Solana Price Prediction as Grayscale’s SOL Trust Trades at Nearly 1,000% Premium – Can SOL Reach $1,000?
However, SOL remains up by an impressive 32% in a week and 147% in a month, with today’s losses mostly being about profit-taking from some holders.
Yet in a year when Solana has risen by more than 400% since January, it’s likely to regain its momentum soon enough.
This is particularly the case when Grayscale’s Solana Trust is now trading at an almost 1,000% premium to spot SOL, indicating high demand from institutions.
It’s a sign of Solana’s strength right now that it continues to look very promising even after falling by 6% today.
Its indicators continue to point towards further gains, and while it may near overbought territory very soon, it could sustain its gains for several weeks yet.
Its RSI (purple) is rising again after falling nearly to 70, a sign that investors want to take the opportunity to buy any dips.
Likewise, SOL’s 30-day average (yellow) continues to climb higher above its 200-day (blue), another sign that buying pressure is increasing for the token, and that it should continue posting gains.
Possibly the most bullish signal available right now resides in SOL’s support level (green), which has risen aggressively in the past couple of weeks.
If nothing else, this suggests that any dips and selloffs are likely to be minor, simply affording new buyers the opportunity to acquire some SOL at a relative discount.
It’s also worth pointing out that the coin’s 24-hour trading volume stands at around $3 billion, up from only $200 million in mid-October.
This spike is indicative of the growth in interest from larger traders, with the aforementioned Grayscale Solana Trust now selling at roughly an 896% premium over the spot Solana price.
Grayscale's Solana Trust is on fire, trading at a massive 869% premium! Big institutions
Read more on cryptonews.com
