In this news:
SOL established a well-defined support zone between $125-127, which successfully rejected multiple downside attempts.
The price demonstrates strong resiliency, recovering 4.5% from its April 16th low of $123.64 to $135.57, establishing a clear uptrend.
Canada launched the first spot Solana ETFs in North America on April 16, issued by asset managers including 3iQ, Purpose, Evolve, and CI, boosting institutional interest.
Solana has reclaimed the top spot in DEX activity, surpassing Ethereum after a 16% gain over seven days, with total value locked (TVL) increasing by 12% to $7.08 billion.
Volume analysis shows particularly strong accumulation during the April 16th afternoon surge, with over 3 million units traded as the price broke through the $130 resistance level.
The Fibonacci retracement from the April 14th high ($136.01) to the April 16 low suggests the recent rally has reclaimed the critical 61.8% level.
In the final 100 minutes of trading, SOL experienced a significant downward correction, plummeting from $134.11 to $130.81, representing a 2.5% decline.
The sell-off intensified around 14:03-14:07, when volume spiked dramatically to over 92,000 units during a single-minute candle.
A strong resistance zone at $133.50-$133.60 rejected multiple recovery attempts.
A notable breakdown occurred at the $132.00 support level, triggering cascading liquidations.
Prices have now retraced beyond the 78.6% Fibonacci level, suggesting potential continuation toward the $125-127 support zone if bearish momentum persists.
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