Solana noted some achievements in the past few days, whereas its native token experienced a substantial resurgence. In the following lines, we will touch upon these topics in detail.
SOL ETFs to go live in Canada
Earlier this week, Eric Balchunas (Senior ETF analyst at Bloomberg) revealed that the Ontario Securities Commission (OSC) approved several spot Solana (SOL) exchange-traded funds. These will be the first such investment vehicles to go live in Canada, and the expected launch date is April 16. The issuers include Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ.
The upcoming products will invest in long-term holdings of Solana in physical form but will track different indices. They will also engage in staking activities to earn rewards.
Meanwhile, some well-known entities have submitted applications to launch SOL ETFs in the United States. The list includes VanEck, Grayscale, 21Shares, Canary Capital, and more. According to Polymarket, the approval odds before the end of 2025 currently stand at approximately 82%.
SOL is now available on OpenSea 2.0
OpenSea, the leading decentralized marketplace for buying, selling, and trading non-fungible tokens (NFTs), recently opened Solana token trading on OS2 (short for OpenSea 2.0, the next-generation version of the platform).
The initiative is available to some closed beta users and will be rolled out to additional participants in the next 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 native token briefly crashed below $100, and some analysts assumed the freefall could continue to much lower levels in the near future. However, the bulls stepped in, and in the following days, SOL experienced a significant revival.
As of this writing, it trades at around $131 (per CoinGecko’s data), representing a 35% increase from the local bottom.
Numerous industry participants think the asset has much more room for growth. The X user BitBull claimed SOL “is setting up for a massive move in 2025” and could repeat Ethereum’s performance from 2021. They believe the $120-$130 range is an accumulation zone, setting a target of over $300.
For their part, Crypto Tony said they are “back long on Solana” above the $125 support zone.
TVL on the rise
SOL’s total value locked (TVL) – a key metric referring to the total value of assets locked in DeFi applications operating on the Solana blockchain – has gradually increased in the past few days. The figure stood at around $6 billion on April 9, while over the weekend, it surged above $7 billion.
When SOL TVL goes up, it generally means that more capital is being locked into Solana’s DeFi apps, showing rising user activity, trust, and ecosystem growth.
It is worth mentioning, though, that the indicator is measured in USD, meaning that if the price of the underlying token heads north, TVL automatically increases even if the same amount of SOL remains locked.
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