As of July 2025, the price of Solana against the US dollar (sol a usd, indicating SOL/USD) was approximately 150 US dollars, while the price of Solana against the Canadian dollar (SOL/CAD) was 190 Canadian dollars, based on the current conversion rate of 1 USD/CAD at 1.27. Data source CoinGecko shows that the average daily fluctuation range of SOL/USD over the past 30 days has reached ±8.5%, and the corresponding fluctuation range of SOL/CAD has expanded to ±10.2%, mainly due to the overall high leverage ratio of the cryptocurrency market combined with the fluctuation of the Canadian dollar exchange rate. For instance, in January 2024, the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Coinbase led to a 15% single-day plunge in SOL/USD, while SOL/CAD lost an additional 2.3 percentage points due to the strengthening of the Canadian dollar. This comparison reveals the risk amplification effect of SOL assets when denominated across fiat currencies, and investors need to optimize their allocation strategies in combination with real-time on-chain indicators.
The exchange rate mechanism is the core differentiator. Its transmission effect amplifies the price deviation through the real-time movement of USD/CAD. Data from the past 12 months show that the correlation coefficient between SOL/CAD and SOL/USD is 0.92, but the movement of USD/CAD contributes an average annual dispersion of 17%. In the first quarter of 2025, the Bank of Canada cut interest rates by 0.25% to 4.25%, causing the Canadian dollar to depreciate by 3.2% against the US dollar. During the same period, SOL/USD rose from 130 US dollars to 140 US dollars (an increase of 7.7%), but SOL/CAD only rose from 165 Canadian dollars to 178 Canadian dollars (an increase of 5.2%). According to a report by Bank of Nova Scotia of Canada, during periods similar to the 2023 North American energy crisis when crude oil prices soared by 30%, the appreciation of the commodity Canadian dollar reduced the yield of SOL/CAD relative to SOL/USD by approximately 12 percentage points, highlighting the potential impact of exchange rate risks in transaction cost budgets.
Market depth and liquidity differences further affect arbitrage efficiency. The average daily trading volume of SOL/USD on large exchanges such as Binance is 750 million US dollars, while the trading volume of SOL/CAD on local Canadian platforms such as Coinsquare is only 120 million Canadian dollars. The liquidity gap has led to the median bid-ask slippage expanding to 1.5% (higher than 0.8% for SOL/USD). In June 2025, the activity on the Solana chain surged, with the daily processing volume exceeding 4 million transactions, driving SOL/USD to rebound by 12% within 24 hours. However, SOL/CAD experienced an abnormal lag of 3.2% due to the delayed release of the draft for the regulation of the Canadian cryptocurrency market. Glassnode analysis confirmed that the on-chain Gas fee cost difference (SOL/USD average price 0.0001 SOL vs. SOL/CAD 0.00015 SOL) reduces the actual amount received for small transactions by approximately 15%, such as when a user transfers assets worth $1,000. The commission for the sol a usd path is only 1.5 US dollars, while it is as high as 2.8 Canadian dollars for the SOL/CAD path. Forced optimization of routing selection enhances the rate of return.
Macroeconomic stress tests show that the two have different sensitivizations to policy events. The expected probability of the Federal Reserve cutting interest rates in 2025 is 68%, which may drive the annualized growth of SOL/USD by 25%, while the stickiness of Canadian inflation data at 3.4% suppresses the potential of SOL/CAD. For instance, during the FTX collapse in 2022, SOL/USD dropped by 60% weekly to a low of $20, and SOL/CAD simultaneously fell to CAD 25 (with a loss rate of 7% higher at the exchange rate at that time). However, after Solana’s network upgrade to V1.17 in 2024, which increased throughput to 65,000 TPS, The recovery speed of SOL/USD is 10 days faster than that of SOL/CAD. Investors can rely on TradingView’s regression model to monitor momentum deviations (such as a 90-day Beta coefficient of 1.2), and combine the multi-currency hedging tools provided by Kraken Exchange to minimize volatility risks.