Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium
13 March 2024 - 4:00AM
NEWSBTC
Solana (SOL) looks to be attracting the attention of institutional
investors, with this Solana fund trading as high as an 870% premium
following SOL’s bullish momentum. These investors’ interest in the
SOL token isn’t surprising as on-chain metrics suggest it is still
undervalued, and a parabolic rise might be on the horizon.
Grayscale Solana Trust Trades At A Premium Per data from
Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently
trading at $317 per share, representing a significant premium from
SOL’s current price. The premium had risen to 870% on March 8 when
GSOL was trading at $540. Shares in the fund are designed to track
the value of SOL’s price, allowing institutional investors to have
exposure to the token without holding it. Related Reading:
Record $1 Billion In Shorts Risk Liquidation If Bitcoin Hits This
Price The disparity between the share price of GSOL and SOL’s price
might be because institutional investors are limited in the means
to gain exposure to SOL. As such, a fund like GSOL could see its
price increase exponentially (just like now) when there is
increased institutional demand for the SOL token. Institutional
interest in SOL is also evident from NewsBTC’s recent report that
crypto-focused asset manager Pantera Capital is raising funds to
buy $250 worth of SOL. Investors are likely to jump on this
opportunity, considering that these SOL tokens will reportedly be
sold at a fixed price of $59.95, meaning there is an opportunity to
make significant gains from the deal. SOL Still Greatly
Undervalued Crypto analyst Hansolar suggested that SOL was still
undervalued when he mentioned that the crypto token might not take
off until BTC and ETH hit new all-time highs (ATH). He also
predicted that SOL could rise to as high as $600 in this bull
cycle. Meanwhile, the argument about SOL being undervalued is
backed by the fact that it is still far off from its ATH of
$260. Related Reading: Crypto Expert Reveals Why Bitcoin
Could Hit $200,000 By April Crypto tokens are known to set a new
ATH in every bull run, and there is every likelihood that it won’t
be different for SOL this time around. Moreover, SOL and the Solana
network are gaining much traction heading into this cycle, which
should contribute to more price surges for the SOL token.
Solana recently registered an ATH in the number of daily new
addresses, with many users onboarded into the ecosystem. This
increased interest in the network has been partly due to its DeFi
landscape, which is going head-to-head with Ethereum’s, and the
current meme coin frenzy on Solana, which has attracted
investors. At the time of writing, SOL is trading at $152, up
over 2% in the last 24 hours, according to data from
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