Solana Prognosis Is Upbeat The Round of Fundraising for Phantom

• SOL has increased by about 17% in the last 24 hours. SOL has been trading in a range of $84.43 and $102.27 for the last week.
• Solana also intends to grow through supporting Web3 off its blockchain and introducing multi-chain functionalities in the near future. Solana’s investors have benefited from Phantom’s success.
• Phantom announced a $109 million Series B fundraising round and the development of the iOS Phantom app in a blog post. Phantom had received $9 million via Andreessen Horowitz after completing its Series

Solana was on the upward trend, with the coin trading over the $100 threshold. Solana was trading for $107.82 at the moment of writing. Phantom, Solana’s native wallet, had just completed a successful funding round when this cryptocurrency recovered. Solana has been hovering around the oversold zone recently, as its cryptocurrency market has seen a huge sell-off.

The bulls now resurfaced, and the technical view at the moment of writing reflected a favorable shift. SOL has increased by about 17% in the last 24 hours. SOL has been trading in a range of $84.43 and $102.27 for the last week. The latest bullish force prompted prices to eventually break through the $102.27 resistance level.

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SOL/USD Four-Hour Value Evaluation

Solana’s prices went over the 20-SMA line, indicating that buyers were driving the market’s price momentum. Over its four-hour chart, signs flashed a buy indication for the coin, according to the technical. SOL’s trading volume also saw a significant spike, indicating greater purchasing demand in the market. Its Relative Strength Index showed hovering around 80, indicating that the coin was approaching overbought territory. A small push from buyers could push the RSI into an overbought and overvalued territory. Early in December, the coin was hovering around the 80-dollar mark.

It’s too early to determine whether the bulls will maintain their position in the coming trading days, as the chart has also displayed a funeral cross in recent trading sessions. When the short-term moving average crosses over a long-term moving average, it is known as a death cross.

The 20-SMA (red) line was under the 50-SMA line in the chart above. A death cross indicates the possibility of a sell-off. In the event of a sell-off, SOL might be observed trading near $84.

What role has Phantom’s fundraising had in success of Solana?

Phantom announced a $109 million Series B fundraising round and the development of the iOS Phantom app in a blog post. Paradigm led the Series B fundraising round. Phantom had received $9 million via Andreessen Horowitz after completing its Series A round six months ago. This Series B investment round has already raised $1.2 million. Solana also intends to grow through supporting Web3 off its blockchain and introducing multi-chain functionalities in the near future. Solana’s investors have benefited from Phantom’s success.

In previous sessions, Solana has had a number of network difficulties, including outages and congestion. In the last few months, Solana had been subjected to four DDoS attacks. Solana’s investors may acquire more confidence in helping the company grow as a result of Phantom’s participation.