The broader cryptocurrency market has been underperforming over the past few hours, but Solana has been rallying.
The crypto market continues to be in a bearish trend, with some of the top cryptocurrencies currently underperforming. Bitcoin, the leading cryptocurrency by market cap, is trading above the $38k level.
SOL, the native token of the Solana ecosystem, has added more than 3% to its value in the last 24 hours and now trades around $90 per coin.
The major catalyst behind Solana’s ongoing rally is the announcement that Slope Finance, the startup behind a digital wallet for the Solana blockchain, raised $8 million in a recent funding round. The funds would help Slope Finance expand into the United States over the coming months.
The funding round was led by Solana Ventures, Jump Crypto, Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, Circle Ventures, Huobi and others.
Key levels to watch
The SOL/USD 4-hour chart is one of the most bullish in the cryptocurrency space at the moment. The technical indicators show that Solana is performing excellently at the moment and could target new highs soon.
The MACD line is within the positive territory, indicating strong bullish momentum. The 14-day RSI of 63 shows that SOL could soon enter the overbought region if the bulls remain in control of the market.
If the current market conditions persist, SOL could top the $95 resistance level over the next few hours. However, it would need the support of the broader cryptocurrency to break past the $100 psychological level in the short term.
Unless there is a massive rally, the $100 psychological level should limit further upward movement in the short term.