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Grayscale Solana Trust (GSOL) shares have surged 784% over the past week to a record premium over the SOL token.
The shares have climbed from the $87 recorded in early November to trade at a record $202 as of November 13 at 6:50 AM EST.
Meanwhile, Solana’s (SOL) price is $57.00 as of 7 AM EST, and with the trust holding 0.38 SOL per share, this translates to about a 784% premium. It points to institutional players demonstrating an interest in SOL, akin to what has been seen in the Bitcoin (BTC) and Ether (ETH) markets.
With institutional players showing interest in exposure to SOL, speculation has it that Solana could be the next crypto to be considered for spot exchange-traded funds (ETFs). It is currently the seventh ranked cryptocurrency with a market cap of almost $22.8 billion.
The Grayscale Bitcoin Trust (GBTC), which the investment firm wants converted to a spot ETF, remains significantly larger than the Grayscale Solana Trust. In comparison, GBTC holds up to $23 billion in assets under management (AUM), relative to GSOL, with only up to $6.3 million.
Nevertheless, unlike ETFs, Grayscale trusts are not an exact reflection of the market value of the trust shares. This causes fluctuations in product prices, leading to premiums and discounts.
Still, the overflows from the surge in GSOL have spilled over to SOL, with the price of the purported Ethereum (ETH) killer rising almost 45% in three days.
Solana Price Outlook As Grayscale Solana Trust Shares Soar
Solana is selling for $57.45 as of press time, with the potential to extend the gains amid soaring momentum. This is despite SOL being massively overbought as the Relative Strength Index (RSI) records 91. Notably, the move north has seen SOL shatter the equal highs at $46.81, a formidable barricade now turned support.
Increased buying pressure could see Solana’s price breach the immediate roadblock at $58.95 or higher, the one at $75.08, extending further to potentially tag the $80.00 psychological level. Such a move would constitute a 40% climb for SOL.
However, should profit-taking kick in, there are certain key levels to watch as Solana’s price prospectively trickles down. First, it could flip the equal highs back to resistance at $46.81 before falling below the $38.27 support level. This would invalidate the bullish thesis.
Further south, Solana’s price could test the $32.39 and $26.87 support levels, respectively. Meanwhile, investors are pursuing the first-mover advantage, buying BTCETF in the presale before the SEC finally approves a spot ETF.
The token has 10X growth potential, according to analysts, with some saying it could be even higher once approval comes in
Promising Alternative To Solana
BTCETF is the native crypto for the Bitcoin ETF Token project, one of the five best cryptocurrency presales to buy now.
The project’s hallmark is to simplify “the process of acquiring BTC by allowing stock market traders to purchase shares representing the digital asset through traditional brokerage accounts.”
A #BitcoinETF simplifies the process of acquiring $BTC by allowing stock market traders to purchase shares representing the digital asset through traditional brokerage accounts.
Eliminating the technical complexities associated with buying and storing #Bitcoin directly. 🔐 pic.twitter.com/zIynLBhsfQ
— BTCETF_Token (@BTCETF_Token) November 13, 2023
A single BTCETF token is selling for $0.0052 in the current stage, with more than $510,000 already raised in presale sales out of a target of $856,800.
Visit the Bitcoin ETF Token website to buy BTCETF here.
Also Read:
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- Polygon Price Prediction: Missed MATIC Cracking 12% To Top $0.92? Don’t Be Late To The Party Again With This Bitcoin ETF Presale Token
- Inspired by BlackRock’s Ethereum ETF Plans, Bitcoin ETF Token Investors Rush To Seize Final Opportunity At Bargain $0.005 Price Point
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