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The Solana price is up over 16% on the weekly time frame despite a minor 24-hour correction to trade at $247.69 as of 9:57 p.m. EST as investors take a medium-term long position on the crypto.
This strong weekly performance also saw the SOL price soar to a new all-time high at $294.33 just 5 days ago. It has since retraced more than 14% to trade at its current level.
Solana Price Consolidates
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price entered into a consolidation between $242.25 and $258.34 in the last couple of days, and is now approaching the lower boundary of this range. Should SOL drop below $242.25 within the next 24-48 hours, the altcoin could stand the risk of plunging all the way down to $227.05.
On the other hand, the Solana price maintaining a position above $242.35 for the next 2 days could either result in a continuation of the crypto’s consolidation or lead to a bullish scenario playing out.
In the event that buyers identify SOL’s current levels as an opportunity, the Solana price might try to flip the resistance at $259.24 into support. Thereafter SOL could rise to the next major resistance level at $$274.44.
Technical Indicators On The Daily Chart Warn Of A Potential Correction For The Solana Price
From a technical standpoint, indicators on SOL’s daily chart warn the altcoin’s price could drop in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bearish signs.
RSI readings have fallen from just above 70 to the low 60s, which suggests a decrease in bulls’ strength. With the current negative slope of the RSI line, it seems that sellers continue to grow stronger against buyers. If the RSI dips below the neutral 50 level, it could indicate that bears have taken complete control of the Solana price.
Meanwhile, the MACD line has been collapsing towards the MACD Signal line in the last 48 hours. The current orientation of the two lines coupled with the narrowing gap could be seen as an early warning of SOL’s bullish trend coming to an end.
While technicals warn of a potential correction for the Solana price, the presale for a new SOL layer-2 meme coin project called Solaxy (SOLX) is closing on $14 million. Popular crypto YouTube channel 99Bitcoins, which has over 722K subscribers, says SOLX has the potential to soar 100X after its launch.
Solaxy To Help Solana Scale And Cope With Overwhelming Meme Coin Hype
Solaxy is the first layer-2 scaling solution that is aimed at increasing the transaction throughput of the Solana network. With its lightning-quick speeds and low fees, not many people thought Solana, which improved upon Ethereum’s clunky infrastructure, would need help scaling.
However, this all changed after the Solana network became the chain of choice for meme coin developers who looked to leverage the blockchain’s benefits to capitalize on the hype around the lighthearted tokens. Solana suffered yet another outage last year, and almost faced more down time with the launch of Official Trump (TRUMP) and Melania Meme (MELANIA).
Both tokens attracted a wave of new investors to the blockchain space and the Solana ecosystem. With talks of a 2025 meme coin supercycle, Solana might not be able to stay up for much longer. This is where Solaxy, with its native layer-2 side chain and scaling technology, comes in.
The project will provide the Solana network with additional computational resources that will enable it to process a much higher number of transactions. This will subsequently slash Solana’s already-low network fees as well.
In the weeks after its launch, Solaxy will also try to bridge the Solana and Ethereum networks to create a new and improved Web3 infrastructure that is capable of meeting the growing demands from decentralized application and meme coin developers.
Investors Bet Big On SOLX’s Future
Solaxy has already raised more than $13.9 million through its ongoing presale. Besides the bullish predictions from experts and its mission to scale Solana, as well as combine two of the most prominent chains in the crypto space, there is also an attractive staking initiative that could be the reason for the buying frenzy.
Anyone who buys and stakes SOLX now will unlock access to a 277% APY. To get in on these rewards, investors will first need to acquire the token through the simple buy widget embedded on the project’s website. Selling for $0.001612, SOLX can be bought with both crypto or bank card. Thereafter, investors just need to lock up their tokens on the staking page on the website.
Purchase and stake SOLX here for the 277% APY before its price increases in 30 hours.
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