Canada Launches First Solana ETFs With Staking Capabilities

Canada is set to launch the first-ever Solana ETF with staking capabilities, marking a significant milestone in the cryptocurrency market. The Ontario Securities Commission (OSC) has approved asset managers Purpose, Evolve, CI, and 3iQ to list Solana ETFs starting April 16. These ETFs will allow Canadian investors to hold Solana in a regulated product while earning staking rewards, a feature that sets them apart from traditional crypto ETFs.

This development comes at a time when global interest in Solana and other altcoins is on the rise. While the U.S. has been cautious about approving staking in ETFs, Canada is taking the lead by expanding its SOL ETF offerings. The innovative SOL ETFs will not only track the price of Solana but also engage in staking to earn rewards, potentially offering higher yields than Ethereum staking. This could make the ETFs more attractive to investors seeking additional income from their holdings.

The launch of these ETFs is expected to have a positive impact on the price of Solana. According to analysts, if the momentum continues, the price of Solana could rise steadily, potentially pushing past the $140 mark. However, the market can be unpredictable, and investors will need to keep a close watch on the performance of the ETFs. If the ETFs perform well, they could spark more interest in altcoin ETFs in the future.

On April 14th, the trading day started with bullish momentum, spurred by an overbought situation at 2:30 UTC. The price faced resistance at $136.13. At 03:00 UTC, the MACD line showed a death cross, signaling a possible downtrend. The price then fluctuated within a range. Another death cross further pushed the price downward, but by 16:25 UTC, a golden cross appeared, halting the downward movement and leading to moderate fluctuations.

On April 15th, the price continued to move within a moderate range. An oversold signal emerged on the RSI at 00:15 UTC, causing the price to find support at $127.72. By 04:45 UTC, a golden cross appeared on the MACD, paired with an overbought situation at 05:50 UTC, leading to an upward fluctuation in price. According to the analyst's forecast, if the bullish trend persists, it could break the current resistance at $136.30 and potentially target $140 or higher. However, if the trend reverses, the price could break the support at $127.72 and dip toward $120 or lower.