Pi Network Price Skyrockets by 19% as Whales Capitalize on Solana Layer-2 Integration, ICO Surpassing $34 Million
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Pi Network Skyrockets 19% in 24 Hours!
The Pi Network price leaped a stunning 19% in the past 24 hours, trading at an impressive $0.7343 as of 7:37 a.m. EST. Investors are jumping on this crypto bandwagon, eager to grab a piece of the action.
With the recent surge, Pi Network's price has soared more than 22% over the past 7 days.
Pi Network's Struggle to Break Through a Key Resistance
Check out the Pi Network's price chart on TradingView:
As the Pi Network price battles to surmount a resistance level at $0.7590, things are looking optimistic. If it manages to overcome this technical obstacle and closes a 4-hour candle above this mark within the next 12 hours, it could open the door for a potential rally to as high as $0.8350 in the short term.
However, a rejection from the $0.7590 level could lead to a more bearish outcome for Pi Network's price, with traders potentially pushing the coin down to the nearest support level at $0.6607. If sellers continue to apply pressure, the Pi Network price could face the risk of tumbling to the next key support at $0.6032.
Pi Network's Technical Indicators Show Mixed Signs
From a technical standpoint, indicators on the 4-hour chart suggest that the Pi Network price may continue to rise in the near future. However, there are early warning signs that suggest the altcoin's bullish momentum may be starting to wane. Traders should keep a close eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
The MACD line has recently begun to level off above the MACD Signal line, which is bullish. However, this stall in the MACD line could herald the early stages of an upcoming bearish trend reversal. If the gap between the two lines starts to shrink, it could point to a negative shift in momentum.
Meanwhile, the RSI is presently in a bullish position above its Simple Moving Average (SMA) on the 4-hour chart, suggesting that buyers hold the upper hand over sellers. However, the RSI reading above 70 alerts us that the Pi Network is overbought on the 4-hour chart, which usually signals a sell signal because it suggests a crypto's downside potential exceeds its upside potential. The negative incline of the RSI line indicates that some traders have already started reducing their exposure to the altcoin in response to this warning sign.
Steal Ahead of the Game: Solaxy (SOLX) Presale Heats Up!
As the Pi Network price fights to break through a major resistance, investors are also jumping on the Solaxy (SOLX) presale bandwagon. Online YouTube channel 99Bitcoins, with over 725K subscribers, predicts that the crypto could explode 100X following its official launch.
Solana's Biggest Upgrade Yet on the Horizon: Solaxy!
Solaxy is Solana's inaugural layer-2 scaling solution, poised to alleviate network congestion while simultaneously boosting the layer-1's overall efficiency. It's the same approach used by ETH-based solutions such as Arbitrum and Optimism, processing and bundling transactions off of the mainnet, then submitting batch transactions to the layer-1 backend for final validation and record-keeping.
Another method Solaxy employs to help Solana scale is by linking the blockchain with Ethereum. By bridging two heavyweights of the Web3 space, Solaxy serves as a new platform boasting high speeds, low fees, and deep liquidity. SOLX will then be the primary transaction layer on this new platform, offering it high levels of utility.
The Solaxy team has been working tirelessly, launching their testnet and block explorer recently, and have since made several optimizations to the testnet. In their latest update, the team stated they have optimized their chain's rollup mechanisms, rectified user interface issues, enhanced their test suite, as well as implemented changes that speed up node syncing on restarts.
Solaxy Presale Breaks $34M!
The Solaxy presale has captured more than $34 million in investments, an impressive number, following a substantial $200K whale purchase. Interested investors can obtain SOLX for a bargain price of $0.001718 by using either crypto or a bank card through the provided widget on the project's website. Tokens can also be staked for an 117% annual return.
Those looking to take advantage of the best deals will want to buy before the next presale price hike, which is expected to happen in less than 5 hours.
Click here to learn more about SOLX!
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Join our Telegram channel for the latest updates on finance, business, technology, and the cryptocurrency market, including altcoins like Pi Network and Solaxy (SOLX). As you invest, consider using inclusive, user-friendly crypto wallets to secure your assets while gaining early access to upcoming token ICOs and staking features. Don't miss out on potential profits from volatility in altcoins like Pi Network, as SundryNetwork's analysis suggests it may soon battle a resistance level, and Solaxy (SOLX) presales are heating up. Stay sharp, stay smart, and invest wisely!
