With the launch of Grayscale’s SOL-backed trust, the price of Solana is $300

Solana (Sol) Maintained intraday gains on November 30th because Grayscale Investments, the world’s largest cryptocurrency fund, announced that it would add SOL to its product line.

The next 300 USD SOL?

SOL rebounded to nearly $217.50 after rising by more than 6.50% during the session. The rise of the Solana token was mainly as part of the recovery action that began on November 28. After testing a reliable multi-month uptrend line as support (close to $190), it rebounded by more than 20%, as shown in the chart below.

SOL/USDT daily price chart has an upward trend line support. Source: TradingView

The latest round of buying near the trend line support also helped push SOL to break the 23.6 Fibonacci line (approximately $204) on its Fibonacci retracement chart, from a swing low of $23.22 to a swing high of $260.69. point. Therefore, the price level of $260 seems to be the last line of defense between SOL and new highs.

“SOL, although, looks tired, but $300 is still possible (this season),” famous Independent market analyst @fomocapdao added:

“It depends on the whole [ecosystem though], Which means TVL, NFT, Tabasco, Announcement. “

Solana’s “continuous appetite”

Grayscale’s decision to add Solana to its service portfolio is expected to allow more high-net-worth investors and institutional investors to see SOL.

This is mainly because Solana has achieved incredible growth as a blockchain project in 2021. Competitor with smart contract platform Ethereum After providing users with one of the lowest cost and fastest public ledgers.

Solana blockchain performance compares others. Source: Reddit

Solana’s ecosystem has attracted more than 500 projects, distributed in decentralized finance (DeFi), non-fungible tokens (NFT), Web 3.0 and other fields, with 1.2 million active users on the network.Including Serum, a decentralized derivatives exchange Supported Billionaire Sam Bankman-Fried’s FTX Study with Alamada.

Therefore, the price of SOL is Fees and mortgage tokens within the Solana ecosystem, A year-on-year increase of more than 10,700%, and its circulating market value reached a peak of nearly US$77.93 billion in November.

SOL circulation market value.Source: Mesari

Now worth more than 70 billion U.S. dollars, Solana is still The fourth largest blockchain by market capitalization, Grayscale CEO Michael Sonnenshein pointed out that investors already have “continued interest” to gain exposure to blockchain projects.

related: Okcoin reports that altcoins have boosted institutional interest in crypto in 2021

These statements were made after Coinshares, an asset management company headquartered in London. Report Net capital inflows worth more than US$250 million are exchange-traded products (ETP) based on SOL. Coinshares emphasized in a report on November 29 that Solana ETP attracted approximately US$42.2 million in this month alone.

although SOL is required to reach 300 USD Secondly, due to some common problems, including excessive valuations on long-term charts and Possibility of network interruption.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.