As Bitcoin falls back towards support at 32k, having a lot of trouble turning bullish again, the cryptocurrency Solana stands out by recovering its short-term trend.
Today the price of SOL is $ 42.60, accumulating a gain of 13.22% in the last 24 hours.
A recent successful fundraising for the development of the project is undoubtedly the main positive factor behind the price increase.
A few hours ago, Solana Labs finalized a funding round with a total raised of $ 314 million through a private token sale. The purpose of the funds: to promote the development of decentralized applications within this blockchain, a branch of risk investment and a trading desk dedicated to the Solana network.
The contributions included the participation of Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, Coinshares, Collab Currency, Memetic Capital, Andreessen Horowtiz and Polychain, among other investment firms.
An ambitious project
Solana Labs co-founder and CEO Anatoly Yakovenko recently spoke of their ambitious vision to bring one billion users to the network. In addition, he described the present moment as a turning point, similar to what personal computers had when they became widely accessible in the 1970s.
Anatoly thinks that the next wave of innovation in the crypto space will come at the decentralized applications layer.
It’s easy to imagine countless use cases for cryptocurrencies as a technology, but incorporating them into real products that millions of people use requires a high-performance blockchain, and Solana is a network that can meet that high requirement.
Ali Yahya, Manager of Andreessen Horowitz
We are facing one of the most promising networks today. It makes perfect sense that it is just one step away from entering the top 10. Today with a market capitalization of $ 11.505 million, Solana is the 11th largest cryptocurrency in the ecosystem, how feasible is it that the price will continue to increase? Find out below.
Technical analysis of the price of the cryptocurrency Solana
When we review the daily price chart, we notice a clear short-term bullish direction, which appears to be gaining confidence over the past few hours.
Despite the sharp decline in the market during the trading session yesterday, SOL managed to fully recover, leaving a strong rejection of bearish intentions.
Short-term bullish direction remains intact. Resistance at $ 44.48 is being a hindrance, but may not be for much longer. Crossing this resistance will surely open the way to the search for new all-time highs.
If the support is lost at $ 37.39, that search for maximums would be postponed, but at the moment this is not the most likely scenario.
The large dominant bullish force is exerting pressure
Despite the fact that we saw a big correction recently in the market, the gains that those who are accumulating since 2020 still have completely overshadow the bearish intentions.
Those who have been holding little for months seem to have cared little about recent losses. Now much of the fall was wrapped up. This behavior seems to be indicating that a new momentum is developing, one that according to the Fibonacci tool could easily reach $ 92.75.
Could a cryptocurrency like Solana be announcing the next rally? It seems so.
Weekly chart of the price of the cryptocurrency Solana. Source: TradingView.
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