How Has Solana (SOL) Been Faring Lately?

Potential Ethereum killer and superfast blockchain network Solana is attempting a recovery after posting a bit of a decline earlier in the day, but offers bullish prospects supported by the upbeat mood among crypto investors lately. At the time of writing, SOL/USDT is trading around $41.66.

One of the biggest fundamental developments that showcase the increasing level of interest in the blockchain is the USDC in circulation on Solana crossed the $1 billion mark earlier this week. This growth indicates the rising interest in its technology among developers as well as users, resulting in higher levels of activity. Solana offers far higher transaction speeds and lower processing costs than Ethereum and other blockchain networks, making it an attractive ecosystem to develop dApps on.

In other fundamental developments supporting the current uptrend the SOL token is on lately, Soldex AI – an artificial intelligence powered DEX built on Solana’s network, has confirmed that it is negotiating fundraising worth over $1.5 million with prominent venture capital firms. Meanwhile, another DEX built on this blockchain, Mango Markets, successfully raised $70 million in funding via a token sale.

Meanwhile, SOL is likely to enjoy further support after Aave’s founder Stani Kulechev announced that his company is looking at expanding cross-chain lending and other opportunities into the Solana ecosystem. Such interoperability will benefit users by giving them access to higher levels of liquidity even as they enjoy the efficiencies of this blockchain network.

Key Levels to Watch

On the 4-hour chart of SOL/USDT, we can see moving averages exhibit a strong bullish bias. Although, leading technical indicators MACD and momentum are suggesting a bearish bias as well.

Solana’s price has crossed above the pivot point at $36.82 and is sitting right above the first resistance point at $41.32. Further buying interest can take SOL higher to test the next resistance at $44.99 after which it can breakout above the key $50 mark.