Grayscale Solana Trust Premium Increasing: Can SOL Token Reach $200?

  • Solana, a platform rivaling Ethereum’s Layer-1 network, exhibited a 10% increase in the last 24 hours, showcasing its resilience.
  • According to data, the daily count of new addresses on the Solana network surpassed 691,000, based on the seven-day moving average.
  • Solana has consistently experienced significant growth in decentralized exchanges (DEXs), with daily transaction volumes exceeding $2 billion since the beginning of March.

As the Solana price gains strength above $150, Grayscale’s Solana investment product has surged to $540.

Rising Solana Price and Increasing GSOL Premium

Solana-SOL

Solana, a platform rivaling Ethereum’s Layer-1 network, exhibited a 10% increase in the last 24 hours, showcasing its resilience. Currently, the price of Solana (SOL) stands at $152, showing a 7.5% increase with a market capitalization of $66.6 billion.

If the bullish momentum continues and SOL maintains its position above $150, there is potential for further upward movement towards $200. Grayscale Solana Trust (GSOL) made headlines on March 8 when its secondary market price reached $540, and its premium rate surprisingly surged to 873%, according to Grayscale’s data.

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

This indicates strong institutional demand for Solana. As reported by COINOTAG, Solana investment products recorded a net inflow of $24 million last week.

SOL Shows an Increase in New Addresses

Solana (SOL) is experiencing a notable increase in new addresses, reaching an all-time high. According to data, the daily count of new addresses on the Solana network surpassed 691,000 based on the seven-day moving average. This increase in adoption is interpreted as a sign of real user interaction on the network.

The rise in new addresses is considered not only speculative interest but also an indicator of Solana’s likelihood to reach new all-time highs. Solana surpasses other major blockchains, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche, in terms of daily transactions.

Additionally, Solana has consistently experienced significant growth in decentralized exchanges (DEXs) with daily transaction volumes exceeding $2 billion since the beginning of March. The increase in activity underscores the growing momentum and robust ecosystem around the Solana blockchain.

The rise to $150 can be attributed to the positive sentiment prevailing in the current market. The continuous oscillation within the rectangle pattern offers investors a potential re-entry opportunity for long-term gains. Breaking the $150 resistance could trigger a significant rally fueled by FOMO, directing targets towards the $200 level.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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