Ethereum’s 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 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.
Grayscale Solana Trust Premium Shoots 800%
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.
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’s secondary market price has drawn significant attention from investors and analysts alike.
This shows that there’s a strong institutional demand for Solana. As reported by CoinGape, the Solana investment products registered net inflows of $24 million last week.
SOL New Addresses Rise
Solana (SOL) is witnessing a remarkable surge in new addresses, reaching an all-time high. Data from The Block’s Data Dashboard 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.
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.
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.
The rise to $150 can be credited to the prevailing positive sentiment 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.
The post Grayscale Solana Trust Premium Jumps 870% As SOL Price Hits $150 appeared first on CoinGape.
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