Grayscale Publishes Bullish Solana Case as SOL Trades Near $90 After 6% Daily Gain

Grayscale Investments published a formal bullish thesis on Solana this week, outlining six reasons for its optimism on the network at a moment when SOL is trading approximately 67% below its September 2025 highs.

The timing of the publication, arriving as the broader crypto market recovers and SOL posts one of its stronger daily performances in weeks, gives the institutional endorsement additional weight beyond its written content.

SOL trades at $89.77 on Binance as of 16:50 UTC on March 13, up 0.31% in the past two hours after a session that saw the token spike to $91.77 before pulling back to the current level. The two-hour chart captures the shape of the past two weeks clearly: a drop from approximately $89 on March 2 down to a low near $81.80 on March 9, followed by a gradual recovery through March 10 and 11, a brief push toward $88.50 on March 10, further consolidation, and then a sharp acceleration on March 13 that drove price from $87 to the $91.77 session high before settling near $89.77.

Volume on the March 13 spike candle reached 151.7K SOL, the largest single candle reading visible in the two-week window and a confirmation that the move carried genuine participation. The day’s gain of approximately 6% places SOL among the stronger performers in the top-ten asset class on a day when the broader market turned green on stagflation macro concerns.

What Grayscale Is Arguing

Grayscale’s published thesis, shared via its Stack research platform and authored by its LowBeta research team, frames Solana’s current price level as a compelling entry point relative to network fundamentals. The asset manager’s price chart, sourced from Coin Metrics and dated through March 8, shows SOL’s trajectory from approximately $100 in March 2025 to a peak near $245 in September 2025, followed by a sustained decline to the current $75 to $90 range. The 67% drawdown from the September high is the figure Grayscale leads with, framing the correction as a valuation opportunity rather than a fundamental deterioration.

The six pillars of Grayscale’s bullish case cover both current performance metrics and forward-looking structural arguments. Solana leads its peer group in users, transactions, and fee generation, a claim consistent with the CoinPedia blockchain revenue data published earlier this week showing Solana generating $26.7 million in network revenue during February 2026, more than Ethereum and Tron for the second consecutive month. Grayscale also cites Solana’s positioning for growth amid regulatory clarity, its staking reward infrastructure for network participants, strong network effects built over years of ecosystem development, and a diverse on-chain economy spanning DeFi, decentralized physical infrastructure networks, and additional application categories.

The Gap Between Price and Fundamentals

The tension at the center of Grayscale’s thesis is the divergence between Solana’s network performance metrics and its price. The February blockchain revenue leadership, 264 million monthly transactions growing at 161% year over year per growthepie data, and a developer ecosystem that continues producing new applications across DeFi and consumer categories all describe a network operating at a high level. The price, meanwhile, has given back the majority of its 2025 gains and sits near levels last seen before the bull run began in earnest.

Grayscale’s argument is that this divergence is a temporary condition created by broader market sentiment rather than a signal of network deterioration. The regulatory clarity argument is particularly relevant in the current environment. As the CLARITY Act and GENIUS Act work through Congress, and as the SEC moves toward narrower innovation exemptions for tokenized assets, the legal framework surrounding Solana-based applications is becoming more defined. Grayscale positions that clarity as a growth catalyst for institutional adoption of Solana infrastructure that has been building throughout the price correction.

The $90 Level as the Near-Term Reference

At $89, SOL is testing the $90 level that has acted as a psychological reference point throughout the two-week chart window. The session high of $91.77 represents the first meaningful push above that level since the early March peak near $93.50, which itself was the high point of the initial recovery attempt after the correction low. Whether today’s volume-confirmed push above $90 holds or retreats back into the $85 to $89 range that dominated trading from March 9 through March 12 will determine whether the current session represents a genuine breakout from the recent range or another test that fails at the same ceiling.

Grayscale’s thesis does not depend on short-term price levels. It is a fundamental argument for a multi-month horizon built on network metrics, regulatory positioning, and valuation relative to peak. But the timing of its publication, arriving precisely as SOL breaks above $90 on the highest volume of the past two weeks, means the institutional endorsement and the technical breakout attempt are landing simultaneously.

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