Grayscale Launches Solana Staking ETF; Could SOL Soar to $200 Again?

Grayscale has rebranded its Solana ETF to focus on staking exposure, as highlighted in recent SEC filings by Grayscale. It has been renamed the Grayscale Solana Staking ETF, indicating that it has shifted its focus to the yield that is generated by Solana’s proof-of-stake system. It was formerly known as the Grayscale Solana Trust ETF.

Source: X

This is because the name change is an indication of Grayscale’s attempt to differentiate their product as the industry of crypto ETFs evolves. By choosing to highlight staking rewards, Grayscale is able to position SOL as a security beyond a purely speculative asset class, as taking part in securing a network can be a reward-bearing strategy.

Also Read: Solana’s (SOL) Massive February Shock: 11% Move to $149 Ahead

Jito Introduces IBRL Explorer for Solana Validator Tracking

However, the data from Solana Floor emphasized that a tool for improved transparency in the validator ecosystem has also been rolled out by Jito Labs in the form of the IBRL Explorer. The explorer brings with it a scoring mechanism that measures how a validator handles block creation in terms of build time and the efficiency with which transactions are packed.

Source: X

The IBRL Explorer provides the ability to compare validators side by side, pointing out where validators have maximized the efficiency of their functioning and where they fail. In pointing out the inefficiency with evidence, the mission of Jito is to encourage a smarter infrastructure, a better delegation of asset’s stake, and a strong performance.

SOL Triggers Bullish Buy Signal, $200 Target in Sight

Moreover, the crypto analyst, curb.sol, pointed out that SOL is now exhibiting fresh buy signals as the 3-day MACD indicator sends a buy signal for the first time since the significant sell-off event in April that pushed the market close to the lows of $95. A buy signal is now being sent to investors as data suggests a trend reversal within the ecosystem.

Source: X

Traders currently look at the $200 level as the next target, as SOL has always had the tendency to rally swiftly once overall momentum has turned positive. If the trend continues and more bodies pour into the market, SOL will likely become the leading large-cap Layer 1 cryptocurrency token in the next several months.

Also Read: Solana (SOL) Poised for $150 as Trading Activity and Institutional Confidence Surge