges. The cryptocurrency remains in a bearish trend on the daily chart and must close above $147 for a bullish trend shift. Currently, the 50-day exponential moving average is acting as strong resistance.
On shorter timeframes, SOL has exhibited a bearish divergence between price and the relative strength index (RSI). Similar patterns have preceded corrections throughout 2025, with SOL experiencing four bearish divergences since January.
The immediate support zone lies between $115 and $108. Glassnode data shows that over 32 million SOL (5% of total supply) was purchased at the $130 level recently, potentially establishing it as strong support.
“Below $129, we see 18M SOL (3%) at $117.99, while above, 27M SOL (4.76%) sit at $144.54. In the short term, $144 could act as resistance and $117 as the lower bound of the price range,” according to Glassnode analysis.
Some traders are watching the $120 level closely. This represents the point of control (POC), where most of SOL’s annual trading volume has occurred. The last time SOL broke below $120, prices dropped to $96.
Canadian ETFs Open New Chapter
In a major development, Canada became the first country in North America to approve spot Solana ETFs. On April 16, 3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments launched their ETFs on the Toronto Stock Exchange following approval from the Ontario Securities Commission.
“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 differ from U.S. offerings by giving investors direct access to SOL’s spot price rather than just tracking futures contracts. This development mirrors Canada’s earlier lead in launching spot Bitcoin and Ethereum ETFs in 2021.
Some analysts see this institutional access as a potential catalyst for price appreciation. A textbook inverse head and shoulders pattern has formed on SOL’s 4-hour chart, suggesting a possible 40% upside target to around $190 if the pattern completes successfully.
SOL has also reclaimed its 200-4H exponential moving average as support, with momentum building steadily. Its RSI levels currently support further upside without showing immediate signs of being overbought.
For now, SOL remains at a critical juncture. Maintaining support above $120 appears essential for continuing its recovery rally, while breaking above the $140-$147 range would signal a more definitive bullish shift.
