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The Jelly-My-Jelly price has plunged 65% in the last 24 hours to trade at $0.07150 as of 3:25 a.m. EST on a 5% jump in trading volume to $511 million.
Jelly-My-Jelly Price Finds Support Within A Bearish Channel
The 15-minute chart for the JellyJelly/USD pair shows the crypto achieved a modest recovery of 2.97% after a prolonged period of decline. Previously, the asset experienced a sharp bullish rally, reaching a high of approximately $0.09576.
However, this rally was unsustainable, and the JELLYJELLY price has entered a bearish trend, forming a descending channel that reflects persistent selling pressure. The price has now tested the key support level at $0.071 multiple times, establishing it as a critical zone that traders are watching closely.
JELLYJELLYUSD Analysis Source: Dextools.io
The 50-period Simple Moving Average (SMA), currently at $0.08962, sits well above the price, acting as an active resistance and reinforcing the bearish short-term outlook. Despite this, there are early signs of potential bullish momentum.
The Moving Average Convergence Divergence (MACD) indicator shows the MACD line at -0.0062, slightly converging with the signal line at -0.0061. This suggests that the bearish momentum may be weakening. Furthermore, the Relative Strength Index (RSI) is at 40.55, indicating that the asset is in the lower neutral range. While not yet oversold, this RSI level signals that selling pressure may soon subside, paving the way for buyers to step in.
If the support at $0.071 holds, the price could stage a rebound, targeting the upper boundary of the descending channel and possibly the $0.08962 resistance level (aligned with the 50-period SMA). A breakout above this resistance would signal a trend reversal and likely attract additional buying interest.
However, if the price breaks below the $0.071 support, it could trigger further downside, with the next potential support zone near $0.06138. Traders should monitor volume levels and wait for bullish confirmation signals, such as a breakout above the descending channel or a decisive RSI recovery, to capitalize on any rebound opportunity.
Solana Layer-2 Presale Zooms Toward $17M – Next Crypto To Explode?
Jelly-My-Jelly traders are optimistic about a potential bullish rally. Meanwhile, investors are flocking to Solaxy (SOLX), a new Solana-based meme coin and the first layer-2 solution for the Solana network that has, so far, raised over $16.6 million during its presale.
Solaxy aims to address Solana’s congestion problems by using its own sidechain and advanced scaling technologies. Operating alongside the Solana mainnet, it will provide the additional computational power needed to handle the expected surge in activity during the upcoming meme coin supercycle.
By enhancing Solana’s infrastructure, Solaxy will significantly boost the network’s transaction capacity while further reducing its already low transaction fees.
Solaxy Presale Reaches $15M as New ETFs to Cause a Bull Run? https://t.co/vaXeR37jcx https://t.co/vaXeR37jcx pic.twitter.com/oUjmqTdGpJ
— Bikrram Basaak (@CryptoBikram) January 28, 2025
The project also supports both Ethereum (ETH) and Solana (SOL), enabling smooth cross-chain transactions. As the first layer-2 solution for Solana, it combines advanced technology with the hype of a meme coin.
By combining Solana’s speed with Ethereum’s security and liquidity, SOLX could revolutionize decentralized finance (DeFi). There is also an attractive staking initiative offering a 240% APY to presale participants that might be pulling investors in.
The 99Bitcoins YouTube channel, with over 722K subscribers, classifies SOLX among the best three meme coins that could see their prices increase by 100x after launch.
Currently, SOLX is priced at $0.00162 and can be purchased through the widget embedded on the project’s website. Payments can be made in BNB, ETH, USDT, or bank cards
Buy SOLX tokens here before a presale price hike in 18 hours to lock in the best deal.
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