{"id":374438,"date":"2021-11-30T19:26:20","date_gmt":"2021-11-30T16:26:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solana-price-eyes-300-as-grayscale-launches-sol-backed-trust\/"},"modified":"2021-11-30T19:26:20","modified_gmt":"2021-11-30T16:26:20","slug":"solana-price-eyes-300-as-grayscale-launches-sol-backed-trust","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solana-price-eyes-300-as-grayscale-launches-sol-backed-trust\/","title":{"rendered":"# Solana price eyes $300 as Grayscale launches SOL-backed trust"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41899dd97f4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41899dd97f4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/solana-price-eyes-300-as-grayscale-launches-sol-backed-trust\/#A_300_SOL_ahead\" >A $300 SOL ahead?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/solana-price-eyes-300-as-grayscale-launches-sol-backed-trust\/#%E2%80%9CContinued_appetite%E2%80%9D_for_Solana\" >&#8220;Continued appetite&#8221; for Solana<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Solana price eyes $300 as Grayscale launches SOL-backed trust <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Solana (SOL) held onto its intraday gains on Nov. 30 as Grayscale Investments, the largest cryptocurrency fund in the world, announced that it would add SOL to its product line.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The digital asset class is growing, and we\u2019re expanding our offerings along with it! Gain exposure to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SOL<\/a>, the native token of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\">@Solana<\/a> network, through new Grayscale <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Solana?src=hash&amp;ref_src=twsrc%5Etfw\">#Solana<\/a> Trust. Learn more: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QiT6u0xI7h\">https:\/\/t.co\/QiT6u0xI7h<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/KAxRZAriRl\">pic.twitter.com\/KAxRZAriRl<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Grayscale\/status\/1465688720514994179?ref_src=twsrc%5Etfw\">November 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_300_SOL_ahead\"><\/span>A $300 SOL ahead?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SOL rallied to nearly $217.50 after rising by over 6.50% intraday. The Solana token&#8217;s gains came  primarily as a part of a recovery move that started Nov. 28, wherein it rebounded over 20% upon testing a dependable multi-month ascending trendline as support (near $190), as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/280b0d78-3162-4ae0-ab02-d34bfe6aabf5.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USDT daily price chart featuring Ascending Trendline support. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The latest bout of buying near the trendline support also helped push SOL over the 23.6 Fib line (~$204) of its Fibonacci retracement graph, drawn from the $23.22-swing low to the $260.69-swing high. As a result, the $260-price level <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears like the last line of defense between SOL and a new record high.<\/p>\n<p>&#8220;SOL, although, looks like exhaustion, still $300-something is possible (this season),&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fomocapdao\">noted<\/a>\u00a0@fomocapdao, an independent market analyst, adding:<\/p>\n<blockquote><p>&#8220;It depends on the whole [ecosystem though], meaning TVL, NFTs, Tabasco, announcements of announcements.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CContinued_appetite%E2%80%9D_for_Solana\"><\/span>&#8220;Continued appetite&#8221; for Solana<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Grayscale&#8217;s decision to add Solana into its service portfolio promised to make SOL visible across more high-net-worth and institutional investors.\u00a0<\/p>\n<p>That is primarily because of Solana&#8217;s incredible growth as a blockchain project in 2021. The layer-one protocol emerged as a rival to fellow smart contracts platform Ethereum after providing users with one of the lowest-costing and fastest public ledgers.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/1284d564-d332-4d0d-935c-9e6ca5a5fe90.jpeg\"><figcaption style=\"text-align: center;\"><em>Solana blockchain performance versus others. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a><\/em><\/figcaption><\/figure>\n<p>Solana&#8217;s ecosystem attracted over 500 projects spread across decentralized finance (DeFi), nonfungible tokens (NFT), Web 3.0, and other sectors, with 1.2 million active users on the network. Among them is Serum, a decentralized derivatives exchange backed by billionaire Sam Bankman-Fried&#8217;s FTX and Alamada Research.<\/p>\n<p>As a result, the price of SOL, which works as a fee and staking token inside the Solana ecosystem, surged by more than 10,700% year-over-year, with its circulating market capitalization peaking near $77.93 billion in November.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/309d79ab-bd2a-41cb-b902-6151ac31e461.png\"><figcaption style=\"text-align: center;\"><em>SOL circulating market capitalization. Source: Messari<\/em><\/figcaption><\/figure>\n<p>Now valued at over $70 billion, Solana is still the fourth-largest blockchain by market capitalization, with Grayscale CEO Michael Sonnenshein noting that there is already a &#8220;continued appetite&#8221; among investors to gain exposure in the blockchain project.<\/p>\n<p><strong><em>Related:\u00a0Okcoin reports altcoins drove institutional interest in crypto for 2021<\/em><\/strong><\/p>\n<p>The statements came after Coinshares, a London-based asset management firm, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinshares.com\/research\/digital-asset-fund-flows\">reported<\/a> net capital inflows worth over $250 million into the SOL-based exchange-traded products (ETP). This month alone, the Solana ETPs attracted around $42.2 million, Coinshares underscored in its Nov. 29 report.<\/p>\n<p>Despite the calls for SOL to hit $300 next, the token still faces downside risks due to a few <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> issues, including excessive valuations on longer-timeframe charts and the\u00a0possibility of network outages.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The digital asset class is growing, and we\u2019re expanding our offerings along with it!&#8230;<\/p>\n","protected":false},"author":1,"featured_media":374439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvMDI3NjgzZDUtOTYwZS00YzE1LTk0NDctZDc2ODJhNmU0NjgwLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,76550,74939,75434,92498,78261,73785],"class_list":["post-374438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-grayscale","tag-market-analysis","tag-smart-contracts","tag-solana","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=374438"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/374439"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=374438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=374438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=374438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}