Altcoins are finding major prominence among crypto funds operating in the market. As per the latest development, the world’s largest digital assets manager Grayscale has added Solana (SOL) and Uniswap (UNI) to its Grayscale Digital Large Cap Fund.
This comes as part of Grayscale’s portfolio rebalancing. Solana (SOL) has emerged as a strong player in the top ten crypto-list with a solid rally over the last three months. On the other hand, decentralized exchanges (DEXs) like Uniswap have been finding strong demand recently with transaction volumes soaring up 500% last week.
The Grayscale Digital Large Cap fund has nearly $500 million worth of assets under management as of date. With the latest rebalancing, Solana and Uniswap will share a space with other giants like Bitcoin, Ethereum, Cardano, Chainlink, Litecoin, and Bitcoin Cash. However, BTC and ETH together dominate more than 90% of the fund holdings. Speaking to Blockworks, Craig Salm, Grayscale’s head of legal, said:
“We will sell the existing fund components in proportion to their weightings and then [put in] Solana and Uniswap. The fund is really a great way for our investors who don’t want to make a targeted bet on bitcoin, Ethereum or another digital asset; they just really want broad market exposure.”
Consolidating With Altcoins
With the emergence of some good altcoin projects like Solana, the altcoin sector is attracting investor funds in big amounts. Apart from just retail interest, even institutions have been pouring major amounts into the altcoin space.
Ethereum alternatives and Layer-1 smart contract platforms like Solana, Avalanche, Polkadot, and others have been in strong demand. As a result, investors have started consolidating their investments with such altcoins and different types of themes.
At the same time, the DeFi theme is also been attractive to investors. The Grayscale Decentralized Finance (DeFi) Fund allows investors to gain exposure to this rapidly emerging DeFi space.
Top Crypto Trader Says Ethereum Rival Solana Will Outshine Both Bitcoin and ETH – Here’s His Target
A leading crypto trader and analyst says an Ethereum (ETH) competitor appears ready to surge by more than four times its current levels.
The trader pseudonymously named Smart Contracter tells his 174,900 Twitter followers that Solana (SOL) will outshine both ETH and Bitcoin (BTC).
His target price is now $900 – an appreciation of more than 360% from SOL’s current value.
The trader, who primarily relies on Elliot Wave theory, says Solana is bullish when paired against Ethereum, which is itself bullish when paired against Bitcoin.
Elliot Wave theory is a method of identifying where assets are heading using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…
ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
According to CoinGecko, Solana is trading at $192 at the time of writing, down about 10% from its September all-time high.
Smart Contracter says he believes Solana’s recent resurgence is in its early days after the altcoin rose above two key levels of resistance.
“Got SOL low key breaking downtrends of two different degrees, this bad boy runs hard when it gets going and it’s only just getting started here.”
The top crypto trader says that last month Solana began displaying similar chart behavior to Binance Coin (BNB), which surged by over 1,600% to a record high between January and May this year.
He says that if Solana replicates BNB’s pattern, a price of $900 is in the cards.
“Same vibes, same narrative…
If SOL follows the run BNB had it can go to $900.”
Solana [SOL] shatters resistance at $160; Major push ahead
Solana’s (SOL) price analysis for today remains bullish for the day, up by more than 7%. According to the data from CoinMarketCap, in the last 24-hours, the price rose by more than 17% and is currently at $189. The trading volume for the SOL token rose by 348%, making it one of the most actively traded tokens today.
Furthermore, the highest price for the coin in the last 24 hours remains at $193.6. The current price of the token is 11.75% from its all-time high at $214.96 made a month ago.
Following Bitcoin’s new all-time high, the entire market sentiment has turned bullish as ETH also reached new ATH.
Solana’s price movement in recent period
In recent days, Solana’s price has been actively bullish, rising by 194% in August, 30.5% in September, and more than 30% in October, at the time of writing.
October started with a surge of 14.28%, while a similar surge of more than 8% was witnessed on 15th October. Yesterday, the daily candle of the SOL/USDT trading pair rose by 13.44%.
Solana price analysis on the technical indicators
The technical indicators on the 1-day chart suggest that the price of the token will remain bullish in the short term as the price movement is above the 50-day and 100-day Moving Averages.
Furthermore, the price action is breaking out of the upper end of the Bollinger Bands, meaning that we will see higher prices as buying pressure increases.
The RSI indicators show that the bulls are in charge and taking the token towards the overbought zone. The current reading is above 60 while the gradient is positive, indicating a surge in buying pressure.
On the other hand, the MACD indicator represents a bullish divergence, I.e., the blue line is traversing above the orange or signal line. This scenario shows that prices will remain bullish on the daily chart.
Solana price analysis on the chart by TradingView
The final verdict of our Solana price analysis is bullish, while BTC will now eye for the $80,000 price level according to the research by Finder. This research included prominent individuals like CoinFlip founder and chief advisor Daniel Polotsky.
Hence, it would be better for you to hold the SOL token for the time being, as analysts predict a price of $274.93 by the end of 2021.
Solana Surges Above $200 ! SOL Price to Hit New ATH Today?
Bitcoin reached that high on Wednesday, but has since dropped to $64.2K on Thursday, and is now at $64.8K. Solana, the sixth most valuable cryptocurrency by market capitalization, beats its peers. SOL was able to entice all of the bulls into its market, gaining 12.4 percent in the last 24 hours.
SOL was trading at a high of $183 at the time of writing. With little in the way of technical resistance levels, the market looks set to float higher. The overall sentiment in the cryptocurrency market is heavily positive, which could add extra volatility on any downturn.
SOL Price Analysis:
In recent months, the monthly time frame of SOL has been quite bullish, but it has recently started to reject and lose momentum. This indicates that the bulls’ extended hold on the market is beginning to loosen.
Since the beginning of 2021, the SOL currency has been on the rise, with a tiny dip in September after hitting an all-time high of $214.96. The price of SOL might readily rise beyond $200 and the key resistance level of $215.
The bullish triangle pattern’s primary aim is $226. Sellers, on the other hand, might trade their Solana between the psychological support level of $200 and the all-time high of $216.When a rally above $195 is assured, two locations could represent substantial resistance.
Solana is blooming:
MonkeyBall, a play-to-earn gaming platform, has announced the completion of its recent investment round, in which it raised over $3 million from a variety of venture and angel investors.
Synchrony Finance, an asset management protocol located in Solana, has raised $4.2 million in strategic funding.
Synchrony co-founder Andrew Fraser told The Block that the investment was raised in two phases: seed and private, with both rounds using Simple Agreement for Future Tokens (SAFT) sales.