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The price of Solana (SOL/USD) has been on a bullish trend this week. The uptrend comes as the cryptocurrency market attempts a recovery. Over the past week, SOL’s price has gained by around 14.5%, from around $86 to $112.
At the time of writing, SOL was trading at $109. While the all-time high is still 58.3% away, the current uptrend has allowed SOL to recover from the previous sharp bears.
Solana is on a bullish trend
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Solana’s trading volumes during the past 24 hours stand at $2.9 billion. The rise in trading volumes signals that buying pressure in the market is notably high. However, the Relative Strength Index (RSI) has also increased, and it is approaching the 80 mark. The metric shows that SOL is at the overbought zone.
Despite the RSI showing that SOL could be overvalued, the token still exhibits bullish signals. The market sentiment has a buy signal for Solana, and with buyers accumulating more of the token, SOL could push towards the next resistance at $131.59. This will set the next price target at $156.43.
A strong bullish signal is yet to be created, and Solana could fail to hold ground in the coming trading hours. Solana’s chart had previously registered a death cross; hence a bearish trend could still be on the way.
Phantom’s fundraising aids in Solana’s uptrend
In a blog post, Phantom announced that it had raised $109 million in a Series B funding round. The platform also launched a Phantom app on iOS devices. The funding round was led by Paradigm, but it also saw participation from Solana Ventures.
While talking about this funding round, Phantom noted, “collectively, our users have staked over 112.4 million SOL ($10.4 billion), swapped $1.37 billion in tokens and made 55.2M NFT, DeFi and app transactions.”
By partnering with Phantom, Solana is planning to venture into Web3. It will offer Web3 solutions for its blockchain and launch multi-chain features. The success of Phantom in both its funding round and the launch of an iOS has also contributed to SOL’s gains and boosted the confidence of investors in the project.