Solana has risen by 5% today, climbing to $236 after Grayscale filed to transform its Solana Trust into a ETF.
This gain has gone some way to repairing the minor damage SOL has sustained in the past few days, with the coin now flat in the past week.
It also remains up by 44% in the past month and by 280% in the past year, with these increases reflecting the medium- and long-term momentum it has generated in 2024.
And with Grayscale’s application likely to be successful under the incoming Trump administration, Solana could have a massive 2025.
Grayscale’s Spot Solana ETF Could Ignite SOL to $400 – Here’s Why Bulls Are Watching
Grayscale filed its application with the SEC yesterday, with its filing declaring that the ETF would trade under the GSOL ticker, if accepted.
The market has accepted to this news bullishly, which is not surprising given that Grayscale’s Solana Trust is currently the biggest SOL investment fund in the world, worth around $134 million.
By converting it into an ETF, Grayscale aim to ensure that the value of the fund more accurately tracks the underlying price of Solana.
Given its existing size and Grayscale’s reputation, it would likely attract a significant number of institutional investors, in turn boosting SOL’s price.
And it likely won’t be the only Solana ETF to emerge next year, with Bitwise, VanEck, 21Shares and Canary Capital also applying to launch their own funds in recent weeks.
Clearly, if these end up going live, SOL will rally accordingly.
It was going to rally strongly anyway, given that Solana remains the third-biggest layer-one blockchain in terms of value locked in.
But interest from institutions will boost it even further, with its chart today stuck in the middle between recovery and further dips.
Source: TradingViewIts RSI (purple) has dipped to 50 in the past hour, a sign that its overnight rally is now losing a little bit of steam.
Yet its 30-period average (orange) has remained below the 200-period average (purple) for the best part of a week now, implying that the coin is due a rebound.
This is likely to come in the next few days, with the coin’s trading volume at a healthy $10.4 billion today.
The Solana price could therefore reach $250 in the next couple of weeks, before breaking its ATH of $263 by the end of the year.
New Presale Tokens for Big Returns
Solana looks like it will be one of the best-performing major alts next year, but it won’t be the only altcoin to perform strongly.
We’re also likely to see strong showings from presale coins, with the biggest such coins often surging when they list for the first time, especially if they’ve had a successful sale.
One example that ticks all of these boxes is Best Wallet Token (BEST), which has now raised over $2.1 million since beginning its sale several weeks ago.
BEST is the native, Ethereum-based token of Best Wallet, which has become one of the most popular software wallets in crypto since launching over a year ago.
Best Wallet users will gain numerous advantages if they hold BEST, such as reductions on transaction fees, greater staking rewards, governance rights, and early access to new presales and airdrops.
They will also be able to stake BEST, making it a profitable token to hold.
And because Best Wallet is already a popular wallet in its own right, BEST should experience strong demand once it launches.
Investors can join its sale by going to the official Best Wallet Token website, where the coin is selling at $0.02295.
This price will rise again in a day and a half, so investors should get moving if they want to lock in the biggest possible gains.
Check Out BestWallet PresaleThe post Grayscale’s Spot Solana ETF Could Ignite SOL to $400 – Here’s Why Bulls Are Watching appeared first on Cryptonews.
