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Will Solana Reach $ 250 According to Grayscales Trust Listing?



Solana has outperformed most other leading cryptocurrencies in the past 24 hours and it could go higher.

The cryptocurrency market is slowly recovering from last week's slump. However, the total capitalization of the crypto market remains below the $ 3 trillion mark. Among the top ten cryptocurrencies by market capitalization, Solana is the top-performing in the past 24 hours.

SOL has increased more than 6% in the past 24 hours. The rally came after Grayscale, the world's leading digital asset manager, announced the creation of its Grayscale Solana Trust. The fund is intended to enable private and institutional investors to invest in Solana.

Grayscale announced that it now has sixteen trusts that track the performance of individual cryptocurrencies and two more funds that give investors exposure to a wide variety of digital currencies. The Grayscale Solana Trust is why SOL has rallied in the past few hours despite the broader cryptocurrency market currently exhibiting bearish behavior.

An overview of important levels

The SOL / USD 4-hour chart is the most bullish of the top ten cryptocurrencies by market capitalization. At the time of writing, SOL is trading at $ 226 per coin, up more than 6% over the past 24 hours. The MACD line has crossed the neutral zone and is currently in the bullish territory.

The RSI of 68 shows that Solana is about to enter the oversold territory, a strong indicator of bullish performance. Solana could rise higher if the coin maintains its current momentum for the next several hours.

SOL could hit the USD 236 resistance level in the next few hours if the cryptocurrency continues its current performance. An extended rally should result in Solana hitting the second major resistance level above USD 240 in the next few hours.

However, unless it is supported by the broader market, Solana could struggle to break the $ 250 mark in the hours ahead.

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