Solana blockchain's native asset, SOL, soared to a new record loftier on Monday.

The SOL/USD exchange rate rose by 26.12% to $65.467 on the Binance exchange after traders assessed a flurry of infrastructural developments in the Solana ecosystem, including a recent $70-million crowdfund to support its blockchain-powered decentralized exchange, Mango Markets.

Solana ecosystem upgrades

Mango offers a platform for spot markets, lending and perpetual futures. It sources liquidity from its native pools and Serum, another Solana blockchain-based exchange, which is backed past billionaire Sam Bankman-Fried's FTX.

The working model is very like to other successful, Ethereum-based decentralized exchanges such as Uniswap and SushiSwap.

Other optimistic updates involved the Aug. 9 launch of Wormhole, a communication protocol between Solana and other top decentralized finance projects, including Terra, Ethereum and Binance Smart Chain, and the SOL-powered sales of the Degenerate Ape Project'southward 10,000 nonfungible tokens (NFT) over the weekend.

"The very first mean solar day has already had over 200k SOL traded not even 24 hours in," market analyst Pentoshi tweeted on the NFT auction on Solana marketplace Solanart.

"There are barely any notable NFT projects if whatsoever on SOL, simply what happens as the market place begins to shift? The need for SOL will drive prices up to new highs and looking at the chart it's primed for price discovery."

Crypto market influence

The latest bull run in the Solana market likewise appeared as gains in peak cryptocurrencies slowed downwardly.

Both Bitcoin (BTC) and Ether (ETH) stopped their upside booms midway on overvaluation risks, with their relative strength index (RSI) indicators returning readings above 70, a sign that traders consider these assets overbought.

Meanwhile, alternative cryptocurrencies picked up their upside momentum in the wake of Bitcoin's and Ether'due south flat price activeness.

Related: Solana hackathon aims to eternalize crypto innovation in Republic of india

For instance, the last vii days saw Solana surging by 57%, much in line with XRP, which as well climbed 57%. Ethereum's top rival, Cardano, as well reported a 47% fasten for its native asset ADA, while meme cryptocurrency Dogecoin (DOGE) rose 34% on fresh Elon Musk and Marking Cuban endorsements.

Pinnacle 10 crypto assets' performance. Source: Messari

But like Bitcoin and Ether, Solana now appears to be facing the same overvaluation risks.

As on Mon, the SOL/USD's daily RSI reading reached 84, raising profit-taking risks fifty-fifty though optimistic fundamentals ensured bullish backstops to the pair's ongoing price rally.

SOL/USD daily price nautical chart featuring its overbought RSI. Source: TradingView

In previous instances, an RSI-led sell-off had SOL test its 50-day exponential moving boilerplate as support. The moving ridge currently sits around $36.56, downwards 41% from SOL's cost at the fourth dimension of writing.

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