Grayscale Solana Trust (GSOL) Approaches All-Time Highs, Targets $1,300 Amid SOL ETF Speculation
Grayscale Solana Trust (GSOL) is experiencing a significant surge, approaching its all-time high as market speculation about a potential Solana Exchange-Traded Fund (ETF) grows.
GSOL Nears All-Time High
At the time of writing, GSOL is nearing its all-time high. The increasing anticipation around Solana ETFs has been a key driver of this price surge. Grayscale Solana Trust has benefited from the recovering crypto market and a surge in institutional interest.
Over the past two months, discussions about Solana ETFs have highlighted the rising institutional interest in SOL, despite a decline in Solana’s price following the May rally.
GSOL’s Impressive Performance
GSOL has thrived under favorable market conditions. According to Google Finance, GSOL recently closed at $524, just shy of its all-time high. Over the past 30 days, GSOL’s price increased by 48.45%, reaching $507 at the time of writing, and it has surged by an impressive 298.99% over the past six months.
This significant rise has led analysts to speculate about GSOL’s future potential. Crypto analyst Nic observed, “The Grayscale GSOL trust is trading near all-time highs and at 7x the NAV. These institutional buyers are willing to gain $SOL exposure at an implied price of over $1,300.”
Focus on Solana ETFs
The past two months have seen heightened social discourse around potential Solana ETFs. Last month, optimism for SOL increased significantly after various firms applied for these funds. VanECK was the first asset management firm to file for Solana ETFs in the United States, followed by 21Shares submitting their proposal to the SEC. Additionally, a Canadian firm filed for QSOL, a Solana ETF aimed at institutional investments.
These developments pushed GSOL shares to $408, indicating strong investor optimism. The anticipation for Solana ETFs has been a key factor driving GSOL’s recent surge and resilience, especially after the approval of Ethereum ETFs.
At the time of writing, SOL was trading at $169, reflecting an 8% decline over the past 24 hours. Its trading volume rose by 4.24% to $3 billion in the past 24 hours.
