Solana (SOL), the sixth largest cryptocurrency registered a minor correction on Monday as its price dropped by around 3%. This comes after its staggering surge of 42% over the past 7 days. However, data reveals that Grayscale’s Solana Trust (GSOL) is trading at an 869% premium. It is expected that this pump is driven by institutional demand for crypto products.
Grayscale’s Solana trust peaks
As per the Coinglass data, Grayscale’s Solana total holding stands at 115.90k SOL. Its total worth is expected around $6.78 million with holding per share standing at $20.84. It is important to note that its marker price per share is trading at $202 at a premium of a huge 869%.
In the crypto market, Solana is trading at an average price of $57.33, at the press time. This is the first time since May 2022 that SOL traded at this price level. Solana’s price is up by 482% on the year to date (YTD) basis. This impressive surge has beaten the Bitcoin (BTC)surge of 122% on the YTD.
Coinglass data depicts that over $9 million worth of long and short positions were liquidated in Solana amid its recent price decline. However, Solana recorded a decline of 42% in its 24 hour trading volume. It stands around $2.36 billion.
Whale Alert, an on chain data tracker reported that the whale wallet moved around 200k Solana (approx worth $11.5 million). It was transferred from the crypto exchange Huobi to an unknown wallet. This move suggests that whales are accumulating more SOL amid the price dip.
Grayscale’s MANA Trust records 308% Premium
Grayscale’s Solana trust is not the only trust that is trading at such a huge premium. Data depicts that Grayscale Decentraland Trust (MANA)’s premium rate is up by 308%. Grayscale holds 17.74 million MANA at an average value of $8.56 million.
MANA’s holding pre share at Grayscale is valued at $3.97. However, Its marker price is trading at $16.2.
On the market side, Decentraland price registered a surge of a massive 71% over the past 30 days. MANA is trading at an average price of $0.480, at the press time. Its 24 hour trading volume is down by 48% to stand at $119 million.