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Grayscale Solana Trust (GSOL) shares have risen 784% over the past week to reach a record premium over the SOL token.
Shares have risen from $87 in early November to trading at a record high of $202 on November 13 at 6:50 am EST.
Meanwhile, the price of Solana (SOL) is $57.00 at 7am EST, and since the trust holds 0.38 SOL per share, this translates to a premium of approximately 784%. He notes that institutional players are showing interest in SOL, similar to what has been seen in the bitcoin (btc) and Ether (eth) markets.
With institutional players showing interest in getting exposure to SOL, there is speculation that Solana could be the next crypto to consider for spot exchange-traded funds (ETFs). It is currently the seventh-ranked cryptocurrency with a market capitalization of nearly $22.8 billion.
The Grayscale bitcoin Trust (GBTC), which the investment firm wants to convert to a spot ETF, remains significantly larger than the Grayscale Solana Trust. In comparison, GBTC has up to $23 billion in assets under management (AUM), compared to GSOL with only up to $6.3 million.
However, unlike ETFs, grayscale trusts are not an exact reflection of the market value of the trust’s shares. This causes fluctuations in product prices, resulting in premiums and discounts.
Still, the spillovers from GSOL’s surge have spread to SOL, with the price of the supposed ethereum killer (eth) rising nearly 45% in three days.
Solana Price Outlook as Solana Trust Stock Soars in Grayscale
Solana is selling for $57.45 at press time, with the potential to extend gains amid breakneck momentum. This is despite SOL being massively overbought, as the Relative Strength Index (RSI) registers 91. Notably, the move north has seen SOL break the equal highs of $46.81, a formidable roadblock that is now It has become support.
Further buying pressure could push Solana price above the immediate hurdle of $58.95 or higher at $75.08, extending further to potentially reach the psychological level of $80.00. A measure of this type would mean an increase of 40% for SOL.
However, should profit-taking occur, there are certain key levels to pay attention to as Solana price declines prospectively. Firstly, it could push the equal highs back to the $46.81 resistance before falling below the $38.27 support level. This would invalidate the bullish thesis.
Further south, Solana price could test the support levels of $32.39 and $26.87, respectively. Meanwhile, investors are seeking first-mover advantage, purchasing BTCETF in the pre-sale before the SEC finally approves a spot ETF.
The token has 10x growth potential, according to analysts, and some say it could be even higher once approval comes.
Promising alternative to Solana
BTCETF is the native crypto of the bitcoin ETF Token project, one of the five best cryptocurrency presales to buy now.
The hallmark of the project is to simplify “the btc acquisition process by allowing stock market operators to purchase shares representing the digital asset through traditional brokerage accounts.”
TO #BitcoinETF simplifies the acquisition process $btc by allowing stock market traders to purchase shares representing the digital asset through traditional brokerage accounts.
Eliminate the technical complexities associated with purchasing and storage. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin directly. pic.twitter.com/zIynLBhsfQ
– BTCETF_Token (@BTCETF_Token) November 13, 2023
A single BTCETF token is selling for $0.0052 at the current stage, with over $510,000 already raised in pre-sale sales out of a target of $856,800.
Visit the bitcoin ETF Token website to purchase BTCETF here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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