Grayscale Solana Trust Premium surged 870% to an all-time high as SOL price reached $150.
Grayscale Solana Trust (GSOL) is making waves in the cryptocurrency market, with premiums soaring to unprecedented levels, indicating a surge in institutional interest. GSOL’s secondary market price reached a whopping $540 on March 8, along with an incredible premium rate of 873%.
By March 11, the price had fallen slightly to $317, but the premium rate remained very high at 472%. This surge in GSOL premium reflects growing demand for Solana among institutional investors, which signals a significant shift in market sentiment.
Solana adoption surges and new addresses increase
Solana (SUN) Adoption is surging, with a significant increase in new addresses on the network. According to data from The Block’s data dashboard, Solana’s daily number of new addresses reached an all-time high of more than 691,000.
The surge in new addresses not only means a growing user base, but also true user engagement on the Solana network. Moreover, Solana outperforms other major blockchains in terms of daily transactions, including Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche. The increased adoption highlights Solana’s potential to achieve new milestones and solidify its position in the blockchain ecosystem.
SOL price rises to $150 due to bullish momentum
Driven by bullish momentum, Solana’s price surged to $151, up 7.5% in the last 24 hours. SOL, with a market capitalization of $66.6 billion, is poised to surpass $200 if the bulls can sustain it above $150.
The strong institutional interest reflected in the Grayscale Solana Trust’s premium, combined with the network’s growing adoption and robust ecosystem, bodes well for Solana’s future price movements. Investors are closely watching resistance at $150, anticipating a potential rally triggered by FOMO and targeting the coveted $200 threshold.
Key points:
- Grayscale Solana Trust (GSOL) experienced an unprecedented premium surge reaching 873% on March 8, indicating strong institutional demand for Solana.
- Solana is seeing a surge of over 691,000 new addresses every day, which signals a true increase in user engagement and adoption. Solana is also gaining a growing reputation in the cryptocurrency space, outpacing major blockchains in daily transactions.