Grayscale Solana Trust Soars 870% with $150 SOL Price

Solana’s bullish trend continues with a 7.5% increase, trading at $151, while Grayscale Solana Trust sees a high premium rate of 873%. 

In the past 24 hours, Solana, which is Ethereum’s Layer-1 opponent has continued to demonstrate its dominance by acquiring an additional 10%.

At the time of publication, Solana (SOL) has increased by 7.5%, trading at $151 with a market valuation of $66.6 billion. The price of SOL can continue to rise to $200 if the bulls successfully keep their position above $150.

Grayscale Solana Trust Premium Shoots 800%

Grayscale Solana Trust (GSOL) made headlines on March 8 when its secondary market price reached an all-time high of $540. According to data provided by Grayscale, the premium rate reached an incredible 873%, which caused the price to reach an all-time high.

However, by March 11th, the price of Grayscale Solana Trust had decreased, reaching $317 at the closing bell. Furthermore, the premium rate remained astonishingly high, hovering at 472%, although the price had declined.

Investors and experts have paid significant attention to the volatility in Grayscale Solana Trust price in the secondary market. This shows that there is a significant demand for Solana among institutions.

According to CoinGape’s analysis, the Solana investment products saw $24 million in net inflows over the previous week. There has been a notable increase in the number of new addresses arriving at Solana (SOL), reaching an all-time high.

According to information from The Block’s Data Dashboard, the daily count of new addresses on the Solana network has topped 691,000. This information is based on a moving average calculated over seven days.

Interpreters have made it clear that this rise in adoption is evidence of authentic user engagement on the network. The rise in the number of new addresses indicates that there is more than just a speculative interest in Solana and it signals that the company is on the verge of reaching new all-time highs.

Regarding the number of daily transactions, Solana has already surpassed other prominent blockchains such as Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.

Furthermore, since the beginning of March, Solana has witnessed a substantial increase in trading volumes on decentralized exchanges (DEXs), which have regularly exceeded $2 billion daily.

This uptick in activity is more evidence of the growing momentum and thriving ecosystem that surround the Solana blockchain. One possible explanation for the increase to $150 is that the market is experiencing a generally optimistic spirit.

Investors have the opportunity to re-acquire SOL in order to reap potential long-term gains as a result of the continual oscillation that occurs within the rectangular pattern.

Overcoming the resistance level at $150 could trigger a significant rally fueled by fear of missing out (FOMO), prompting investors to target the $200 mark.