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.

Price Analysis: SOL/USD Four Hour

Source: TradingView SOL/USD

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.

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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.

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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.

Related Reading | Bitcoin Stolen From Bitfinex Hack Moved For The First Time In Five Years

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.

Related Reading | Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH


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Better call SOL: Month-long consolidation puts Solana price en route to $275

Solana (SOL) price technicals suggest SOL can hit $275 in the coming sessions.

The upside outlook for the world’s sixth-largest cryptocurrency by market capitalization comes as it consolidates inside a range that appears like a Bull Pennant.

In detail, Bull Pennants are bullish continuation indicators that form as the price consolidates inside a Symmetrical Triangle-like structure following a strong move upside.

The consolidation trend accompanies declining volumes, reflecting on the trend’s underlying weakness.

And, as the price approached the apex—the point where the Pennant’s trendlines converge, it tends to undergo a breakout to the upside, with the bull target at length equal to the height of the previous uptrend, i.e., Flagpole.

SOL/USDT daily price chart featuring bull pennant setup. Source: TradingView

Solana’s flagpole height is roughly $125. That said, a breakout move at the Pennant’s apex (at around $150) puts SOL en route to $275.

SOL/BTC pair also gains despite Bitcoin at $60K 

Solana’s prospects of hitting $275 come amid an overall price boom across the crypto market.

However, SOL price also rallied by 8% against Bitcoin (BTC) in the past two days in part due to its listing o South Korea’s top crypto exchange Upbit.

Related: Solana chart ‘bull flag’ eyes $250 despite SOL price down 40% since last week

Overall, SOL has been one of the best performing altcoins in 2021, with its year-to-date profits at 8,500%. SOL traded at a record high of $216 in early September.

Institutional inflows boost SOL price

Despite Bitcoin currently in the limelight, Solana’s price likely also received a boost from institutional capital via dedicated investment funds, according to a report from CoinShares published earlier this week.

“Digital asset investment products saw inflows 500 totaling US$226 million, bringing the 8 week run of inflows to US$638 million,” CoinShares noted, adding:

“It was a mixed picture in other altcoins with recent favorites Solana (US$12.5 million) and Cardano (US$3 million) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.

Institutional inflows into crypto funds by asset. Source: CoinShares, Bloomberg

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.