Rising Solana Price Prompts Experts to Suggest a Layer-2 Presale Token Worth $32.1M for Potential 100X Returns
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The Solana (SOL) price has climbed 1% in the last 24 hours, reaching a current price of $147.45 as investors steadily accumulate this altcoin. With its recent uptick, SOL has seen a greater than 6% increase on the weekly timeframe.
Solana Breaks Short-Term Ascending Channel
Data from GeckoTerminal reveals that the Solana price has dropped out of a short-term ascending channel that formed in the past day. This may cause SOL to encounter support at $141.92 in the near future. If SOL slides below this support level, it may plummet down to as low as $133.15 in the short term.
However, traders identifying this level as a buying opportunity could potentially lead to a more bullish scenario unfolding. In such a case, the Solana price may attempt to flip resistance at $153.18 into support. Afterward, the pressure from buyers could potentially push SOL to more bullish levels of $165.28.
Bears Could Gain Control of Solana
Technical analysis on the daily chart suggests that Solana might experience a decline in the next 24 hours, as both the MACD and RSI hint at early bearish signs. In the last 48 hours, the MACD line has begun to drop toward the MACD Signal line, indicating that SOL's bullish momentum is beginning to cool off and may trigger a bearish trend reversal if the gap between the two indicators narrows further.
Meanwhile, RSI readings have dropped from high to low 60s in the last 48 hours as well, which supports the weakening bullish momentum warning from the MACD and indicates a decrease in buyer power. With the weakening bullish momentum and decreased buyer power, the bears have an opportunity to seize control of the Solana price. If they do so, SOL may soon test the mentioned support level at $141.92.
Though Solana's technicals signal an imminent correction, the crypto community is pouring into the presale of a new Solana token called Solaxy (SOLX).
Several experts, including an analyst at the 99Bitcoins YouTube channel, have made bullish predictions for SOLX. In a recent video shared with over 725K subscribers, the analyst believes SOLX has the potential to surge 100X following its launch.
Future Growth with Solaxy
Initially launched as a cheaper and faster alternative to the slow Ethereum network, Solana has become congested due to the recent hype surrounding SOL-based meme coins. As a result, developers have been capitalizing on Solana's low fees and quick processing times. To overcome this issue, Solaxy has emerged.
Solaxy will process and bundle Solana transactions off the mainnet and only call upon the Solana layer-1 chain for final validation using layer-2 technologies called rollups, which have already aided Ethereum's scaling with solutions like Arbitrum and Optimism. Solaxy will also connect the Ethereum and Solana blockchains, combining the prior's deep liquidity and thriving DeFi ecosystem with the latter's high speeds and low fees to create a platform tailored to DeFi and meme coin developers' needs.
The Solaxy team aims to achieve 10,000 transactions per second (TPS), placing the blockchain among Web3's powerhouses. To date, the team has already launched their testnet and related blockchain explorer, demonstrating their commitment to delivering on their promises.
Solaxy Presale's Meteoric Rise
Solaxy is on track to deliver one of the best ICO performances of the year, having raised more than $32.1 million in early-stage funding to date. Interested investors can acquire SOLX based on the project's embedded simple buy widget on its website. Selling for $0.001708, SOLX can be bought using both crypto or bank cards. Upon purchase, the tokens can be locked into the project's presale staking pool for an impressive 125% APY.
Investors eager to take advantage of the best possible deal must act quickly, as SOLX's price will undergo a series of staged price increases. The next hike is slated for approximately 14 hours from now.
Explore Solaxy.
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- Despite the Solana price dip due to breaking a short-term ascending channel, investors are still accumulating SOL, with its current price at $147.45.
- The Solana price may encounter support at $141.92 in the near future, potentially leading to a more bullish scenario if traders identify it as a buying opportunity.
- In a recent video, an analyst at the 99Bitcoins YouTube channel made bullish predictions for the new Solana token, Solaxy (SOLX), believing it has the potential to surge 100X following its launch.
- Solaxy, a new Solana token, aims to overcome the congestion on the Solana network by processing and bundling transactions off the mainnet using layer-2 technologies, connecting Ethereum and Solana blockchains, and striving to achieve 10,000 transactions per second (TPS).
