- Solana leads DEX activity, surpassing Ethereum in weekly trading volume.
- Over 71% of Binance traders hold long positions on Solana.
- Canadian Solana ETFs include staking, enhancing yield, and lowering costs.
According to data updated on April 17, 2025, Solana recorded the highest DEX volume over the past seven days, reaching $15.74 billion. The volume places it ahead of Ethereum, which posted $14.93 billion over the same period. Solana was the only chain to surpass the $15 billion mark, confirming its growing dominance in decentralized trading.
Source: Defillama
Binance Smart Chain ranked third with $6.05 billion, followed by Base and Arbitrum at $4.96 billion and $4.11 billion, respectively. Solana’s volume was more than three times that of Base. Only Ethereum matched Solana in the $10 billion range, while other networks remained far behind.
Binance Traders Show Bullish Bias on Solana
zBinance traders show strong bullish sentiment toward Solana, according to a chart shared by market analyst Ali Martinez. As of April 16 at 14:00 UTC, 71.87% of traders held long positions, compared to 28.13% with short positions. The long/short ratio stood at 2.55, indicating a strong upward bias.
Source: Ali Martinez
The data shows that short positions have been declining across several trading sessions. Around midnight, short interest hovered near 30% before dropping to below 20% in the early morning hours. By afternoon, bearish positions rose slightly to 28.13%, but bullish control remained evident.
Ali noted that this increase in long positions has been building steadily over 24 hours. The growing ratio reflects rising confidence among traders despite market fluctuations. The current sentiment suggests a strong belief in price appreciation for SOL soon.
SOL Price Eyes Breakout as Canada Approves Spot ETFs
Solana (SOL) is trading near $134 after rebounding from a recent low of $95. It is now testing resistance around $139.70, which coincides with the upper Bollinger Band. Technical indicators show signs of a bullish trend continuation.
SOL/USTD Price Chart Source: TradingView
The MACD line has crossed above the signal line, and RSI stands at 55.6, below overbought levels. Immediate support is found near $122, where the price recently consolidated. A sustained move above this level could keep upward pressure intact. Analysts suggest that rising volume around $140 could validate a breakout toward the $150–$160 range.
Meanwhile, Canada has approved Solana ETFs’ first spot through the Ontario Securities Commission (OSC). Firms including Purpose, Evolve, CI, and 3iQ received approval to launch these products. Bloomberg’s Eric Balchunas reported that these ETFs will feature staking via TD, allowing higher yields and reduced costs.
Each ETF will invest in physical Solana while tracking separate indices. The integration of staking sets these funds apart from existing crypto ETFs, especially those monitoring Ethereum. This approval makes Canada the first to offer regulated Solana ETFs with built-in staking benefits.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
