Reasons that can increase the price of Solana to $ 300
Grayscale, one of the largest companies investing in digital currencies, announced yesterday that it intends to launch a special investment fund in Solana. Given the popularity of the Solana network in recent months, some experts believe that the price of this digital currency could continue to reach $ 300.
to the Report Kevin Telegraph, Solana was able to maintain its recent upward trend yesterday, because the largest digital currency investment fund, Grayskill, announced that it will add the digital currency to its list of investment products.
Gary Skill tweeted yesterday:
This is a digital asset class [یعنی سولانا] It is growing and we are also working on more options.
Yesterday, the price of Solana jumped 6.5 percent to $ 218.55. This ascent is part of the Solana price recovery process, which began on November 28 (December 27). As can be seen from the image below, the price has recovered 20% after hitting support for the multi-month uptrend line within the chart near $ 190.
The latest attempt by buyers near this support has allowed the price of Solana to cross the 23.6% Fibonacci level near $ 204. In the image above, Fibonacci levels are set based on the uptrend of the price from $ 23.22 to the peak of $ 260.69. As a result, the $ 260 level seems to be the last hurdle between Solana and the new historic high.
“Fomocapdao, a digital currency market analyst, said:
It seems that [بازار] Solana is worn out, but it is still possible to reach $ 300 during this period. However, this depends on the entire Solana ecosystem.
Gryskill has decided to add Solana to its range of investment products. In this regard, the company has promised to introduce Solana to its wealthy investors and other institutions.
First of all, Solana’s incredible growth as a Chinese blockchain project in 2021 has caused this to happen. This year, the first tier protocol was named one of the least expensive and fastest public dormitories available, making Solana the main competitor to the smart contract hosting platform, Atrium.
With its 1.2 million active users on its network, Solana Ecosystem has been able to attract more than 500 projects in the areas of Decentralized Finance (DeFi), Non-Alternative Tokens (NFT), Third Generation Web (WEB3) and more. Among these projects is the name Serum, the first decentralized derivatives exchange to be supported by Alamada Research and FTX.
As a result, the price of the Solana token, which is used to pay fees and share in the Solana ecosystem, has increased by more than 10,700 percent compared to last year. This growth pushed Solana’s market value to a high of $ 77.93 billion in November.
Solana’s total market value is now more than $ 70 billion, making it the fourth most valuable currency in the market. Michael Sonnenshein, CEO of Grayscale, said traders now have a “continuous passion” for investing in Solana.
He made the remarks following the release of the Coinshares report. Kevin Shears is an asset management company based in London. According to the report, the value of capital inflows to tradable products in Solana-based exchanges is more than $ 250 million. In his November 29 report, Kevin Shears stressed that this month alone, tradable products in Solana-based exchanges had raised about $ 42.2 million in new capital.
Although many believe that Solana will continue to fetch $ 300, the value of this token may decline due to a number of general problems. These include overvaluation in longer-term market views and the possibility of network outages.