Solana [SOL] Scores Fresh Gains After Grayscale Launches Trust Product

Solana [SOL] Scores Fresh Gains After Grayscale Launches Trust Product

The demand for Solana [SOL] is real and the world’s largest asset manager understands that. Grayscale has announced the launch of a Solana trust product for accredited investors with the help of a private placement.

Grayscale Solana Trust is the asset management company’s 16th investment product that includes some of the most high-profile vehicles such as Grayscale Bitcoin Trust, Grayscale Ethereum Trust, among others.

Grayscale Solana Trust Is Here

Solana is slowly carving a niche for itself in the thriving decentralized finance [DeFi]. Popularized as a viable alternative for Ethereum, its native token, SOL, gained tremendous traction this year. To cater to the growing demand, the latest product in question will provide market participants the exposure to SOL.

Talking about diversifying its offerings as the crypto space continues to expand, Grayscale CEO Michael Sonnenshein stated,

“We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”

This, however, is not the first time, a prominent crypto asset management firm has announced its plans to offer exposure to the token. In September this year, Grayscale rival, Osprey Funds had revealed rolling out a Solana trust product for private placement. 

Is Solana’s [SOL] comeback sustainable?

Solana [SOL] Scores Fresh Gains After Grayscale Launches Trust Product

Solana’s price has been on a constant decline after setting a new peak on the first of November. In fact, the asset has been oscillating within the confines of a descending channel. SOL managed to break out of this bullish pattern and bounced off a critical support area.

As such, the 50 DMA [Pink], which attempted to climb over the SOL price candles, failed to do so. The 100 DMA [Blue] and the 200 DMA [Yellow] continued to hover below respectively. Despite an uptick in volatility, the trading volume has remained unfazed which may impede its growth.

Solana [SOL] Scores Fresh Gains After Grayscale Launches Trust Product

The Chaikin Money Flow [CMF] was still below the zero-line even as capital inflow noted a minor increase. The shift in market momentum was perfectly captured by the Stochastic RSI that rebounded from the oversold region and experienced a bullish crossover. It was now climbing upwards. The Relative Strength Index [RSI] also depicted a similar sentiment of increased buying pressure among the traders in the SOL market even as it eyed a breakout from the 50-median line.

It all depends on the bullish momentum. A successful push may trigger an ascent to $230.9. If this transpires, Solana could potentially soar past its previous all-time high near $258.

Meanwhile, the crypto-asset has found significant support from $191, $150, and $125 levels respectively.