Solana May be Able to Hit $300 per SOL Figure, Support Comes from Grayscale

Cryptocurrency News

Solana is reportedly continuing with its high-trend and it is constantly adding to its unit price. Even the intraday performance of Solana on November 30 has been on the high side of the asset’s growth.

The reason why Solana has continued growing in size is because of the recent involvement of Grayscale Investments with the digital asset. Grayscale is currently the largest fund for cryptocurrencies in the entire world. Grayscale Investments has announced that it is going to add Solana, the 5th largest cryptocurrency in the world by valuation to its list of products.

The announcement is quite remarkable for Solana as it has set the digital asset for another major benchmark that is hitting the $300 per SOL figure. Since the beginning of 2021, SOL’s growth rate has easily towered over all major cryptocurrencies.

In the running year, SOL’s YTD growth has been 12,275.03%, which easily beats the growth of every major cryptocurrency. At present, the price of SOL is at $228.19 per SOL and the announcement made by Grayscale Investments has helped it tremendously.

It is because of the 6.55% surge in the past 24-hours that has helped SOL reach this figure. It was on November 28, 2021, when the Solana token started making a comeback from a dip that took over the entire crypto-verse on November 10, 2021.

The performance chart for Solana from TradingView showed that it had full support for the $190 per SOL figure. This meant that despite all the lows, the price of SOL may not go below the $190 figure. This injected confidence among the investors.

As the report was published on November 28, 2021, it did the magic for SOL and its price started making a rebound. On the same day, SOL’s price rose from $190 and went all the way up to $217.50 per SOL figure after exhibiting 6.50% growth.

The Fibonacci graph for SOL shows that as of now, SOL has been pushed over the $204 per SOL, which is represented by the 23.6 Fib line. After the recent movement of SOL, the high swing for SOL on the fib graph is at the line representing $260.36 per SOL.

This means that soon, SOL will be able to hit the $260 per SOL figure. However, the analysts from Cointelegraph Markets Pro are going with the possibility of SOL hitting the $300-something figure.

Even now, the price for SOL continues to grow and the latest predictions from analysts keeping the Grayscale involvement in mind, may help it achieve its $300 benchmark soon.

This may push SOL over USDT, which is currently the 4th largest cryptocurrency in the entire crypto-verse in terms of valuation.

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