The Solana price pumped over 5% in the last 24 hours to trade at $187.78 as of 6:15 a.m. EST as investors start to accumulate the crypto.
This gain posted by the SOL price was, however, not enough to push the crypto’s weekly performance out of the red zone. As such, the altcoin remains more than 12% down on the longer-term time frame.
Solana Price At A Critical Juncture
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price was able to break the $182.24 resistance level in the last 24 hours, and is now attempting to breach the next major mark at $189.49. This is a significant level, because it is also confluent with a short-term negative trend line that has emerged on SOL’s 4-hour chart.
Should the Solana price rise beyond $189.49 in the coming few hours, it could finally reverse its negative trend. In this bullish case, the crypto could end up rising to as high as $196.73. Conversely, a rejection from the $189.49 resistance might stop the altcoin’s price in its tracks.
In a more bearish scenario, the Solana price could end up testing the recently-breached $182.24 mark, but as support this time. Continued sell pressure should the crypto reach this point might then lead to a correction all the way down to $175.
Technicals Suggest Bulls Are Taking Control Of The Solana Price
From a technical standpoint, indicators on SOL’s 4-hour chart suggest the crypto’s price might continue to rise in the coming 12 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both showing bullish signs.
In the last couple of hours, the MACD line was able to cross above the MACD Signal line. This technical event is often interpreted as a sign that a crypto has entered a new bullish trend. As the MACD line continues to break away above the Signal line, it seems the Solana price is gaining bullish momentum.
Meanwhile, RSI readings have climbed over the last few hours as well. As a result, the indicator has been able to rise to above the neutral 50 level. However, the lack of a strong break above this benchmark warns the Solana price could still go either way. Nevertheless, the positive slope of the RSI line is a bullish sign that hints at growing buyer strength.
While SOL tries to reverse its negative trend, investors are turning their attention to a new Solana layer-2 project called Solaxy (SOLX) , which is currently offering presale buyers a 342% staking APY. According to 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, Solaxy could soar 100X after its official launch.
The First Solana-Focused Layer-2 Project
Solaxy is on a mission to become the first layer-2 project that focuses on improving the scalability of the lightning-quick Solana network. While the network boasts one of the top speeds in the market, the blockchain has become congested due to the tsunami of new meme coins that have been deployed on the Solana chain in recent months.
With talks of a 2025 meme coin supercycle, Solana stands the risk of experiencing another outage if the growing computational stress placed on the network is not addressed soon.
This is where Solaxy, with its native sidechain, will come in. By running in parallel to the Solana network, the project will enable Solana to process substantially more transactions while achieving even higher network speeds.
Once the project has successfully scaled the Solana network, it will also try to bridge Ethereum with Solana. This will enable a new super Web3 ecosystem that combines Ethereum’s robust security and reputation in the market with Solana’s low fees and quick speeds. Solaxy will then be perfectly positioned to act as a value transfer vehicle between the two prominent networks.
SOLX Raises Over $10.2 Million As Investors Bet Big On The Project’s Future
Solaxy’s ongoing presale has gone parabolic as investors pour more than $10.2 million into the project at this early stage. This buying frenzy will likely continue given the bullish predictions by 99Bitcoins and others, as well as the high staking rewards on offer.
To acquire the token during presale, investors can use the simple buy widget embedded on the project’s website. Selling for $0.0016, SOLX can be bought with either crypto or bank card. Once purchased, investors can then navigate to the staking page on the website and lock up their tokens for the 342% APY.
Buy and stake SOLX here for the 342% APY before its price increase in 24 hours.
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