Solana Price Prediction: SOL Drops 3% As Cboe Refiles For Solana ETFs, While Investors Move To This SOL Layer-2 ICO That’s Closing On $16M

The Solana price dropped 3% in the past 24 hours to trade at $234.57 as of 02:32 a.m. EST on trading volume that plunged 44% to $5 billion.

This retracement in the SOL price comes as the Cboe BZX exchange refiled 19b-4 filings for spot Solana ETFs (exchange-traded funds) from Bitwise, VanEck, 21Shares, and Canary Capital after the US Securities and Exchange Commission (SEC) reportedly rejected the applications last year.

UPDATE: @CBOE just re-filed all of their Solana ETF 19b-4s for @vaneck_us, @CanaryFunds, @BitwiseInvest & @21Shares pic.twitter.com/CUogAWBl6u

— James Seyffart (@JSeyff) January 28, 2025

Solana Price Indicators Show A Price Correction

The 4-hour chart analysis shows that Solana experienced a strong rally in mid-January, reaching an all-time high of $293.31, according to Coingecko data. 

However, since then, SOL has retraced, forming a falling wedge pattern, which is typically characterized by lower highs and lower lows.

Currently, SOL is trading around $234.57, bouncing off the lower trendline of the wedge, as per GeckoTerminal data. This suggests that support is still holding, but the price remains under pressure from the upper resistance trendline.

Despite the downtrend, a golden cross occurred earlier in January, when the 50-period Simple Moving Average (SMA) on the 4-hour chart crossed above the 200-period SMA of $199.23. This is typically a bullish signal, but Solana’s struggle to break higher indicates that bulls are losing momentum.

Meanwhile, the Relative Strength Index (RSI) is at 45.10, showing neutral to slightly bearish momentum. SOL is neither overbought nor oversold, meaning that a decisive breakout in either direction is still possible.

Can SOL Recover?

According to the Solana price analysis, the asset may be headed toward a rally aimed at a possible reversal.  

If SOL manages to break above the descending trendline ($245–$250) with strong volume, the next resistance would be around $280-$300. Breaking this level could then trigger a further rally toward $320 and beyond.

However, If the $220 support fails, the next key level is around the 200-period SMA at $215. A breakdown below this point could lead to the price of SOL dropping further toward $190-$200.

Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 723K subscribers, says has the potential to soar 100X post-launch.

Solaxy Presale Closing On $16 Million – Best Alternative To Solana?

Solaxy, a new layer-2 scaling solution for Solana, has raised more than $15.9 million in its ongoing token presale event.

The project aims to address Solana’s network congestion issues by implementing off-chain processing mechanisms – similar to Ethereum’s layer-2 solutions. This model has already been proven successful on Ethereum through platforms like Arbitrum and Optimism.

By processing transactions off of Solana’s main chain, bundling them together, and then submitting them to the mainnet for final verification, the system enhances efficiency.

🚨 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

It’s similar to a bank handling thousands of transactions throughout the day but settling them in larger batches at the end.

This approach directly addresses one of Solana’s biggest challenges: network congestion.

Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities. 

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001618 each using BNB, ETH, USDT, or a bank card. Solaxy also offers holders who stake its SOLX tokens a huge annual yield of 249%. Over 4.6 billion SOLX have been staked so far.

Buy SOLX before a price hike in less than 18 hours to secure the best deal.

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