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. 

Bitcoin’s price retraced slightly yesterday, but the overall more positive momentum has endured, and the asset is close to $86,000.

Most altcoins are slightly in the red today, aside from TON, which has gained around 5%. OM has failed to recover from yesterday’s crash.

BTC to Reclaim $86K?

The primary cryptocurrency endured a highly volatile and painful five-day trading period last week when its price tumbled below $75,000 for the first time since November after Trump’s Trade War took another turn for the worse. After an immediate but brief bounce, BTC dropped to those levels once again on Wednesday.

However, the tariff pause for most countries, except China, and the favorable US CPI data for March brought some much-needed relief to the crypto market. Bitcoin skyrocketed past $83,000 on the same day and jumped to $84,000 during the weekend after a brief correction at first.

Sunday was even more positive as the asset climbed to $85,000 and tapped $86,000 for the first time in a week on Monday. It slipped to $83,000 yesterday but bounced off again and now sits close to $86,000.

Its market capitalization stands just inches above $1.7 trillion, while its dominance over the alts is at 61% on CG.

FARTCOIN on the Rise

Most larger-cap alts have posted some minor losses over the past day, led by SUI and DOGE as both have dropped by around 3-4%. SOL, TRX, AVAX, and SHIB are also slightly in the red.

In contrast, ETH, XRP, and ADA are with insignificant gains, while TON has jumped by over 4% and sits close to $3. OM has failed to recover any substantial portions of yesterday’s crash, while HYPE trades above 16% after a 3% daily increase.

FARTCOIN is the top gainer from the largest 100 alts, having surged by over 8% to $0.92.

The total crypto market cap has added around $25 billion since yesterday and is up to $2.8 trillion on CG.

Bitcoin experienced a notable rebound this week, briefly touching $86,000. This was a welcome recovery after dipping to a low of approximately $75,000 on April 8th. According to Santiment’s latest insight, this surge appears to be fueled by a mix of improving blockchain fundamentals and a temporary easing of global tariff concerns.

However, market analysts note that retail investors remain less concerned with the macro reasoning behind these price moves and are more focused on momentum. As such, the recent breakout has visibly boosted trader confidence, marking the most bullish sentiment since trade tensions reignited at the start of April.

Bullish On-Chain Metrics

In the wake of BTC’s rally, prominent crypto advocates such as Michael Saylor have gained renewed attention. His firm, Strategy (MSTR), added an additional $285 million worth of Bitcoin to its holdings, which signaled continued long-term conviction. Broader tech markets also reflected this optimism, with companies like Apple rising 2.37% on Monday, following announcements of temporary tariff exemptions.

Despite the upward trend, experts caution against reading too much into the short-term relief. President Trump reiterated that no sector or country will be exempt from the upcoming trade measures, reaffirming that national security tariffs – particularly those impacting semiconductors and the electronics supply chain – remain on the table.

Commerce Secretary Howard Lutnick confirmed that these tariffs are still expected to roll out within the next two months, which means ongoing uncertainty that could dampen market momentum in the near future.

Despite lingering market volatility, Santiment said that the recent price resilience is supported by several on-chain metrics.

One of the standout indicators is Network Realized Profit/Loss (NRPL), which is now consistently trending upward. Historically, sustained rallies in Bitcoin often require this metric to rise, signaling that participants are realizing profits in a healthy, non-panic-driven way—the increase in NRPL points to renewed confidence among long-term holders and traders alike.

Another critical signal is the ongoing decline in supply on exchanges. This suggests that fewer traders are preparing to sell and are choosing to move their BTC into cold storage or hold for the long term. Lower exchange balances often indicate reduced short-term selling pressure, which is typically a bullish sign.

Additionally, key stakeholder accumulation continues to intensify. Wallets holding 10 or more BTC have reached an all-time high, now collectively holding 16.36 million BTC. This rise suggests that larger holders – often viewed as more strategic or institutional players – are accumulating during the volatility.

Meanwhile, retail investors appear to be offloading, reflecting a familiar pattern of smaller holders capitulating while whales accumulate.

Blockchain’s Value Beyond Bitcoin

As tariff debates escalate, the crypto ecosystem is offering a unique solution to supply chain transparency. Blockchain technology is being used to track goods’ origins and movements more accurately than traditional systems, helping customs officials detect tariff circumvention.

Projects like Truebit are working with government vendors to integrate blockchain into trade compliance systems, broadening crypto’s utility. Globally, tensions persist – China halted rare-earth exports, and the EU paused retaliatory tariffs. President Trump plans a tariff review, while President Xi strengthens Southeast Asian ties.

Public sentiment remains sour. A CBS News poll from April 13th revealed that 59% of Americans believe the economy is worsening, and Trump’s economic approval ratings have declined. While crypto investors are marginally more hopeful, the sector remains closely tied to traditional markets, and Santiment believes that any signs of decoupling are likely to be short-lived.