Solana (SOL) Sees Meteoric Rise, Grayscale Solana Trust (GSOL) Shows Massive Institutional Interest
Crypto News – The Grayscale Solana Trust (GSOL) Witnessed a Remarkable 60% Share Price Surge in a Single Day, Indicating Significant Institutional Interest.
Solana, a prominent competitor to Ethereum in the Layer-1 blockchain space, has demonstrated exceptional performance among altcoins. It recently surged by an additional 17%, reaching an impressive $55 in a massive rally. This surge has extended Solana’s weekly gains to 35% and its monthly gains to an astounding 150%.
The Question for Investors: Is Now the Right Time to Buy SOL?
There is undeniably a sense of FOMO (Fear of Missing Out) surrounding SOL, as its price has experienced a threefold increase since September. With the current rally pushing the SOL price beyond the 2021 resistance level of $53 to $55, some investors are optimistic about potential gains of 10-15%, projecting a rally to $61.
However, the more significant concern is whether Solana’s price surge can be sustained in the future. Some analysts caution against entering the market at this point, urging investors to exercise caution.
Notable crypto trader JACKIS points out that investors are currently chasing $SOL during its upward momentum at $54, overlooking the opportunity when it was priced at $17. The prevailing sentiment in the community is overwhelmingly positive, with many believing that Solana will revolutionize the world. However, this optimism may pose a risk for retail investors.
While the speaker remains a staunch long-term supporter of SOL, they advise against jumping into the asset amid ten consecutive weeks of green candles. Instead, they recommend waiting for a significant correction, possibly a substantial market correction, and entering the market during subsequent weeks when red candles dominate.
Additionally, on-chain data indicates that the funding rate for SOL is high but has not yet reached the ‘danger zone.’ SOL recently surpassed the $54 mark, marking its highest point since May 2022. The increased discussions surrounding $SOL suggest growing recognition from the mainstream audience regarding the asset’s independence from other assets. Although funding rates are elevated, they have not entered a ‘danger zone’ as of now.
Grayscale Solana Trust (GSOL)
Similar to Chainlink, the Grayscale Solana Trust (GSOL) is trading at a remarkable 4x or 300% premium compared to the spot price. GSOL shares are currently trading at $202, while the spot price hovers around $55.
On Friday, November 10, the GSOL share price experienced an extraordinary 61% surge, surpassing the $200 level. GSOL share price has now appreciated by more than 800% since the beginning of the year, underscoring substantial institutional involvement in the Solana ecosystem.
Leave a comment