Solana’s Outlook Bullish Post Phantom’s Fundraising Round

 

Solana was on rebound as the coin was seen trading above the $100 mark. At the time of writing, Solana was exchanging hands at $107.82. This token’s recovery came right after Phantom, Solana’s native wallet concluded a successful fundraising round. In recent times, as the cryptocurrency market experienced a major-sell off, Solana too hovered in the oversold zone.

The bulls have resurfaced and technical outlook reflected a positive change at the time of writing. Over the last 24 hours, SOL gained close to 17%. Over the last week, SOL was trading between $84.43 and $102.27 levels respectively. The recent bullish force propelled prices to finally trade over the resistance mark of $102.27.

 

Solana’s prices moved above the 20-SMA line, which meant that buyers drove the price momentum in the market. According to the technicals on the four-hour chart, indicators flashed buy signal for the coin. Trading volume of SOL also noted a major appreciation which was indicative of increased buying pressure in the market.

 

The Relative Strength Index was parked near the 80-mark, which meant that the coin was bordering overbought conditions. A slight push from the buyers could force RSI into the overbought and overvalued zone. The coin last hovered around the 80-mark, early in the month of December.

MACD displayed a bullish crossover at press time and displayed amplified green histograms. This reading pointed towards a buy signal for Solana. Continued buying pressure would push prices beyond the $107.82 mark to the next resistance mark at $131.58. Additional price ceiling for the coin stood at $156.43.

It is too early to say if the bulls would continue to hold their ground in the next trading sessions as the chart also had flashed a death cross in the past recent trading sessions. A death cross occurs when short term moving average is crossed over by the long term moving average.

 

In the above the chart 20-SMA (red) was below the 50-SMA line. A death cross is indicative of a potential sell-off. Incase of a sell-off SOL would be seen trading near the $84 price level.

 

How Has Phantom’s Fundraising Helped Solana

Phantom’s announced via a blogpost about raising $109M Series B funding round along with launching an iOS Phantom App. The Series B funding round was led by Paradigm. Previously, six months ago Phantom brought home $9M from Andreessen Horowitz after concluding its Series A. This Series B funding round has so far secured $1.2M already.

 

 

Solana also has plans of expanding by supporting Web3 on its blockchain and additionally introduce multi-chain features in the upcoming time. Phantom success has positively affected Solana’s investors.

Solana has had multiple network issues including outages and congestion faced in recent sessions. Solana had undergone a DDos attack four times in the last couple of months. With Phantom’s intervention, Solana’s investors might just gain some more confidence helping Solana grow.

 

 

 

 




Register now to receive up to $255 welcome bonus. Let cryptocurrency change your life Register now to receive up to $255 welcome bonus. Let cryptocurrency change your life

Popular Posts

Social Commerce on Cardano: Meloot to Hold a Seed Sale on KICK․IO

TA: Bitcoin Lacks Momentum Above $38.5K, But Dips Likely To Be Limited

Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets

Ethereum At $3028, Where Is The Next Critical Support Level For ETH?

48% of Ethereum Blocks Face Censorship From OFAC-Compliant Flashbots

Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU Rules

Conflicting Opinions on Future of US Economy, Bitcoin Added to Guinness World Records, and More — Week in Review