Solana has made significant strides in the past few days, particularly as its native token experiences a notable resurgence. In this post, we will delve into these developments in detail.
SOL ETFs to go live in Canada
Earlier this week, Eric Balchunas, a Senior ETF analyst at Bloomberg, revealed that the Ontario Securities Commission (OSC) has approved several spot Solana (SOL) exchange-traded funds (ETFs). These ETFs will mark the first of their kind to launch in Canada, with an expected launch date of April 16. The investment products will be issued by Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ.
The upcoming ETFs aim to invest in long-term holdings of Solana in physical form while tracking various indices. Additionally, they will engage in staking activities to generate rewards.
Meanwhile, prominent entities have also submitted applications to introduce SOL ETFs in the United States. Notable names in this list include VanEck, Grayscale, 21Shares, and Canary Capital, among others. According to Polymarket, the odds of approval for these applications by the end of 2025 currently stand around 82%.
SOL is now available on OpenSea 2.0
OpenSea, the leading decentralized marketplace for non-fungible tokens (NFTs), has recently opened Solana token trading on OS2 (OpenSea 2.0, the platform’s next-generation version). This initiative is currently available to closed beta users and will extend to additional participants in the following weeks.
“This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in Web3,” OpenSea stated.
Price Outlook
Earlier this month, Solana’s token briefly fell below the $100 mark. Some analysts speculated that the downtrend might continue; however, the market’s bullish sentiment intervened, leading to a significant revival in SOL’s price. As of now, it trades around $131, reflecting a 35% increase from its recent low.
Many industry participants believe that Solana has considerable room for growth. An X user known as BitBull mentioned that SOL is “setting up for a massive move in 2025” and could replicate Ethereum’s performance from 2021, targeting an ambitious price range above $300. Furthermore, Crypto Tony shared their confidence, indicating they are “back long on Solana” due to the support observed above the $125 range.
TVL on the Rise
The total value locked (TVL) in Solana’s decentralized finance (DeFi) applications has seen a consistent increase in recent days. Standing at around $6 billion on April 9, the TVL surged above $7 billion over the weekend. Growth in TVL generally indicates rising user activity and trust in Solana’s DeFi ecosystem.
It should be noted that the TVL is measured in USD, meaning that if the price of SOL increases, the TVL also rises, irrespective of the same amount of SOL being locked.
In conclusion, these recent developments highlight the robust growth potential and positive momentum surrounding Solana. As the ecosystem evolves, stakeholders and investors alike will be watching closely for future milestones.
