Grayscale Solana Trust Premium Jumps 870% As SOL Price Hits $150

Solana, a competitor to Ethereum’s Layer-1 network, has demonstrated resilience by gaining an additional 10% in the last 24 hours. Currently, the Solana (SOL) price stands at $151, marking a 7.5% increase, with a market capitalization of $66.6 billion. Should the bullish momentum persist and SOL maintain a position above $150, there’s potential for a further rally toward the $200 mark.

Grayscale Solana Trust Premium Shoots 800%

Grayscale Solana Trust (GSOL) made headlines as its secondary market price soared to an unprecedented high of $540 on March 8, with the premium rate hitting an astounding 873%, according to data from Grayscale.

However, by March 11, the price of GSOL experienced a decline, settling at $317 at the closing bell. Despite the decrease in price, the premium rate remained remarkably high, standing at 472%. This volatility in GSOL’s secondary market price has drawn significant attention from investors and analysts alike.

This shows that there’s a strong institutional demand for Solana. As reported by CoinGape, the Solana investment products registered net inflows of $24 million last week.

SOL New Addresses Rise

Solana (SOL) is witnessing a remarkable surge in new addresses, reaching an all-time high. Data from The Block’s Data Dashboard reveals that the daily count of new addresses on the Solana network, based on a seven-day moving average, has surpassed 691,000. This surge in adoption is being interpreted as a strong indication of genuine user engagement on the network.

The increase in new addresses suggests more than just speculative interest, indicating that Solana is poised to achieve new all-time highs. Solana is already surpassing other major blockchains in terms of daily transactions, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.

Additionally, Solana has experienced a significant surge in trading volumes on decentralized exchanges (DEXs), consistently exceeding $2 billion daily since the beginning of March. This surge in activity underscores the growing momentum and robust ecosystem surrounding the Solana blockchain.

The rise to $150 can be credited to the prevailing positive sentiment within the market. The continuous oscillation within the rectangular pattern presents investors with an opportunity to re-acquire SOL for potential long-term gains. Surpassing the resistance at $150 could trigger a significant rally fueled by FOMO, with investors setting their sights on the $200 mark.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.