{"id":263358,"date":"2024-03-12T10:32:03","date_gmt":"2024-03-12T05:02:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/grayscale-solana-trust-premium-jumps-870-as-sol-price-hits-150-crypto-news\/"},"modified":"2024-03-12T10:32:07","modified_gmt":"2024-03-12T05:02:07","slug":"grayscale-solana-trust-premium-jumps-870-as-sol-price-hits-150-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/grayscale-solana-trust-premium-jumps-870-as-sol-price-hits-150-crypto-news\/","title":{"rendered":"Grayscale Solana Trust Premium Jumps 870% As SOL Price Hits $150 – Crypto News"},"content":{"rendered":"

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Ethereum\u2019s Layer-1 competitor Solana has continued to show strength gaining an additional 10% in the last 24 hours. As of press time, the Solana (SOL) price<\/a> is up 7.5% trading at $151 with a market cap of $66.6 billion. If the bulls manage to maintain a position above $150, the SOL price can rally further to $200.<\/p>\n

Grayscale Solana Trust Premium Shoots 800%<\/h3>\n

Grayscale Solana Trust (GSOL) made headlines as its secondary market price soared to an unprecedented high of $540 on March 8, with the premium rate hitting an astounding 873%, according to data from Grayscale.<\/p>\n

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However, by March 11, the price of GSOL experienced a decline, settling at $317 at the closing bell. Despite the decrease in price, the premium rate remained remarkably high, standing at 472%. This volatility in GSOL\u2019s secondary market price has drawn significant attention from investors and analysts alike.<\/p>\n

This shows that there\u2019s a strong institutional demand for Solana. As reported<\/a> by CoinGape, the Solana investment products registered net inflows of $24 million last week.<\/p>\n

SOL New Addresses Rise<\/h3>\n

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Solana (SOL) is witnessing a remarkable surge in new addresses, reaching an all-time high. Data from The Block\u2019s Data Dashboard<\/a> reveals that the daily count of new addresses on the Solana network, based on a seven-day moving average, has surpassed 691,000. This surge in adoption is being interpreted as a strong indication of genuine user engagement on the network.<\/p>\n

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The increase in new addresses suggests more than just speculative interest, indicating that Solana is poised to achieve new all-time highs. Solana is already surpassing other major blockchains in terms of daily transactions, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.<\/p>\n

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Additionally, Solana has experienced a significant surge in trading volumes on decentralized exchanges (DEXs), consistently exceeding $2 billion daily since the beginning of March. This surge in activity underscores the growing momentum and robust ecosystem surrounding the Solana blockchain.<\/p>\n

The rise to $150 can be credited to the prevailing positive sentiment<\/a> within the market. The continuous oscillation within the rectangular pattern presents investors with an opportunity to re-acquire SOL for potential long-term gains. Surpassing the resistance at $150 could trigger a significant rally fueled by FOMO, with investors setting their sights on the $200 mark.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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