Solana (CRYPTO:SOL), despite its recent price decline, remains a top performer in the cryptocurrency market, rising over 15 times in value last year and reaching fifth in the rankings.

The Grayscale Solana Trust (GSOL) is now trading at a 650% Net Asset Value (NAV) premium.

This spike is attributed to the recent wave of spot Solana exchange-traded funds (ETFs) in the United States and Canada.

The high premium indicates a limited supply of GSOL shares, leading institutions to pay more for exposure to SOL.

Anticipation is high for the approval of spot Solana ETFs, but the chances remain uncertain due to regulatory hurdles.