Solana Surges Past Bitcoin and Ether in GSR's Portfolio Realignment

GSR's Crypto Core3 ETF has made a significant shift in its portfolio allocation, with Solana now taking the top spot at 43.7%. The trading firm reduced its Ether holdings to 39.5% and cut Bitcoin slightly to 16.9%, citing stronger near-term price momentum for Solana.

The change comes as crypto markets remain 'constructive' over the past week, according to GSR. However, Solana's trading volume has weakened over both the seven-day and 30-day periods.

Despite this, Ether still posted a 6.4% return over the 30-day period, even after its portfolio weight was reduced. Bitcoin remains the smallest allocation in the portfolio.

Solana is currently hovering above $76, with several technical signals pointing to additional upside, including a parallel channel and a buy signal from the TD Sequential on its daily chart.