Solana price surges beyond $175 after Grayscale investment

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With the start of October, the crypto market has recovered to some extent after some significant incidents in September that pushed Bitcoin down to nearly $40,000. After back-to-back major events: Evergrande, one of the largest real-estate developers of China, almost collapsing and China again banning cryptocurrency, the market looks much healthier now.

Solana's price chart between September 28 and October 3 2021 (Source: CoinMarketCap)

One of the most well-performing cryptocurrencies right now seems to be Solana which saw a growth of 25% in the last 7 days. Sure, there are a lot of other tokens that had much larger gains, but it’s important to note that Solana is a blockchain network that stands strong at #6 of all coins and tokens in terms of market capitalization. With its price crossing the $170 barrier, the market cap has also hit a significant milestone of $50 billion. In September 2021, Solana’s price went below $130 several times and the lowest price recorded in the month was $116.


Grayscale’s $500 Million Investment

On October 1 2021 Grayscale Investment announced that it had invested a whopping $495 million into Solana. This is the first-ever investment on SOL for Grayscale. Grayscale is the world’s largest cryptocurrency assets manager with ownership of nearly $45 billion worth of assets.

It’s safe to say that along with the start of a new month, the news about Grayscale investment has helped Solana perform well in recent days.