- Solana (SOL) is showing strong bullish signals with a confirmed inverse head and shoulders pattern, pointing to a potential 40% rally toward $190.
- The launch of Canada’s first spot Solana ETFs is boosting investor confidence and could further fuel SOL’s upward momentum.
Solana (SOL) could be gearing up for a powerful 40% rally, thanks to a classic bullish reversal pattern forming on the charts and a historic development in North America’s crypto market. Technical analysts have identified an inverse head and shoulders (IH&S) pattern on SOL’s 4-hour chart, often seen as a precursor to significant upward momentum.
This textbook IH&S formation features three distinct troughs, with the middle one—the “head”—being the lowest. SOL has recently reclaimed key technical levels, including the 200-EMA, confirming upward momentum. If Solana breaks above the neckline of this pattern, it could catapult toward the $190 mark—nearly 40% above its current breakout point.
Adding to the bullish momentum is the Relative Strength Index (RSI), which shows room for further gains without indicating overbought conditions.
Canadian ETFs Light the Fuse for Institutional Demand
While technical indicators are aligning, the catalyst that could truly ignite SOL’s rally is the launch of the first spot Solana ETFs in Canada. On April 16, four major investment firms—3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments—began trading SOL ETFs on the Toronto Stock Exchange.
This move positions Canada as the first country in North America to offer direct exposure to Solana through regulated investment products. Unlike U.S. funds that track SOL futures, these ETFs allow institutions and retail investors to invest directly in Solana’s spot price.
“This marks another bold step forward for Canada in leading crypto innovation,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments.
This ETF launch echoes Canada’s earlier success with spot Bitcoin and Ether ETFs and could pave the way for growing institutional demand for SOL, potentially driving prices higher in the near term.
Solana Outlook: SOL on the Verge of a Breakout
With bullish chart patterns aligning and fresh ETF-driven demand pouring in from Canada, Solana appears poised for a significant move. If the IH&S breakout materializes as expected, traders and investors could see SOL aiming for the $190 zone—its highest level in over a year.
