The cryptocurrency market has been witnessing the rise of altcoin Solana lately. The price of the Grayscale Solana Trust (GSOL) fund offered by Grayscale Investments reached a record level. Solana blockchain, which is also popular among Turks, broke a new record in the number of new addresses per day. These developments show the growing interest of investors in Solana and the increasing use of the platform. Here are the details…
There is an 870 percent premium for altcoin SOL
Grayscale Solana Trust (GSOL), offered by Bitcoin and altcoin investment company Grayscale, reached a record high of $540 on March 8. This equates to a premium rate of 873%, given that the fund’s net asset value (NAV) is $55. This high premium rate reflects the growing interest in Solana from US institutional investors.
On March 11, GSOL closed at $317 and the premium rate was recorded at 472%, which is still at a high level. Excessive demand for the fund increased prices up to $500. While these developments are taking place, Solana’s price on cryptocurrency exchanges is around $153.
Records are being broken on the Solana Blockchain
All altcoin funds that Grayscale offers, except the Solana fund, also trade at a positive premium rate. This clearly shows investors’ trust in Solana and their interest in this field. Solana’s rise is not limited to Grayscale funds. According to the data, the Solana blockchain also broke a new record in the number of new addresses per day. The seven-day moving average of the daily number of new addresses on the Solana network is currently above 691,000 and is at an all-time high.
Tristan Frizza, founder of Zeta Markets, suggests that this increased adoption metric points to real user activity on the network. “Not only are we witnessing speculative interest, but we are poised to see all-time highs thanks to this genuine interest,” Frizza said.
ETH surpasses ARB in number of daily transactions in Solana
Solana has already surpassed Ethereum, Arbitrum, Optimism, BNB Chain, Tron and Avalanche in terms of daily transactions. Frizza also noted that Solana has also seen an increase in trading volumes on Decentralized Exchanges (DEXs), consistently exceeding the $2 billion daily transaction threshold since early March.
It is important to note that Solana is still significantly below the all-time high of $260 reached in November 2021. During the FTX crisis, the price of SOL dropped to $8, hitting the bottom, as the bankrupt exchange openly supported Solana and owned a large amount of SOL. At the time of writing this article, SOL is trading at $147.
The reasons behind Solana’s recent rise include the investment of Grayscale funds, the increasing number of users and transaction volume. These developments show that Solana has become a major player in the cryptocurrency market and has the potential to grow further in the future.
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