Solana (SOL) is currently in a loss state, yet it remains one of the best-performing cryptocurrencies. Over the past year, SOL has grown more than 15 times, climbing to fifth place in the cryptocurrency rankings, surpassing XRP, Cardano, and popular meme coins like Dogecoin. Despite the recent decline, the prospects for Solana look promising. The Grayscale Solana Trust (GSOL) is trading at a 650% premium over the net asset value (NAV). This premium suggests heightened investor interest and limited availability of GSOL shares.
According to Jamie Coutts, the chief crypto analyst at Real Vision, the jump in the NAV premium follows the wave of spot exchange-traded funds (ETFs) for Solana in the US and Canada. 
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Ethereum’s revenue is twice that of Bitcoin. The net asset value represents the total value of all SOL shares held by the trust, divided by the number of GSOL shares in circulation. When GSOL trades at a premium, it means investors are willing to pay more than the NAV for the underlying asset – Solana. This premium is partly due to the limited supply of GSOL shares, which trade less actively compared to SOL on major exchanges like Binance or Coinbase.
Institutions expecting a price increase in the coming months may be driving this premium as they seek exposure to SOL through GSOL. There is a serious expectation that Solana could outperform Bitcoin and Ethereum in the coming months, maintaining its gains from the first quarter of 2024. This optimism is fueled by recent filings for spot exchange-traded funds (ETFs) for SOL by VanEck and 21Shares with the US Securities and Exchange Commission (SEC). Read more: 
Binance has removed 6 altcoin pairs from its trading platform. In his own application, Matthew Sigel, head of digital asset research at VanEck, emphasized the decentralization, utility, and economic viability of Solana, stating that SOL could qualify as a commodity similar to Bitcoin. However, the approval of a spot Solana ETF by the SEC remains uncertain. Unlike Bitcoin and Ethereum, which have futures products listed on the Chicago Mercantile Exchange (CME), SOL does not have such listings. Moreover, the SEC has already identified Solana as an unregistered security in its legal cases against Binance and Coinbase.
Although the approval of a spot ETF for Solana by the SEC remains uncertain, the anticipation of such a development continues to stimulate interest in SOL. Investors are closely monitoring these events, as they could significantly influence the altcoin’s outcomes in the near future. 