Solana (SOL) is experiencing a slight dip after making strong gains in early trading on Friday, but enjoys the support of strong fundamentals that could power further strengthening in its value in the near-term. At the time of writing, SOL/USDT is trading around $31.90.

The potential Ethereum killer promises far higher transaction speeds and scalability and is seeing an increase in adoption rate of its technology across a wide range of applications lately. One such instance is that of Dexlab – a DEX platform, which has launched MintingLab – a platform that users can leverage to mint and issue tokens with no coding experience whatsoever, powered by Solana’s blockchain.

In addition, Saber Protocol, an exchange for cross-chain stablecoins and wrapped tokens developed on Solana, recently raised $7.7 million in a seed-funding round. The round led by Race Capital saw participation from leading VC firms, including Social Capital, Jump Capital, Solana Foundation, and even received contributions from leading crypto experts.

Another protocol developed on Solana’s technology, Hedgehog Markets – a decentralized prediction markets platform, closed a $3.5 million seed funding round earlier this week. The funds will help the project with its mainnet launch, making Hedgehog the first prediction markets platform launching on the Solana network.

Solana’s combination of using a proof-of-stake and proof-of-history consensus mechanisms, it offers far lower gas fees and can process more transactions and greater security as well. Its innovative technology allows the blockchain network to support up to 65,000 tps with a latency of 400 ms.

Key Levels to Watch

On the 4-hour chart, moving averages and the MACD indicator are exhibiting a strong bullish bias. Although, other leading indicators such as the Stochastics RSI and momentum are suggesting a bearish mood as well among investors.

The SOL price has crossed the pivot point at around $26.63 and broken past the first resistance level at $31.16. Increased bullishness can take Solana’s price higher, to test next resistance levels at $34.08 and then again at $41.52.