Solana Price Forecast: Grayscale’s ETF Move Could Propel SOL to New Highs
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Solana price has barely moved in the past 24 hours, hanging at $154.72 today as the cryptocurrency market as a whole also struggles to climb.
Despite this, SOL has gained by 8% in the past and is also up by 18% in a month, with the market beginning to pick up again after a difficult start to October.
Solana has also received a boost via asset manager Grayscale, which has filed with the SEC to convert its multi-crypto Digital Large Cap Fund into an exchanged-traded fund.
Given that this fund includes SOL (in addition to Bitcoin, Ethereum, XRP and Avalanche), its approval could result in a big boost to the Solana price.
SOL’s relative strength index has been hovering around 50 for nearly a day, after passing 70 on two separate occasions in the past week.
We also see that SOL’s 30-period moving average (orange) has stopped rising above the 200-period average (blue), and could therefore be about to drop.
While SOL’s RSI has certainly been high for long enough to warrant a correction, the coin’s medium-term issues would also justify further gains this week.
And this seems to be the direction the overall market is taking at the moment, with Grayscale’s application on Monday helping to boost prices across the board.
Grayscale’s Digital Large Cap Fund already trades as a private fund, comprising 75.59% BTC and 17.83% ETH, as well as smaller allocations for SOL, XRP and AVAX.
If Grayscale were able to convert it into an ETF, it would invite more institutional investment in Solana, as well as the other coins in the fund.
Read more on cryptonews.com
