Grayscale Solana Trust (GSOL) Shares Surge
The Grayscale Solana Trust (GSOL) shares have experienced a remarkable 784% surge in the past week, reaching a record premium over the SOL token. From $87 in early November, the shares now trade at $202 as of November 13 at 6:50 AM EST.
Meanwhile, Solana’s (SOL) price is currently at $57.00 as of 7 AM EST. With the trust holding 0.38 SOL per share, this represents about a 784% premium. This indicates a growing interest from institutional players in SOL, similar to what has been observed in the Bitcoin (BTC) and Ether (ETH) markets.
Solana’s Potential for ETF Consideration
Speculation is rife that Solana could be the next cryptocurrency to be considered for spot exchange-traded funds (ETFs) due to the increased interest from institutional players. Currently ranked seventh among cryptocurrencies, Solana boasts a market cap of nearly $22.8 billion.
It’s important to note that while GBTC remains significantly larger than GSOL, with up to $23 billion in assets under management (AUM) compared to GSOL’s $6.3 million, Grayscale trusts are not an exact reflection of market value, leading to premiums and discounts.
Implications for Solana’s Price Outlook
Following the surge in GSOL, SOL’s price has also surged by almost 45% in three days. As of press time, SOL is selling for $57.45 with the potential for further gains despite being massively overbought according to the Relative Strength Index (RSI).
If buying pressure continues, SOL’s price could breach immediate roadblocks at $58.95 and $75.08 before potentially reaching the psychological level of $80.00, constituting a 40% climb for SOL.
Hot Take: Promising Alternative To Solana
A promising alternative to Solana is BTCETF, which aims to simplify the process of acquiring BTC by allowing stock market traders to purchase shares representing the digital asset through traditional brokerage accounts.
A single BTCETF token is currently selling for $0.0052 in the presale stage, with over $510,000 already raised out of a target of $856,800.
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