Solana’s Price Soars to $328 as Grayscale SOL Shares Experience Surge

Solana Price Surges on Exchanges, Grayscale Solana Fund Shares Premium

Solana’s price is soaring once again on crypto exchanges. However, the value of SOL tokens in Grayscale Solana Trust (GSOL) is being valued at a remarkable premium.

The average SOL price on crypto exchanges reached just under $62 on Saturday afternoon U.K. time, based on data from CoinGecko. This marks a 49% increase within a seven-day period for the smart contract blockchain platform.

Moreover, Solana has also experienced a considerable surge of over 180% in the last 30 days, following a remarkable rally in crypto prices across the board, as reported by Cryptopotato.

Grayscale Solana Fund Shares Soar

On Grayscale’s SOL fund, the DeFi blockchain’s tokens are outperforming. According to AAII, the fund offers a “cost-effective and convenient way to invest in SOL tokens (“SOL”) while avoiding the complication of directly holding SOL.”

An X.com crypto investigator analyzed the cryptocurrency hedge fund’s numbers, revealing the following:

Ok so…

– Greyscale SOL fund is trading at $125 a share
– Each share holds 0.38 SOL
– Implies $SOL is at $328 per token
– 600% premium to NAV (using $55)

What the fuck?

Solana is literally going to the moon holy shit lol pic.com/8E9A1UQiDj

— jay (@0xjaypeg) November 10, 2023

While retail traders are buying 1 SOL for $62 on crypto exchanges like Binance and KuCoin, institutional investors are buying 0.38 SOL for $125, translating to $328 for each Solana token, as detailed by “jay on X” on Twitter.

Tradfi Demand for SOL Running High

Jay stated in the ensuing discussion: “it gives us a gauge of demand from trad-fi, and its crystal clear trad-fi wants to bid $SOL”

Just a day after this revelation, GSOL is trading at $202 per share, with the same 0.38 SOL per share. This translates to a going price of $531 for 1 SOL token in Grayscale’s Solana ETF in OTC markets, as observed on Saturday by Joe McCann on Twitter.

Narratives matter.$ETH: $0 to $1400 to $80 to $4868$SOL: $0 to $260 to $8 to $1000

Don’t think this isn’t entering the mind of every investor.

— ◢ J◎e McCann 🧊 (@joemccann) November 11, 2023

The Grayscale SOL fund currently has 304,427 shares outstanding, representing a total assets under management of $6,344,128. For further details on where Solana is being bought the most over the past three weeks, refer to Cryptopotato.