Here’s why Solv Protocol token price is soaring

Solv Protocol token was one of the best-performing tokens in the crypto industry after the developers raised $10 million in the first Bitcoin Offering.

Solv Protocol (SOLV) price rose for the second consecutive day, reaching a high of $0.0527, marking its highest level since February 1. It has now surged by nearly 80% from its lowest level this year, giving it a market cap of over $75 million.

In a statement, Solv Protocol said that it had completed the first Bitcoin Reserve Offering or BRO, raising $10 million in funding. This raising is part of the network’s process of raising $100 million protocol-owned Bitcoin (BTC) Reserve. 

The BRO combines the strengths of convertible bonds with crypto-native features, aiming to accelerate institutional adoption of Bitcoin finance.

According to Solv, some of the funds raised through this offering will be deployed to yield-generating scenarios, including the SolvBTC Liquid Staking Tokens and vaults.

“We are excited about the success of our first Bitcoin Reserve Offering, which reflects the unwavering confidence our investors have in our vision for institutional Bitcoin finance. This $10 million raise is a significant moment in our journey to build the largest on-chain Bitcoin reserve and catalyse broader adoption of Bitcoin in the financial ecosystem.”

The new fundraising came a few weeks after Solv Protocol partnered with Soneium, the layer-2 network by Sony, the giant Japanese company. Through this partnership, SolvBTC holders can now stake their assets, earn rewards, and access cross-chain liquidity within the growing Soneium ecosystem. 

Solv Protocol price analysis

The four-hour chart shows that SOLV has been in a steady uptrend over the past few weeks. It recently broke above the key resistance level at $0.0473 — its highest swing on March 5 — and the upper side of the ascending triangle pattern.

Solv has moved above the 50-period moving average, while top oscillators like the Relative Strength Index and the MACD indicators have pointed upward. Therefore, the token will likely continue rising as bulls target the 23.6% retracement point at $0.0677, up by 35% from the current level.