SOL is likely to hit $ 300 after Grayscale launches Solana Trust

Solana (SOL) maintained its price growth yesterday (November 30th) as the world’s largest crypto fund, Grayscale Investments notification will add SOL to its product line.

https://twitter.com/Grayscale/status/1465688720514994179?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“The digital asset class is evolving and we are expanding our services! Access to SOL, the native token of the Solana network, via the new Grayscale Solana Trust. “

Does SOL reach $ 300?

The SOL rose more than 6.5% yesterday to nearly $ 217.5. Its bullish factors were mostly part of a recovery move that began on November 28th and rebounded more than 20% when the rising trendline was tested as multi-month support (near $ 190).

SOL / USDT daily price chart with ascending trend line support | Source: TradingView

Fresh buying pressure near trendline support also helped push the SOL above the Fibonacci retracement chart’s 23.6 Fib line ($ 204) from $ 23.22 to $ 260.69. As a result, $ 260 appears as the last line of defense between SOL and new record highs.

“Although it looks like SOL has run out of momentum, $ 300 is still possible (this season). However, it depends on the entire ecosystem, ie TVL, NFT, Tabasco, “said the independent market analyst” Fomocap “.

Investors don’t stop craving Solana

Grayscale’s decision to add Solana to its portfolio of services will make SOL more accessible to institutional investors and have higher net worth.

This is mainly due to Solana’s incredible growth as a blockchain project in 2021. It emerged as a rival to Ethereum’s smart contract platform after offering its users one of the fastest, most affordable public ledgers.

Solana blockchain performance compared to others | Source: Reddit

Solana’s ecosystem has attracted more than 500 projects spanning DeFi, NFT, Web 3.0, and others, with 1.2 million active users on the network. Among them is Serum, a decentralized derivatives exchange backed by FTX and Alamada Research of billionaire Sam Bankman-Fried.

As a result, the price of SOL, which acts as a fee and token staking within the Solana ecosystem, has increased more than 10,700% year-over-year, with circulating market cap hitting nearly $ 77.93 billion in November.

SOL. Circulating market capitalization | Source: Messari

With a current value of over $ 70 billion, Solana remains the fourth largest blockchain by market capitalization. Grayscale CEO Michael Sonnenshein noted that investors haven’t stopped craving Solana.

The statement comes after Coinshares, a London-based asset management company, report Over $ 250 million in net capital has poured into SOL-based exchange traded ETP products. In this month alone, Solana ETP products have attracted around $ 42.2 million.

Despite the $ 300 projections, SOL is still at downside risk from a number of common issues, including overvaluation on longer timeframe charts and the potential for network outages.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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