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Solana price has rallied in the past five days straight as investors continue buying the coin’s dip. The rally accelerated after a major news in its ecosystem. It is trading at $37, which is about 40% above its lowest level last week.
Solana is a leading blockchain project that is well-known for its speed and regular outages. In the past few months, the number of well-known applications in its network has risen. Some of the most popular projects in its ecosystem are Solend, Brave, StepN, and Audius.
Solana price is rising as investors cheer news that Magic Eden has raised $130 million even as the NFT winter continues. The company raised funds at a $1.6 billion valuation, tenfold from where it was in March this year.
The raise comes at a time when there are worries about the NFT industry. Some analysts believe that they are a bubble that is slowly bursting. Besides, the total volume of all NFTs traded on a daily basis has declined sharply. Also, most people who bought NFTs are now sitting on large paper losses.
Magic Eden is disrupting the NFT industry by making it easy and cheap to buy various collections. Some of the most popular Solana NFTs in its ecosystem are Primates, Okay Bears, Yeah Tigers, and Udder Chaos among others.
According to its website, the total volume of NFTs traded in its ecosystem were worth over 116k SOL, which is equivalent to ove $4.3 million. Magic Eden, which is already profitable, is expected to generate over $100 million in revenue this year.
Solana price is also rising after Solend DAO voted to liquidate some of the funds that are owned by a large whale. The concern is that the whale has deposited a small amount and takes millions more in loans. The protocol would have liquidated 20% of these funds if SOL price dropped to $22.30.
The daily chart shows that the Solana price has been crawling back in the past few days. It has managed to jump by more than 40%. The coin remains below the 25-day and 50-day moving averages while the MACD is slightly below the neutral level.
Therefore, while this recovery is welcome, there is a likelihood that the SOL price will resume the downward trend and retest last week’s low.
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