- SOL registered a slight recovery from its previous dips.
- The altcoin has gained around 14.5% within the past week amid increased buying momentum.
- The upside reactions come after Phantom declared a $109 million funding round.
Solana (SOL) has presented a bullish picture this week. The upward move came amid recovery attempts by the overall crypto industry. The previous seven days had Solana gaining by about 14.5%, climbing to $112 from $86. While publishing this content, SOL trades around the $109 value level. The latest upward move allowed Solana to recover from previous losses despite remaining 58.3% lower from its ATH.
Solana Maintains Bullish Trend
SOL’s trading volumes within the last 24 hours stood at $2.9 billion. The surge in trading volumes reflects high buying momentum in the marketplace. Nevertheless, the RSI also climbed, nearing the 80-level. The reading by Relative Strength Index highlights overbought conditions for Solana.
Solana maintains a bullish outlook regardless of the overvalued scenario by the RSI. Meanwhile, market sentiments display a buy gesture for SOL, and the altcoin might rise towards the following resistance of $131.59 as buyers appear to accumulate more $SOL. With that, the alt will have its next target of around $156.43.
However, Solana is yet to create a massive bullish sign, and the alt might weaken in the upcoming trading hours. The token’s chart had presented a death cross previously. That highlighted bearish potential.
Phantom’s Fundraising Trigger Upswings in Solana
Phantom posted that it raised $109M in its Series B funding phase. Also, the platform introduces a Phantom application for iOS users. Parading led the funding round, and it saw Solana Ventures’ participation.
Phantom commented on the funding round, stating that their customers have staked more than 112.4 million Solana coins (10.4B), swapped tokens worth $1.37 billion, and created 55.2 million DeFi, app, and NFT transactions.
Solana partnered with Phantom as it plans to jump into the Web3 bandwagon. The platform will launch several chain features besides offering Web3 solutions. Phantom’s success came from the funding round and iOS launch, contributing to Solana’s gains by boosting investor confidence.
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