Positive News Barrage Hits Solana: Analyzing ETF and PayPal Moves

• Solana (SOL) rallies ~6% near $121, fueled by Grayscale ETF filing & PayPal news
• Grayscale files with SEC to convert GSOL trust into a spot Solana ETF on NYSE Arca
• SOL holds key $100-$115 support zone; analysts eye $186+ breakout potential

Solana (SOL) regained focus Saturday, rising nearly 6% over 24 hours to trade near $120 as positive news developments converged on a critical technical support zone. 

Futures market sentiment also turned decidedly bullish, with analyst Ali Martinez reporting 71.4% of Binance traders holding long Solana positions. 

71.40% of traders with open #Solana $SOL futures positions on Binance are betting on a price increase! pic.twitter.com/iHMwKr47OW

— Ali (@ali_charts) April 5, 2025

Grayscale Files for Spot Solana ETF Conversion (GSOL)

Fueling bullish sentiment, Grayscale Investments filed a registration statement with the SEC on Friday seeking to convert its Grayscale Solana Trust (GSOL) into a spot Solana ETF listed on NYSE Arca. This move mirrors Grayscale’s successful conversions for Bitcoin and Ethereum products. 

Market observers consider Solana a strong candidate for eventual spot ETF approval, citing its establ…

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