The 14th largest cryptocurrency by market cap is up more than 55% after bottoming out at $ 20.14 on Tuesday.

The early morning market rally helped SOL outperform its top rivals including Bitcoin and ETH.

SOL / USD is up more than 55% to $ 31.67 at press time, after bottoming out at $ 20.14 in the previous session. The upward movement comes after a market-wide pullback due to the official crypto ban in China.

Source: TradingView

SOL was one of the losers earlier this week as it had fallen more than 42% after opening on Monday at $ 35.22. Similarly, Bitcoin lost 19.07% and ETH (second largest cryptocurrency and Solana blockchain rival) fell 24.75% over the same period.

But all top tokens are back after 48 hours of spinning. Bitcoin rose 19.44% to an intraday high of $ 34,408 from a low of $ 28,800. Meanwhile, ETH is rebounding up to 20.29% to $ 2,045 after testing $ 1,700 as a support, albeit a much lower rate than SOL.

Source: Coinmarketcap

So it looks like SOL had enough catalytic converters to support a wider rally towards the end of Tuesday and early Wednesday.

Shaking hands with the organization

SOL also goes higher than notification Pyth (decentralized financial market data distribution network) expands the institutional stock exchange operator LMAX Digital as a data supplier.

In particular, Pyth Network works on the Solana public base class. This PoS blockchain protocol is optimized for scalability. Solana suggests helping developers build decentralized applications (dApps) without having to work on poorly performing networks.

For SOL, the token acts as a native currency in the Solana ecosystem. Users stake their SOLs directly in the network or delegate them to an active validator. In return, the stakers are promised an inflation premium. This feature will work in conjunction with the full mainnet version of Solana.

Users can use SOL to pay transaction fees and smart contracts.

After partnering with LMAX, Pyth receives forex and crypto trading data on its blockchain. In return, the Oracle network will provide institutional data for decentralized finance projects (DeFi).

Strategic investment (in – out)

Solana has raised nearly $ 26 million through SOL token sales to date.

But the blockchain protocol itself led a round of funding for PARISIQ, the blockchain data surveillance platform, last weekend to raise $ 3 million. According to Anatoly Yakovenko, founder of Solana, PARISIQ on the board will give their projects “less headache” with scaling the stack.

Rumors that Solana will raise another 450 million US dollars to develop into an “Ethereum killer” could also be the reason for maintaining the SOL upward trend despite the June 22nd crash. Solana’s group has not confirmed this, but neither has it denied it.

SOL / USD decrease when China FUD starts | Source: TradingView.com

At the time of PARSIQ’s announcement (June 16), SOL / USD was trading with minor changes in exchange rate. But news of China’s crypto ban has shaken its stable sentiment. The pair’s recent sharp drop in prices is fearlessly due to FUD (Fear, Uncertainty, and Doubt). But on the basis of consolidations alone, the Solana ecosystem is evolving into a blockchain powerhouse.

For example, in May Solana donated $ 20 million to support projects across its network, and MATH Global has provided other support as well. In addition, the team has raised $ 60 million to support blockchain projects in Brazil, Russia, India, and Ukraine.

Solana has also partnered with ROK Capital to launch a $ 20 million fund for expansion in Korea.

Confluence with triple support

The latest step by SOL is also going back as it tests a triple support confluence and offers psychological input levels for day traders in addition to the development of Solana as a blockchain project.

The circled section includes 3 levels of psychological support compartment SOL no reduction deeper | Source: TradingView.com

The yellow bar in the above chart provides the first level of price support thanks to its ability to cap recent historical attempts to move down. Second, SOL hit another bullish bottom from the red horizontal line at $ 24.56, which has also maintained the SOL token uptrend and 200-day simple moving average (200-day SMA).

The SOL / USD Relative Strength Index (RSI) is also slightly above the oversold threshold of 30. Traders traditionally take a lower RSI as a signal to enter the market.

Hsaka tweet:

“Yes, the number has increased. Given the performance before and after the price movement like yesterday, SOL is more likely to become a dip buy asset for traders. “

You can see the SOL prices here.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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According to Cointelegraph

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