Grayscale Solana Trust (GSOL) is making waves in the cryptocurrency market, with its premium soaring to unprecedented levels, indicating a surge in institutional interest. The secondary market price of GSOL reached a staggering $540 on March 8, accompanied by a remarkable premium rate of 873%.
While the price experienced a slight dip to $317 by March 11, the premium rate remained impressively high at 472%. This surge in GSOL’s premium reflects the growing demand for Solana among institutional investors, signalling a significant shift in market sentiment.
Solana’s Adoption Surge and Rising New Addresses
Solana (SOL) is witnessing a surge in adoption, marked by a notable increase in new addresses on the network. Data from The Block’s Data Dashboard reveals that Solana’s daily count of new addresses has surpassed 691,000, reaching an all-time high.
This surge in new addresses not only indicates a growing user base but also suggests genuine user engagement with the Solana network. Moreover, Solana is outpacing other major blockchains in terms of daily transactions, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined. The rise in adoption underscores Solana’s potential to achieve new milestones and solidify its position in the blockchain ecosystem.
Bullish Momentum Propels SOL Price to $150
Driven by bullish momentum, Solana’s price has surged to $151, marking a 7.5% increase in the last 24 hours. With a market cap of $66.6 billion, SOL is gearing up to surpass the $200 mark if the bulls can maintain its position above $150.
The strong institutional interest reflected in the premium of Grayscale Solana Trust, coupled with the network’s increasing adoption and robust ecosystem, bodes well for Solana’s future price movements. Investors are closely watching the resistance at $150, anticipating a potential rally fueled by FOMO and targeting the coveted $200 threshold.
Key Pointers:
- Grayscale Solana Trust (GSOL) experiences an unprecedented premium surge, reaching 873% on March 8, indicating strong institutional demand for Solana.
- Solana witnesses a surge in new addresses, surpassing 691,000 daily, signalling genuine user engagement and adoption growth. Additionally, Solana outpaces major blockchains in daily transactions, underscoring its rising prominence in the crypto space.
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