The launch of the Canadian SOL ETFs with staking functionality has boosted Solana's value, solidifying it as a leading cryptocurrency with speed and low costs, with broad appeal to institutional and retail investors.
Solana has experienced significant growth in value, driven largely by the launch of the first cryptocurrency-backed spot ETFs in Canada. These exchange-traded funds, approved by the Ontario Securities Commission and managed by firms such as Purpose Investments and Evolve, allow investors to access Solana in a regulated manner without the need to directly hold custody of the digital assets.
According to market data, Solana ranks as the sixth most capitalized cryptocurrency in the market, quoting around $140 per unitIn the week prior to the launch of these exchange-traded funds, SOL was priced at around $96, so its current price reflects market optimism regarding this development, as well as growing confidence in Solana as a high-speed, low-cost platform.
BUY SOLANA ON BIT2METhe innovative aspect of these Canadian SOL ETFs is their integration with staking, a mechanism that generates passive rewards from participation in the Solana network. This feature has not only attracted institutional and individual investors but has also contributed to blockchain activity, strengthening its security and decentralization.
Canada leads the way with Solana spot ETFs
Canada has marked a before and after in the crypto market by approving and launching four Solana spot ETFs on the Toronto Stock Exchange, a pioneering measure in North America, as has reported This medium. These ETFs, issued by renowned firms such as Purpose Investments, Evolve, CI Financial, and 3iQ, not only offer direct exposure to the price of Solana, but also include the innovative possibility of participating in SOL staking.
Staking is a mechanism that allows investors not only to benefit from token price appreciation, but also to receive additional rewards for collaborating in the validation and security of the network. Thanks to this feature, Canadian ETFs have given Solana new appeal, facilitating the entry of investors of different profiles and encouraging greater participation in its ecosystem.
One of the keys to understanding the impact of this launch is that investors do not need to acquire SOL directly, which reduces the barriers and risks associated with traditional cryptocurrency management. Furthermore, the approval of these funds in Canada occurred at a time when the United States remains cautious and has paused the approval of similar ETFs for altcoins, placing the nation at the forefront of regulatory innovation and raising expectations that the US market may soon follow suit.
Certificate
Cryptocurrency Technical Analysis Course
Medium levelIn this training we have Iván González, a professional expert in investments and cryptocurrencies, to teach you how the market works and how prices affect the behavior of investors.
Whales and DeFi resurface on the Solana network
Since the launch of these ETFs in mid-April, the Solana network has seen a significant increase in activity from large investors, known as "whales," who have significantly increased their trading and accumulation of SOL. This movement has led to an increase in daily active addresses, reaching record levels since February.
Network activity is not limited to buying and selling; DeFi applications running on Solana are also booming, with daily transaction volumes exceeding $96 million, demonstrating the growing trust and interest in this digital ecosystem.
Market analyst Ali Martínez shared a graph on X that shows the recent growth of daily active addresses on the network, indicating that those with a balance greater than 10.000 SOL have grown by 1,5% in the last week, reaching 5.019 addresses. "A subtle but notable rebound", said the analyst, regarding the activity of large SOL holders.
Additionally, the TVL on the Solana blockchain saw a 3% growth in the same period, surpassing the $ 9.000 million dollars, to date, according to the data of DeFi Llama. Currently, Solana ranks as the second largest DeFi ecosystem, in terms of deposited value.
TRADE SAFELY – BUY SOL HEREThe impact of this increase in network activity is twofold. On the one hand, whales provide liquidity and volume, which are essential for market dynamism. On the other hand, the expansion of DeFi applications, from lending to decentralized exchanges, increases SOL's utility and reinforces the stability and growth of the ecosystem. This phenomenon is also being supported by an increase in the availability of stablecoins on the network, which are now valued at around $12.600 billion, facilitating more secure and liquid transactions within Solana's DeFi ecosystem.
SOL rises almost 50% in April
So far in April, the price of SOL has seen an impressive surge, increasing by nearly 50%. On Monday, April 7, SOL was priced at $96, while at the time of writing, it is above $138.
For many, this rally is closely linked to the approval and launch of Canadian spot ETFs, which have injected confidence and fresh capital into the cryptocurrency. Although the crypto market is volatile and subject to fluctuations, SOL's sustained rise reflects a significant shift in perception and demand for the digital asset.
PREPARE YOUR WALLET TODAYFinally, technical indicators support this bullish trend in SOL's price, showing that the cryptocurrency has broken through several key resistance levels and other positive momentum. Overall, the launch of Canadian ETFs has been a crucial driver of Solana's strength, which, along with the excitement generated by the possibility that the United States will soon approve Solana ETFs, the growing activity in DeFi, and whale participation, are serving as catalysts for this price increase.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
