Grayscale launches Solana Trust for its accredited investors

solana

Solana has been noticed by institutional investors. The network has great potential in the eyes of Grayscale representatives, which made them decide to launch another crypto fund.

Diversification is the essence of fund expansion

As reported on Grayscale’s Twitter account, another crypto fund managed by the company was launched on November 30. This time we are talking about Solana, which has attracted the attention of investors in the wake of its rapid growth and dynamic growth, listed during the holiday season.

CEO of Grayscale Michael Sonnenshein comments as follows:

“For the past eight years, Grayscale has been at the forefront of offering investors effective exposure to the ever-evolving digital currency ecosystem. We have had a front row seat to the acceptance and adoption of cryptocurrencies by the mainstream. Increasingly, we are finding that investors are diversifying their exposure beyond digital assets such as Bitcoin and Ethereum.”

What is Grayscale

Grayscale is an investment fund with strong ties to the crypto space. It brokers institutional investors to gain exposure to selected cryptocurrencies. Due to the regulatory framework in many countries, mainly the United States, they cannot directly make investments in these types of assets. That’s where Grayscale comes to the rescue, with cryptocurrencies totaling more than $50 billion in their holdings. They include Bitcoin, Ethereum, Ethereum Classic, Litecoin, Bitcoin Cash, Decentraland, Zcash, Horizen, Livepeer, Stellar, Basic Attention Token, Chainlink, Filecoin, and now Solana.

Grayscale is currently seeking to convert the form of its fund to a SPOT ETF. So far, the U.S. SEC has not yet given its approval.

Solana’s price reaction

Initially, the SOL cryptocurrency reacted quite calmly to the events surrounding it, rising just 2.13% on the day of the new Grayscale Trust’s launch. However, the next day the price action gained momentum, closing the price of the coin already 10% higher, at $230. Thus, the 0.5 Fib level on the chart, resulting from the recent upward movement, was successfully defended. Setting the horizon in the same region, we note that this is also the level of the ATH reached in the summer. The successful defense of such a key area may fill us with optimism for the coming days. Solana’s current ATH, reached on November 8, is $267.52. Meanwhile, most indicators remain neutral. Volume, compared to previous moves is quite low, RSI does not show any anomalies. Only on the MACD there is a bullish crossing, but it does not have enough momentum to talk about a strong continuation of the movement.

More and more investors look for opportunities in altcoins

Altcoins are becoming increasingly popular. The situation in Grayscale seems to confirm this. Exposure to assets with higher volatility has become increasingly desirable. More risk, after all, means more chances for growth. That’s why institutions are diversifying.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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