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The Solana price pumped 7% in the last 24 hours to trade at $254.24 as of 3.35 a.m. EST on trading volume that dropped 44% to $8.83 billion.
The SOL price surge in the last day is only the latest attempt to breach several strong resistances. SOL is up 35% compared to last week, but over the last weekend, its price skyrocketed much higher, reaching the value of $293.39, only to then correct to $234 on Monday.
Since then, its price made two new attempts to return to the resistance at $275, including one on Monday, when it managed to pull it off, and another one in the last 24 hours. SOL is currently battling a resistance at $250.
Solana also recently saw a new all-time high in terms of daily transaction fees, which hit a record-breaking $33 million. This likely comes as a consequence of increased activity in the project’s ecosystem surrounding new meme coins, specifically TRUMP and MELANIA, both of which launched on Solana’s network.
Solana Price Prediction
The Solana price has seen countless smaller fluctuations in the last 24 hours, which is quite clearly visible on its chart. The coin saw a major widening of its Bollinger Bands yesterday afternoon, after its price surged to $260 in an attempt to breach the resistance and return closer to $300.
However, the price got rejected, marking the end of its growth and sending it back to the lower band. The price managed to bounce back relatively soon after that, however, and while it did return to the upper band and the following fluctuations kept SOL between the upper band and the middle line between the two bands, Solana’s Bollinger Bands remained narrow.
This suggests that the traders remained uncertain regarding the price and its movement, as many likely expected a correction to start at any time, given the surge seen on the previous day.
Something similar can be seen from the project’s Relative Strength Index (RSI). After delving deep into the overbought zone and nearly climbing to 80 yesterday at the time of the price surge, the SOL RSI has dropped to the neutral zone at 50.
From there, it saw several fluctuations between 50 and 63, but traders never pushed it to the overbought zone again, suggesting that they were not optimistic about the token’s short-term performance, and they expected the price to correct.
Right now, SOL is seemingly seeing the start of that correction, and the RSI has dropped below 50, albeit only slightly for the time being. However, while this might be the start of a correction, it is worth noting that the situation could turn around at any time, and SOL could yet bounce back. However a new rally would likely be tied to Bitcoin, which is currently slowly slipping back toward $100k.
Promising Alternative To Solana
While the Solana price may be struggling right now, the same cannot be said about its first Layer-2 project, Solaxy (SOLX). Apart from being the first layer-2 SOL project, this is also a meme coin that is currently in presale.
The project attracted great amounts of attention from investors due to its goal to provide a solution to Solana’s scaling issues. While Solana was created to solve Ethereum’s problems of slow speeds and high fees, it ended up suffering from major network congestion and failed transactions due to its popularity among meme coin developers.
Solaxy aims to address this, and run in both the Solana and Ethereum ecosystems. It will act as a bridge between the two prominent networks, encouraging interoperability through a superior project.
Its presale already blew up after investors realized its potential, and has raised over $13.3 million in the last five weeks or so. Furthermore, major exports such as ClayBro, a crypto YouTuber with over 135k subscribers, believe that the recent activity in Solana’s meme coin sector involving Official Trump (TRUMP) could reflect positively on the new crypto, and potentially send Solaxy’s price soaring.
Even if this does not happen, SOLX’s success so far has been quite impressive on its own, and the project could do even better once its ICO ends and the token enters the open market. This suggests that investors interested in potential gains from a project like this should try to buy it at its lowest possible price, which means as soon as possible.
Right now, SOLX sells for only $0.00161 apiece. Investors will want to act quickly, however, because the token’s price is scheduled to undergo a series of price hikes as its presale progresses.
Buy SOLX here before the next price adjustment in just over 26 hours.
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