The premium for Grayscale Solana Trust is significantly higher, implying considerable institutional interest. Solana prices are approaching $200, with positive support.
Solana, a Layer-1 competitor to Ethereum, has maintained its strength over the past 24 hours, acquiring an additional 10%.
However, the price of Solana (SOL) has increased by 7.5% to $151 as of press time, with a market cap of $66.6 billion.
The SOL price may advance to $200 if the traders persevere in maintaining their position above $150.
Grayscale Solana Trust Premium Increases 800%
Grayscale Solana Trust (GSOL) generated significant media attention on March 8 when its secondary market price surged to an all-time high of $540.
Additionally, Grayscale data indicates that the premium rate for GSOL reached an astounding 873%.
Nevertheless, the value of GSOL declined by March 11, culminating in its settlement at $317 at the close of trading.
Notwithstanding the price drop, the premium rate persisted at an exceptionally elevated level of 472%.
This volatility in GSOL’s secondary market price has garnered considerable interest from analysts and investors.
This demonstrates that Solana is in high demand among institutions.
Last week, Solana investment products generated net inflows amounting to $24 million, as previously disclosed.
SOL New Addresses Increase
The number of new addresses registered with Solana (SOL) has increased dramatically to an all-time high.
According to data from The Block’s Data Dashboard, the number of newly added addresses on the Solana network, calculated using a seven-day moving average has surpassed 691,000 per day.
The significant increase in adoption is currently being construed as solid proof of authentic user participation on the network.
Meanwhile, not merely speculative interest, the increase in new addresses indicates that Solana is on the verge of setting new all-time highs.
In terms of daily transactions, Solana has already surpassed the combined volume of other prominent blockchains such as Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche.
Furthermore, since the start of March, Solana’s daily trading volumes on decentralized exchanges (DEXs) have increased substantially, surpassing $2 billion daily.
The increased level of engagement highlights the burgeoning momentum and resilient ecosystem that envelops the Solana blockchain.
The increase to $150 is attributable to the market’s prevailing optimistic sentiment.
An investor may re-acquire SOL in anticipation of potential long-term gains due to the continuous oscillation within the rectangular pattern.
Additionally, if the resistance at $150 is surpassed, a substantial rally driven by fear of missing out (FOMO) may ensue, with investors aiming for the $200 threshold.
