Solana’s rising back up again after it eased lower from its new ATH over the $81 mark and is one of the most watched cryptocurrencies lately, coming into the spotlight ever since it broke into the top 10 cryptos by market cap. At the time of writing, SOL/USDT is trading at around $76.54.

One of the most promising developments supporting the bullish mood in Solana is the latest CoinShares report which reveals a surge in institutional interest in the cryptocurrency. One-third of the $21 million worth of institutional inflows into crypto investment products over the past week went into Solana.

In other promising fundamental developments, Slope Finance – a community-based DEX built on the Solana blockchain, raised seed funding worth $2.3 million. The former winner or the Serum Prize at the Solana Season Hackathon 2021 is making the most of the superfast and cost effective infrastructure this blockchain network offers, promising ultra-high transaction speed and low fees, in addition to other features such as an intuitive interface and a variety of trading bots.

Crypto trader and influencer Lark Davis lists Solana as one of the four most promising crypto assets that are stealing Ethereum’s market share. In his recent YouTube video, he observes, “We have a lot of new applications coming to Solana, so there’s a lot of stuff in the pipes ready to come into this ecosystem. We have lots of new launches going on all the time. We have an increasing amount of adoption, I think, for this. We also have NFTs which are really starting to take off on Solana.”

Key Levels to Watch

Taking a look at the H4 price chart of SOL/USDT, we find that moving averages are exhibiting a strong bullish bias, which also finds support from the momentum indicator. Although, the MACD points to some interest building up among sellers at the moment.

Solana’s price is holding comfortably above the pivot point at $69.01 and buyers can easily take the price higher, past the ATH. They are likely to encounter the first resistance at the $85.76 mark after which another resistance at $98.74 stands between SOL and the $100 mark.