ETF tailwinds lift Solana’s price

April 17, 2025

Reading time: 5 minutes

ETF buzz meets bearish bets: XRP struggles to hold $2 support

Key points:

  • Despite ETF optimism, XRP’s options market shows a bias toward downside protection, with puts priced higher than calls on Deribit.

  • Long-term holders are accumulating XRP, but bearish RSI trends and fragile support levels raise the risk of a dip to $1.94 or lower.

News - XRP is showing signs of stress even as speculation builds around its potential to become the next U.S.-listed spot crypto ETF after Bitcoin and Ethereum. Analysts point to the token’s favorable order book depth as a reason for its ETF candidacy. However, the options market paints a different picture.

Data from Deribit reveals that XRP put options are commanding higher premiums than calls across several timeframes—a sign that traders are hedging against further price declines. This bearish sentiment aligns with the token's recent breakdown from an ascending wedge pattern, which suggests a potential retest of support near $1.60.

Accumulation can’t outpace market fear - Even as options traders lean bearish, XRP’s long-term holders have been quietly accumulating. The Liveliness metric—a gauge of token movement—has been declining steadily, indicating fewer transactions and more holding behavior.

This accumulation is helping XRP maintain stability above $2.08 at press time, with the $2.02 level serving as immediate support. Still, the Relative Strength Index (RSI) remains in bearish territory and has failed to sustain rallies above the neutral 50 mark for over two months, signaling weak bullish momentum.

What’s next? - XRP remains caught between bullish ETF speculation and persistent technical weakness. If the $2.02 support breaks, the token could fall to $1.94 or even $1.79. For now, XRP appears locked in a range, with resistance at $2.16 and investor sentiment uncertain.

Solana eyes $200 as institutional inflows, ETFs fuel rally

Key points:

  • Solana surged 40% in 10 days, fueled by institutional interest, ETF launches, and growing network inflows.

  • Spot Solana ETFs in Canada and Janover’s $10.5M purchase boosted long-term confidence.

  • Technical breakout from a falling wedge pattern sets sights on the $200 mark.

News - Solana (SOL) has staged a robust 40% rebound over the past 10 days, climbing from $95 on April 7 to over $133 as of April 17. The rally, which includes an 8% daily gain and a 41% jump in trading volume, comes on the back of strong institutional momentum and positive on-chain developments.

ETF buzz and corporate adoption - Canada became the first country to approve spot Solana ETFs with staking, launching products from Purpose, 3iQ, Evolve, and CI. This move offers traditional investors regulated exposure to SOL and signals growing institutional appetite.

Separately, real estate fintech firm Janover doubled its SOL holdings to $21.2 million and plans to stake the tokens and potentially run validators. This mirrors a “MicroStrategy-like” playbook for Solana and underscores rising confidence in its ecosystem.

Network flows and technical outlook - On-chain liquidity has surged, with over $120 million bridged to Solana from chains like Ethereum and Arbitrum. Total value locked (TVL) rose 12% over the past week to $7.08 billion, bolstered by growth on platforms like Sanctum and Jupiter.

Technically, SOL broke out of a falling wedge pattern, a bullish signal that sets a target near $200. To maintain this momentum, SOL must stay above its 50-day SMA ($130) and overcome resistance in the $160–$180 range.

With ETF traction, staking growth, and bullish chart signals aligning, Solana appears poised for further upside.

OM’s $5B crash in 24 hours: Inside Mantra’s ongoing crisis

Key points:

  • OM crashed over 90% from $6.30 to $0.50 within 24 hours on April 13, wiping out over $5B in market cap.

  • Mantra blamed forced exchange liquidations during low-liquidity hours; allegations of insider dumping remain unproven.

  • Investors and onchain sleuths continue to question wallet movements, OTC deals, and Mantra’s governance transparency.

News - Real-world asset platform Mantra faced one of the steepest token collapses in recent memory after its OM token crashed by over 90% on April 13—from above $6 to under $0.50 in a matter of hours. The sudden $5 billion market cap wipeout sent shockwaves across the crypto industry, drawing comparisons to the Terra/LUNA implosion.

Timeline of the collapse - The first signs of trouble emerged on April 13 (20:00–22:00 UTC), when rumors of a rug pull circulated online, fueled by a screenshot of a deleted Telegram group. The claims were later debunked. Mantra initially posted a vague statement, prompting backlash. Later, CEO John Mullin attributed the crash to “reckless forced closures” on centralized exchanges.

Between April 13–14, onchain activity revealed that 17 wallets deposited 43.6M OM (worth $227M) to exchanges. Arkham Intelligence tagged two wallets as belonging to strategic investor Laser Digital—an accusation the firm denied.

Binance and OKX responded by investigating potential cross-exchange liquidations. OKX CEO Star Xu called the situation “a big scandal,” while blockchain sleuths flagged sudden wallet activity by other known figures.

Mantra’s defense and unanswered questions - Mullin has denied insider dumping, asserting that no OM sales were conducted by the team and that all core team allocations remain locked. He pledged to burn his team’s tokens and implement a broader buyback and burn strategy to restore trust.

Mantra’s April 16 “Statement of Events” reiterated earlier claims but failed to provide new evidence or conclusive explanations behind the cause of the crash. Some OTC deals, wallet flows, and leveraged positions remain under scrutiny.

What's next?

  • Mantra has engaged an unnamed blockchain analyst to investigate the crash, but findings are yet to be disclosed.

  • The broader crypto community is calling for improved tokenomics transparency, especially during low-liquidity trading hours.

  • Mantra’s OM token remains under the microscope, with a potential recovery hinging on the success of its burn program and investor reassurance efforts.

VanEck’s NODE ETF to launch May 14, offering crypto-stock exposure

Key points:

  • VanEck will launch the actively managed NODE ETF on May 14, targeting 30–60 digital asset-focused stocks.

  • NODE offers exposure to crypto exchanges, miners, data centers, semiconductors, and up to 25% in crypto ETPs.

  • The ETF uses a Cayman Islands subsidiary for indirect access to derivatives, while maintaining U.S. tax compliance.

News - Global asset manager VanEck is set to debut the Onchain Economy ETF (NODE) on May 14, following U.S. SEC approval. The fund will actively manage a portfolio of 30 to 60 companies involved in the blockchain and digital asset sectors, including crypto exchanges, mining firms, data centers, and semiconductors.

NODE will carry a 0.69% management fee and invest up to 25% of its portfolio in crypto exchange-traded products (ETPs). Additionally, the fund will allocate a portion of its assets through a Cayman Islands subsidiary, allowing it to gain exposure to commodity futures, swaps, and pooled investment vehicles—all while adhering to U.S. federal tax regulations.

Expanding access to the digital asset economy - VanEck’s Head of Digital Assets Research, Matthew Sigel, described NODE as a vehicle for investors to gain equity exposure to real businesses building the onchain economy, without holding cryptocurrencies directly. He emphasized the ETF’s role in offering access to the growing digital foundation of the global economy.

The move follows VanEck’s successful launch of the HODL spot Bitcoin ETF, which has already amassed $1.2 billion in assets under management. The firm has also filed for spot ETFs tracking altcoins like Solana and BNB, reflecting increasing investor appetite for diversified crypto exposure.

What’s next? - As crypto-related equities continue to attract mainstream attention, NODE could emerge as a go-to vehicle for financial advisors and institutions seeking broad exposure to the digital asset space. With altcoin ETF filings piling up and tokenization gaining momentum, VanEck’s latest product aims to bridge TradFi and DeFi portfolios.

Interesting facts

  • Apple quietly embedded the Bitcoin whitepaper in macOS, but later removed it: A copy of Satoshi Nakamoto’s Bitcoin whitepaper was found embedded in Apple’s macOS system files from 2018 through early 2023. Discovered in a system component of the Image Capture app, it sparked speculation about hidden support for crypto. However, Apple removed the file in macOS Ventura 13.4 beta 3, ending its silent presence in later versions.

  • A major Miami penthouse sale in 2021 made crypto real estate history: In a landmark 2021 deal, a luxury penthouse at Arte Surfside in Miami was sold for $22.5 million, paid entirely in cryptocurrency. Though not the first of its kind, it remains one of the highest-value crypto-only real estate purchases to date—cementing Miami’s role as a crypto-forward real estate hub.

  • Luxury watchmakers now use blockchain to verify authenticity: Brands like Breitling and Hublot have adopted blockchain certificates for their timepieces, allowing buyers to verify provenance, ownership history, and authenticity through digital tokens. This innovation helps fight counterfeiting in the high-end watch market.

Top 3 coins of the day

Render (RENDER)

Key points:

  • At press time, RENDER was trading at $4.00, up 10.23% in the last 24 hours.

  • The token climbed above its mid-Bollinger Band level as buying pressure increased.

What you should know:

Render recorded a strong intraday rally that pushed its price past the $4 psychological level, marking a 10% gain within 24 hours. The upside coincided with a broader AI-token and Layer-1 market rally, with Render and Near Protocol leading the charge. Additionally, optimism surrounded the updated RNP-019 governance vote, set to conclude by April 19, which may further influence investor sentiment. Technically, RENDER broke above the midline of the Bollinger Bands and approached the upper band, signaling increased bullish momentum. Volume also picked up, reinforcing the move. On the Directional Movement Index (DMI), the +DI (green) maintained a lead over the -DI (red), suggesting positive directional strength. However, the ADX (yellow) hovered near the 15 level, indicating that while a trend might be emerging, it’s still relatively weak. If bulls maintain control, RENDER may aim for resistance near $4.15—the upper Bollinger Band. Failure to sustain momentum could drag it back toward the $3.45–$3.50 support zone.

Solana (SOL)

Key points:

  • At press time, SOL was trading at $133, reflecting a 1.48% gain in the last 24 hours.

  • The price climbed steadily over the week, fueled by optimism around Canada's ETF approval.

What you should know:

Solana’s recent recovery extended as its price rose to $133 following a modest 1.48% daily gain. The rally came in the wake of Canada’s approval of a spot Solana ETF with staking support, a move analysts believe could drive SOL toward the $180–$200 range over the coming weeks. While U.S. regulatory hurdles remain, the Canadian listing helped lift broader sentiment around the asset. On the technical front, SOL continued to post higher lows, supported by a trailing Parabolic SAR that remained beneath the price candles—typically indicative of sustained bullish momentum. However, the Directional Movement Index (DMI) showed signs of indecision, with the +DI and -DI lines nearing convergence and the ADX hovering near 16, suggesting trend strength was still weak. Should SOL maintain support above $130, bulls could eye resistance near $144. Failure to do so might open a retest of the $120 region.

Movement (MOVE)

Key points:

  • At press time, MOVE was trading at $0.23, down 5.72% in the last 24 hours.

  • The token remained under pressure amid controversy involving its market makers.

What you should know:

MOVE extended its downward spiral, falling nearly 6% in a day as negative sentiment around a potential market manipulation probe deepened. The token has shed significant value since early April after reports of alleged misconduct by market makers associated with Movement Labs, raising concerns about internal liquidity operations and transparency. Technically, the RSI hovered near 27.63—approaching oversold territory, which may prompt short-term bounce speculation. However, the Parabolic SAR continued to trend above the candles, reaffirming bearish control. Volume has spiked during the recent sell-offs, signaling strong distribution rather than accumulation. If downward momentum persists, MOVE risks slipping toward $0.20. On the upside, any relief bounce would likely face resistance near the $0.28–$0.30 zone. Traders may want to monitor RSI recovery and any external communication from Movement Labs for clarity on the investigation’s next steps.

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