DOGEUSD Dogecoin

Solana (SOL) looks to be attracting the attention of institutional investors, with this Solana fund trading as high as an 870% premium following SOL’s bullish momentum. These investors’ interest in the SOL token isn’t surprising as on-chain metrics suggest it is still undervalued, and a parabolic rise might be on the horizon.  Grayscale Solana Trust Trades At A Premium  Per data from Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently trading at $317 per share, representing a significant premium from SOL’s current price. The premium had risen to 870% on March 8 when GSOL was trading at $540. Shares in the fund are designed to track the value of SOL’s price, allowing institutional investors to have exposure to the token without holding it.  Related Reading: Record $1 Billion In Shorts Risk Liquidation If Bitcoin Hits This Price The disparity between the share price of GSOL and SOL’s price might be because institutional investors are limited in the means to gain exposure to SOL. As such, a fund like GSOL could see its price increase exponentially (just like now) when there is increased institutional demand for the SOL token. Institutional interest in SOL is also evident from NewsBTC’s recent report that crypto-focused asset manager Pantera Capital is raising funds to buy $250 worth of SOL. Investors are likely to jump on this opportunity, considering that these SOL tokens will reportedly be sold at a fixed price of $59.95, meaning there is an opportunity to make significant gains from the deal.  SOL Still Greatly Undervalued Crypto analyst Hansolar suggested that SOL was still undervalued when he mentioned that the crypto token might not take off until BTC and ETH hit new all-time highs (ATH). He also predicted that SOL could rise to as high as $600 in this bull cycle. Meanwhile, the argument about SOL being undervalued is backed by the fact that it is still far off from its ATH of $260.  Related Reading: Crypto Expert Reveals Why Bitcoin Could Hit $200,000 By April Crypto tokens are known to set a new ATH in every bull run, and there is every likelihood that it won’t be different for SOL this time around. Moreover, SOL and the Solana network are gaining much traction heading into this cycle, which should contribute to more price surges for the SOL token.  Solana recently registered an ATH in the number of daily new addresses, with many users onboarded into the ecosystem. This increased interest in the network has been partly due to its DeFi landscape, which is going head-to-head with Ethereum’s, and the current meme coin frenzy on Solana, which has attracted investors.  At the time of writing, SOL is trading at $152, up over 2% in the last 24 hours, according to data from CoinMarketCap.  DOGE price jumps to $0.17 | Source: DOGEUSD on Tradingview.com Featured image from ByteTree, chart from Tradingview.com