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Solana Eclipses $60: A Detailed Look at the Factors Driving SOL Price Rally

2 mins
Updated by Bary Rahma
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In Brief

  • Solana's SOL token has surged impressively, reaching $60, marking a near 500% increase YTD.
  • The ecosystem's robust uptrend is fueled by substantial growth in new users and increased liquidity.
  • Grayscale's Solana Trust (GSOL) reflects the bullish market conditions, trading at an 800% premium.
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The Solana ecosystem is experiencing a robust uptrend, overcoming the challenges of the bear market. The substantial appreciation of the price of SOL and a distinct shift in market sentiment marks a noteworthy resurgence.

Data from BeInCrypto shows that Solana’s SOL briefly touched the $60 mark earlier today, its highest level since May 2022.

Solana (SOL) Price Rallies 500% YTD

SOL has demonstrated remarkable growth, surging over 178% in the last month and nearly 500% year-to-date. This places it ahead of other leading cryptocurrencies, such as Bitcoin and Ethereum, which have also experienced positive trends.

A surge in new users, increased liquidity, and a growing interest in the Solana blockchain technology from major traditional institutions complement this upward trajectory in price.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Solana's Year-to-date Price
Solana’s Year-to-Date Price. Source: TradingView

On-chain data from DefiLlama reveals that decentralized exchanges operating on the Solana blockchain have surpassed $2 billion in trading volume within the first 12 days of this month, setting the stage for a record-breaking month. Furthermore, the total value of assets locked on the network has exceeded $500 million as of press time.

Grayscale Solana Trust at 800% Premium

The bullish market conditions have significantly impacted Grayscale’s Solana Trust (GSOL). Data shows GSOL shares are trading at an impressive premium exceeding 800%.

Secondary SOL shares transactions reached as high as $202 on November 10. This represents a substantial increase from the $20 valuation of primary sales during the same period.

Grayscale Solana Trust
Grayscale’s Solana Trust. Source: Grayscale

This surge underscores a growing interest among institutional investors in securing exposure to Solana. The American Association of Individual Investors (AAII) says GSOL provides a secure avenue for investors to invest in the ecosystem without the inherent risks.

Notably, the premium trading of GSOL aligns with other Grayscale products currently attracting substantial attention from investors. This heightened interest stems from prevailing sentiments regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Currently, at least six of Grayscale’s Trusts for digital assets, including Chainlink, Filecoin, Decentraland, Stellar Lumens, and Basic Attention Token, are experiencing premiums exceeding 100%, respectively.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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