The Solana price has surged 9% in the past week and 4% in the last 24 hours to trade at $206.90 as of 10:05 p.m. EST as investors continue to accumulate the crypto.
In the past day of trading, the SOL price managed to reach a 24-hour high of $209.07 after dropping to a low of $197.60. It has since retraced to trade at its current level.
Solana Price Breaks Out Of A Consolidation Range
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price was able to break out of a medium-term consolidation channel between $183.62 and $199.91 in the last 24 hours, according to data from GeckoTerminal. Now, the altcoin is slowly approaching the major resistance level at $215.37. Should SOL overcome this barrier soon, it could have the foundation needed to keep rising in the following few days.
However, a rejection from the $215.37 mark or the crypto’s momentum starting to cool off could lead to a retest of the recently-gained $199.91 support. A break below this new technical safety net might then lead to a pull back to the aforementioned $183.62 price point, while an extremely bearish scenario could lead to the Solana price falling all the way down to $167.33.
Sellers Slowly Start To Chip Away At Buyers’ Control Over The Solana Price
Bulls seem to be losing some of their control over the Solana price from a technical standpoint. Indicators on the crypto’s 4-hour chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), warn a correction may be on the cards for the crypto.
In recent hours, RSI readings have started to level off in the mid 60s to signal bullish strength. However, the RSI line has started to slope negatively. This change in gradient for the indicator might be interpreted as an early warning sign that buyers are starting to lose their grip on the Solana price.
SOL’s bullish momentum has also started taking a breather, as evidenced by the MACD indicator. Recently, the MACD line has started to collapse towards the MACD Signal line.
Should the margin between the two technical indicators continue to shrink, the lines might soon intersect. This potential technical event could then indicate that the SOL has entered a short-term bearish cycle.
While bulls and bears battle it out on Solana’s charts, the presale for a new layer-2 project called Solaxy (SOLX) is rapidly closing on $8 million.
The First Layer-2 Project Focused On Solana
Ethereum is a powerhouse in the blockchain space due to its first-mover advantage in the market. Since its launch, the blockchain has become the host to the majority of applications in the Decentralized Finance (DeFi) space. This popularity has led to scalability challenges for the network in recent years, which ultimately led to the creation of layer-2 blockchain projects.
Up until now, the layer-2 ecosystem has been heavily focused on Ethereum, given its dominant position in the market. However, Ethereum-killer Solana is quickly gaining traction, especially following 2024’s meme coin hype and the meme coin supercycle anticipated to ensue soon.
Solaxy is a pioneer in the fact that it is the first layer-2 project that is focused on the lightning-quick Solana network. With its native chain, Solaxy aims to position itself early ahead of a potential surge in Solana network activity.
Not only does the project alleviate the computational stress placed on the Solana network, it also enables much faster transaction speeds and substantially lower fees. Overall this should make Solana a more attractive blockchain for developers and investors, which will indirectly benefit Solaxy.
In addition to its mission to scale Solana, Solaxy also aims to connect Ethereum’s robust and highly-liquid DeFi ecosystem to Solana’s lightning-quick and cost-effective infrastructure.
With its native SOLX token deployed to both Ethereum and Solana, Solaxy is poised to become a prominent medium for value transfer between two of the biggest blockchains in the Web3 industry.
Investors Rush To Buy SOLX During Presale As Expert Predicts 100X Surge
Solaxy is pulling investors in during its red-hot presale stage, which has seen the project already raise over $7.9 million. This buying frenzy comes as an analyst from the 99Bitcoins YouTube channel, which boasts over 719K subscribers, predicts that SOLX could soar 100X after its launch.
In tandem with the bullish prediction by the 99Bitcoins analyst, there is also a lucrative staking opportunity on offer to presale investors. Anyone who buys and stakes SOLX now will unlock access to a 451% APY.
This initiative is an ideal way for investors to passively grow their crypto bags as the new year kicks off. With a price hike coming in about 7 hours, buy soon to secure the best deal.
Buy SOLX here.
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