Solana Sees Potential 40% SOL Price Surge Following ETF Launch in Canada

Solana (SOL) is flashing signs of undergoing a major breakout move in the coming weeks due to a maturing bullish reversal pattern and the launch of North America’s first spot Solana ETFs in Canada.

Let’s examine these catalysts in detail.

Solana’s Inverse Head and Shoulders Points to $189 Target

SOL’s 4-hour chart has formed a textbook inverse head and shoulders (IH&S) pattern, confirmed by the formation of three troughs in a row beneath a common neckline resistance, with the middle trough (head) being deeper than the other two (shoulders).

An IH&S pattern typically resolves when the price breaks above its neckline resistance and rises by as much as the maximum height between the neckline and the head’s lowest point.

Applying these technical rules on Solana’s IH&S pattern brings its upside target to around $190, up nearly 40% from the neckline resistance.

SOL’s price has also reclaimed its 200-4H exponential moving average (200- 4H EMA; the blue wave) as support, with momentum building steadily. Its relative strength index (RSI) levels support further upside, with no immediate signs of overbought conditions.

Canadian Spot ETFs Boost Upside Outlook

Solana’s IH&S pattern develops following the approval of spot Solana ETFs in Canada, making it the first country in North America to offer direct exposure to SOL through regulated investment products.

On April 16, 3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments launched their ETFs on the Toronto Stock Exchange (TSX) following a green light 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, which only track Solana futures, by giving investors direct access to SOL’s spot price. The development mirrors Canada’s earlier lead in launching spot Bitcoin and Ether ETFs in 2021.