Solana Makes it to the Grayscale Investment Basket with 3.24% Allocation
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Solana Makes it to the Grayscale Investment Basket with 3.24% Allocation

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Azeez Mustapha

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Solana (SOL) could see a decent boost in the coming days as Grayscale Investments reorganizes its digital assets investment funds to create room for SOL and Uniswap (UNI). This development comes after the firm’s recent announcement on its “quarterly rebalancing of funds” for the Grayscale Digital Large Cap Fund and its DeFi Fund.

That said, the behemoth digital assets manager will slash portfolio funds for Litecoin and Bitcoin. The realized capital will get redirected into Solana and Uniswap in substantial portions.

This makes it the first time the $47 billion-strong digital assets manager will offer Solana-related products to its investors.

Solana, which boasts as the fastest blockchain in the world, will occupy 3.24% of the Grayscale investment basket. Meanwhile, UNI, the largest decentralized exchange (DEX) On Ethereum, will take up 1.06%. This undertaking makes SOL and UNI the fourth and fifth-largest complements of the Grayscale fund.

At the number one spot is Bitcoin (GBTC), controlling 62.2% of the Grayscale portfolio, while Ethereum takes the second spot with 26%. Cardano (ADA) comes at number three and accounts for 5.1% of the firm’s digital fund portfolio.

This move comes after an increased push for Solana’s investment products by institutional investors following its impressive performance. Solana stole the show in the altcoin space for monthly institutional capital inflows in September, raking in $59 million, eclipsing Ethereum’s $35 million figure despite Solana’s network outage in September.

Key Solana Levels to Watch — October 4

Along with most of the industry, SOL has recorded a decent recovery from its recent fall and has reclaimed the $170 area. That said, the price has fallen into a slight correction amid mild profit-taking by bulls.

SOLUSD – 4-Hour Chart

Based on our MACD indicator, we could record a sustained pullback towards the $160 – $150 region over the coming hours or days. However, a sharp bullish rally should come after this correction, considering the imminent formation of a bullish golden cross on our 4-hour chart.

Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $160, $150, and $146.

Total Market Capitalization: $2.11 trillion

Solana Market Capitalization: $49.3 billion

Solana Dominance: 2.3%

Market Rank: #6

 

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