The Solana price climbed 4% in the last 24 hours to trade at $189.66 as of 2.10 a.m. EST on trading volume that dropped 4% to $4.09 billion.
Solana Price Prediction
Solana’s price has seen an attempt at growth, but as far as market sentiment goes, there is a sort of stability among the traders. This can be seen from the project’s Bollinger bands, which have maintained similar distances, increasing or dropping together, which prevented them from seeing major widening or tightening.
The price itself has seen strong volatility, with common fluctuations from the upper band to the lower one and back up again. It would sometimes also slow down at the middle point between the two bands, but this was only temporary, and it rarely changed direction after reaching this level.
The sixth-largest cryptocurrency by market cap also saw strong fluctuations of its Relative Strength Index (RSI) value, although mostly between the neutral area and the overbought zone. The RSI value reached the overbought zone early in the day yesterday, after which it spent most of the day fluctuating between 40 and 65.
After that, it climbed to the overbought zone at 70 once again, only to then crash down to 40, and go up again to 65 only a few hours ago. At the time of writing, it had reached 50, the true neutral value, and was now giving signals that it might start another increase.
This further suggests that the traders’ optimism is returning, as they are willing to keep buying until the RSI hits the overbought zone, which is when the sales start. However, they do not wait for the RSI to drop to the oversold zone before moving back in again, which indicates the presence of FOMO.
But, the fact is also that the RSI only climbed twice to the value of 70 in the last 24 hours, which also signals that many are still hesitant as they likely worry that a sell-off could start at any time. In other words, the market has not yet reclaimed its bullish sentiment, but traders are becoming more willing to take risks, which is a positive sign.
Promising Alternative To Solana
While Solana is beginning to reclaim losses made in the last week, traders are piling into its newest crypto, Solaxy (SOLX). Popular crypto YouTuber ClayBro, who has over 134k subscribers, suggested that Solaxy could even help Solana itself soar.
Solaxy stood out to investors immediately by becoming the first Layer-2 project in Solana’s ecosystem. Its developers created it to solve some of the pressing issues of Solana’s blockchain, and to provide Solana’s community with a cryptocurrency that doesn’t suffer from such issues.
While Solana does not struggle with speed and transaction costs like Ethereum does, it suffers from network congestion issues and failed transactions. This is where Solaxy comes in, with an L2 chain that lets you perform transactions without those problems.
What’s more, it will run simultaneously in Solana’s ecosystem and Ethereum’s, serving as a bridge between the two, and outperforming them both technologically.
Its speeds and transaction cost would be similar to Solana’s, but with no failed transactions or congestion, which is what attracted many to its ICO, enabling it to raise over $4.87 million in a little more than a week.
The project also allows users to stake SOLX, offering an eye-popping 1,143% annual return. If you are interested in joining the new project, it currently sells for only $0.001578, and you can buy it with ETH, USDT, BNB, or credit/debit cards.
Visit the official SOLX website.
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