Solana appeared to be on the mend, with the coin trading above the $100 mark at one point.
Solana or SOL was trading at $107.82 per share at the time of writing this article. The recovery of this coin occurred immediately. Consequently, following the completion of a successful funding round by Phantom, Solana’s native wallet. Solana has been hovering around the oversold territory in recent weeks. This happens as the cryptocurrency market has seen a significant sell-off.
At the time of writing, the bulls had resurfaced. Additionally, the technical outlook had changed to indicate a positive shift. The stock of SOL has surged about 17 percent in the last 24 hours.
During the previous week, SOL traded between $84.43 to $102.27 per share. This is a 12% increase from the previous week’s closing price. The latest bullish force moved prices above the barrier level of $102.27, allowing them to ultimately trade above it.
Given that the ratings had already flashed a death cross in the previous trading days, it is too early to predict whether the bulls would maintain their position in the coming trading sessions. Nevertheless, When the short-term moving average is crossed over by the long-term moving average, this is referred to as a death cross.
Phantom’s Fundraising Efforts on Solana
Phantom stated in a blog post that it has raised $109 million in a Series B fundraising round. Adding the introduction of an iOS Phantom application. Paradigm was the lead investor in the Series B fundraising round. Phantom had previously received $9 million in funding from Andreessen Horowitz. This is after completing its Series A round six months prior. So far, this Series B investment round has raised a total of $1.2 million.
As part of its expansion strategy, Solana intends to enable Web3 on its blockchain in the near future. This will also deliver multichain functionalities in the near future. Solana’s investors have benefited from the company’s phantom success.
Recent sessions have seen a number of network difficulties, including outages and congestion, which have plagued Solana. Solana has been subjected to a distributed denial of service attack four times in the previous two months.
With Phantom’s assistance, Solana’s investors may just gain a little more confidence in their ability to assist Solana in its growth.
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