Coin Bureau CEO Nic Puckrin has identified a crucial signal that could propel Solana’s price to $1,300. In a recent post, Puckrin revealed that the Grayscale GSOL trust is trading near all-time highs and at seven times the Net Asset Value (NAV).
$SOL to $1,300??
The Grayscale GSOL trust is trading near all time highs & at 7x the NAV.
These institutional buyers are willing to gain $SOL exposure at an implied price of over $1,300 pic.twitter.com/U65KU9WT5F
— Nic (@nicrypto) July 23, 2024
According to Puckrin, institutional buyers are willing to gain SOL exposure at an implied price of over $1,300. He supported his position by attaching a performance chart of the digital asset to his post, showing the asset’s market price as of July 22 was $524.49, while its NAV per share was $68.40.
Puckrin’s observation comes amid growing bullish sentiment for Solana. This follows a significant rebound after a recent price pullback that saw SOL drop to $121.01. However, Solana resumed its uptrend, rallying to $185.00 as of July 21. The surge mirrored Solana’s May rally, reflecting a 53% gain in about two weeks, in a move that could pave the way for more upside movement.
Solana’s recent rebound has put the scalability-focused blockchain protocol back on track with its original bullish trend since the beginning of 2024. The altcoin dominated the crypto market earlier this year after continuing with an uptrend that began in Q4 2023.
TradingView’s data shows that SOL surged from $17.34 in September 2023, reaching an impressive $209.90 peak by March 2024, gaining over 1,100%. That move changed Solana’s overall sentiment after a protracted downtrend pressured the altcoin for nearly two years after it reached a $260 all-time high during the previous bull cycle.
Solana’s recent rally has revived bullish sentiments among altcoin community members, raising the optimism of investors looking forward to higher price levels. SOL was trading for $176.64 at the time of writing.
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