November 12, 2023 by Ammar Raza
The secondary market price of Grayscale GSOL surged to $202 per share, marking a staggering 146.34% increase in a single day, setting a new record high, as per the Coinglass report on November 10. The premium rate soared to an astonishing 869.29%, with similar trends in other Grayscale assets like MANA, reaching 308.06%, and GLINK at 250%.
Notably, Grayscale unveiled its SOL Trust Fund, valuing a share of gSOL at 0.38 SOL, currently trading at $202. This valuation implies that traditional finance entities are appraising Solana at a remarkable 10x its present value.
This monumental increase indicates the inception of a bullish market phase, with potential implications for SOL’s price, currently being evaluated at 2x its all-time high.
Solana, a favored asset among institutional investors, notably competes with the likes of Chainlink and XRP. Its distinction in the decentralized finance (DeFi) sector, particularly amid Ethereum’s ongoing struggles with network congestion and high fees, positions it favorably in the eyes of institutional investors seeking diversification.
Solana Price Analysis
Solana is currently priced at $58.50 USD, with a 24-hour trading volume of $3.68 billion USD. A 15.24% increase has been seen in the last day, securing the 6 spot on CoinMarketCap with a market cap of $24.63 billion USD.
Source: CoinMarketcap
The technical analysis indicates a bullish trajectory. The Moving Average Convergence Divergence (MACD) indicator strongly favors the bulls, supported by the momentum strength indicator well above the neutral zone.
Source: Tradingview.com
Despite the current bullish sentiment, a likely correction from the $50 mark followed by a consolidation phase is anticipated, crucial for market stability and the influx of new buyers and profit-taking traders.
Furthermore, predictions suggest a potential push towards the $100 mark for Solana if the SEC greenlights multiple Bitcoin spot ETFs, potentially reshaping the traditional investor perspective on cryptocurrencies, including Solana’s market standing.
While immediate corrections are speculative, the potential for SOL to consolidate above $50 and reinforce its bullish position remains a possibility. Such shifts could dramatically influence the crypto market, especially for Solana, in the foreseeable future.
This report highlights the significant surge in Solana’s valuation and its implications for the broader crypto market, particularly in the context of institutional investment and potential regulatory decisions.
Note: The details on this page about markets and instruments are like a sneak peek – just info, not a nudge to buy or sell. Before diving into investments, dive into your own research pool.
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