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Alexis Ohanian, Solana Ventures launch $100M Web 3.0 growth fund

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Reddit co-founder Alexis Ohanian has teamed up with Solana Ventures to launch a new investment fund dedicated to Web 3.0 and social projects, potentially setting the stage for the next wave of budding crypto startups. 

Ohanian announced Tuesday at the Breakpoint Conference in Lisbon, Portugal that his Seven Seven Six venture firm and Solana Ventures have allocated $100 million to Web 3.0 and “decentralized social projects.” In an accompanying news release, the internet entrepreneur touted his venture firm’s expertise in “identifying and investing in early social and crypto trends,” such as Reddit, Patreon and Coinbase, among others.

Raj Gokal, the chief operating officer of Solana Labs, said “Web3 turns users and creators into owners and stakeholders, a change that can’t come soon enough to social media.”

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Centralized social media platforms such as Facebook are said to generate hundreds of billions of dollars in annual revenue, mostly through advertising and without rewarding content creators for their contributions. While efforts to “decentralize” social media have been underway since at least 2017, no blockchain-based social project has reached mainstream adoption. Seven Seven Six and Solana Ventures said they will prioritize technologies and applications that “[eliminate] value extraction from centralized intermediaries.”

Solana Ventures has been highly active on the investment front, having only recently spearheaded a $100 million fund dedicated to Web 3.0 gaming, also known as GameFi. Similar funds were also launched by Sanctor Capital and Huobi Group. Over $17 billion in venture capital has flowed to crypto- and blockchain-focused startups so far in 2021.

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Grayscale Launches Solana Trust for Accredited Investors

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The leading cryptocurrency asset manager, Grayscale, has launched its next investment product tracking the performance of Solana.

Grayscale Investments, the digital asset manager with over $50B in AUM, announced the launch of its 16th investment vehicle – the Grayscale Solana Trust.

  • The company’s press release, dated November 30th, explained that the new Trust will “solely and passively” invest in SOL – the native cryptocurrency of the popular blockchain project, Solana.
  • The product is already available for daily subscriptions by eligible individual and institutional accredited investors.
  • The Grayscale Solana Trust has become the 16th investment product launched by the company, following such for Bitcoin, Ethereum, Chainlink, Stellar, Litecoin, Ethereum Classic, Decentraland, and more.
  • “For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. We have had a front-row seat to the mainstream acceptance and adoption of crypto and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.” – commented company CEO Michael Sonnenshein.
  • Launched in 2013, Grayscale is now the largest cryptocurrency asset manager. Its AUM has skyrocketed in the past two years and currently exceeds $50 billion, according to the latest update from the firm.
  • Grayscale is also actively trying to convert its largest Trust – GBTC – into a Bitcoin Spot ETF in the United States.

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Grayscale Debuts New Trust for Solana

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Grayscale Solana Trust has become the asset manager’s 16th investment product

Leading cryptocurrency money manager Grayscale Investments announced Tuesday that it had introduced a cryptocurrency trust for Solana, the fifth-largest cryptocurrency by market capitalization.

The newly launched investment vehicle makes it possible for accredited investors to gain exposure to the top “Ethereum killer” without actually holding the underlying asset, thus mitigating risks linked to custody.

CEO Michael Sonnenshein said that the company’s suite of offerings continues to expand together with the broader crypt ecosystem:
 

We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.
 

With the most recent addition, the Grayscale family is now comprised of 16 trusts. With $35.7 billion under management, the Bitcoin trust remains the company’s crown jewel.

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Solana, a high-throughput blockchain, has managed to chip away at Ethereum’s share of the crypto market, taking advantage of the competitor’s exorbitant gas fees that make the second-largest blockchain too expensive for the average Joe. Its native SOL token is up over 1,000% since the start of April, becoming one of the top-performing cryptocurrencies of the year.

As reported by U.Today, FTX cofounder Sam Bankman-Fried recently said that Solana could possibly overtake Ethereum.

For now, such a scenario appears to be far-fetched since the former accounts only for 11% of the latter’s massive $553 billion market cap.

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Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?

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  • Solana price analysis is bearish today.
  • SOL/USD saw rejection for upside around $210 yesterday.
  • Bearish momentum returned overnight.

Solana price analysis is bearish today as we saw upside rejected at $210 yesterday, meaning another lower high has been set. Therefore, we expect SOL/USD to drop further later today and look to test previous lows again.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower? 1
Cryptocurrency heat map. Source: Coin360

The market overall has traded mostly in the green over the last 24 hours despite Bitcoin being down by 0.49 percent. Meanwhile, Ethereum increased by 3.32 percent, while Solana (SOL) gained lost 0.18 percent.

Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower

SOL/USD traded in a range of $200.45 – $212.45, indicating mild volatility over the last 24 hours. Trading volume has declined by just 0.22 percent, totaling $2 billion. Meanwhile, the total market cap trades around $61.18 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to decline again

On the 4-hour chart, we can see bearish momentum returning for the Solana price action overnight, likely resulting in further downside tested later today.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?
SOL/USD 4-hour chart. Source: TradingView

Solana continued to decline over the past week with a new low found around $185 on the 26th of November. Therefore the overall, several-week trend continues to be clearly bearish, indicating we should see further downside until a strong higher high is set.

Over the weekend, SOL/USD went for another test of the $185 support, quickly spiking below it before rapidly pushing higher. The $210 minor support/resistance was reached yesterday, with rejection for further upside seen in the afternoon.

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From there, the Solana price started to slowly move lower, indicating a new lower high had been set clearly. Overnight, bearish momentum continued, moving SOL/USD to the $200 mark. We expect the current bearish momentum to continue later today, leading to further downside tested.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we saw upside rejected at the $210 mark, leading to a slow decline overnight. Likely we will see SOL/USD continue even lower, potentially reaching back to the $185 previous major support.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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