Grayscale Solana Trust (GSOL) is showing considerable market strength as it approaches its all-time high, currently trading close to $1,300. This rise comes amidst growing speculation surrounding the possible approval of Solana Exchange-Traded Funds (ETFs). GSOL, like other crypto markets, has been undergoing recovery, and the surge in GSOL’s price is indicative of a heightened institutional interest in it.
In the last two months, discussions around SOL ETFs have spiked, revealing growing institutional investment despite the price of Solana experiencing a dip post its May rally. As per Google Finance, GSOL closed near its all-time high at $524, achieving an impressive 48.45% increase over the past month and a whopping 298.99% over the last six months.
Analysts are looking at GSOL’s recent pricing trend with excited optimism. Cryptocurrency analyst Nic, points to the Grayscale GSOL trust trading near all-time highs and postulates that institutional investors are, in fact, open to gaining SOL exposure at an implied price above $1,300.
With major firms like VanECK and 21Shares filing for Solana ETFs in the United States and Canada, hope and anticipation for SOL ETFs have grown significantly. These actions, coupled with Ethereum ETFs’ approval, have contributed to GSOL’s recent surge and resilience in the face of a fluctuating market.
As of now, Solana’s price stands at $176.39, with a favorable market outlook indicated by the Chaikin Money Flow (CMF) and On Balance Volume (OBV), both suggesting a possible price surge due to increased buying pressure. With a strong market sentiment, it seems that Solana’s ecosystem continues to thrive.