The Solana price dropped 4% in the past 24 hours to trade at $208.78 as of 11:12 p.m. EST on trading volume that surged 8% to $9 billion.
Solana Price Currently On A Bearish Trend—A Reversal Incoming?
The Solana price has been trading within a well-defined falling channel, marked in yellow, since mid-November. This indicates a bearish trend with lower highs and lower lows. The current price, around $208.78, is near the lower boundary of this channel, suggesting it is approaching potential support, according to data from GeckoTerminal.
SOL price has fallen below both the 50-day ($221.38) and 200-day Simple Moving Averages (SMAs) ($233.43), further confirming bearish dominance in the short term.
The Relative Strength Index (RSI) is currently at 38.80, approaching oversold territory (<30). While not yet oversold, the RSI indicates a bearish bias and room for further downside before a potential reversal.
If SOL price remains within the falling channel pattern and continues to respect the resistance levels, the price could drop further toward the $200 psychological level or even test the channel’s lower boundary around $195-$190.
SOLUSD Chart Analysis Source: GeckoTerminal
For a bullish reversal, the Solana price would need to break out of the descending channel and reclaim the 50-day SMA ($221) as support. A confirmed breakout above the 200-day SMA ($233) would signal a shift back to a bullish trend, potentially targeting $250-$260 in the mid-term.
Even as the Solana price plummets, investors are still snapping up the new Solana meme coin Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 709K subscribers, says might soar 100x after launch.
Solaxy Presale Closes On $3 Million In Presale
The Solaxy presale has raised over $2.7 million in just the first 5 days of its presale. Part of the reason is that the project offers a humongous 1,313% annual return on staked SOLX tokens.
Solaxy is building a Solana Layer 2 protocol that bears down on the congestion and failed transactions impacting the performance of JSolana, one of the largest blockchains in the industry.
Soon, thanks to Solaxy, the issues that are limiting Solana’s ability to fully realize its scalability potential could be a thing of the past.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Simply, Solaxy is a multi-chain Layer 2 that brings out the best in Solana and Ethereum, the two most valuable blockchains in crypto, measured by total value locked.
Investors interested in joining the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.00157 each using BNB, ETH, USDT, or bank card.
Buy before a price hike in less than 2 days to secure the best deal.
Visit SOLX here.
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