In a captivating market development, Solana (SOL), the sixth-largest cryptocurrency, experienced a slight dip of around 3% on Monday following its extraordinary surge of 42% in the past 7 days. However, the real spotlight shines on Grayscale's Solana Trust (GSOL), as data reveals an astonishing 869% premium, hinting at a surge driven by institutional appetite for crypto assets.
Grayscale's Solana Trust Soars
Coinglass data unveils that Grayscale's Solana Trust currently holds 115.90k SOL, estimated at around $6.78 million, with a per-share holding value of $20.84. Remarkably, the market price per share is trading at $202, flaunting an immense 869% premium.
Solana, within the broader crypto market, maintains an average price of $57.33 at the time of reporting. This marks the first time since May 2022 that SOL has reached this price level, showcasing an impressive year-to-date surge of 482%, outpacing Bitcoin's YTD increase of 122%.
Despite a recent price correction leading to the liquidation of over $9 million in long and short positions, Solana has experienced a 42% decline in its 24-hour trading volume, settling around $2.36 billion.
Whale Alert: Solana Accumulation Amid Dip
Whale Alert, an on-chain data tracker, reported a significant move where a whale wallet transferred around 200k Solana (approximately worth $11.5 million) from the crypto exchange Huobi to an undisclosed wallet. This move suggests a strategic accumulation of SOL by whales amidst the recent price dip.
Grayscale's MANA Trust Surges with a 308% Premium
In a parallel phenomenon, Grayscale's Decentraland Trust (MANA) echoes a similar trend, trading at an impressive 308% premium. Holding 17.74 million MANA with an average value of $8.56 million, MANA's per-share holding is valued at $3.97, while the market price reaches $16.2.
Decentraland, on the market front, experienced a substantial 71% surge over the past 30 days, trading at an average price of $0.480 at the time of reporting. However, its 24-hour trading volume saw a 48% decrease, settling at $119 million.
The post "Grayscale’s GSOL Trades at 869% Premium, Whales on SOL Buying Spree" highlights the cryptocurrency market's latest intrigue as institutional interest and whale activities take center stage amidst Solana's remarkable rally.
