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The Solana price surged 4% in the past 24 hours to trade at $201.77 as of 09:12 p.m. EST on trading volume that plunged 44% to $2.7 billion.
Solana Price Could Still Soar
The SOL price has been in a strong uptrend on the weekly timeframe, recovering from its bear market lows in 2022. Currently, the Solana price is $201.77, with a recent high of $295.83. The chart shows a period of consolidation after a major rally, forming what appears to be a bullish continuation pattern.
A key observation is that SOL is trading above both the 50-day Simple Moving Average (SMA) ($172.95) and 200-week SMA ($90.42). This suggests a well-established long-term uptrend, as price corrections are consistently finding support at these moving averages.
Meanwhile, the Relative Strength Index (RSI) is at 59.65, indicating neutral to bullish momentum. While it’s not in the overbought zone (above 70), it also isn’t in an oversold position. This suggests that there is still room for upward movement before reaching exhaustion.
Solana Price Chart Analysis (Tradingview)
SOL Price Prediction
Solana is currently in a bullish consolidation phase, and the next move will depend on whether it can break through key resistance levels. If the price of Solana breaks above $295 – $300, it could trigger a move toward $400 and beyond, following the continuation of the uptrend.
If the Solana price loses the $172 – $175 support zone, a deeper correction toward $150 or even $120 (previous support) could follow.
As the SOL price surges, investors are buying into a new layer 2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, Solaxy has the potential to soar 10X after its launch.
Solaxy Presale Heads For $19 Million
Solaxy has raised over $18.9 million, showcasing remarkable investor demand for the innovative project.
SOLX is a Solana layer 2 solution that is designed to enhance speed, scalability, and efficiency within the Solana ecosystem. Solaxy addresses key issues such as network delays and transaction failures while simultaneously leveraging Solana’s inherent strengths.
The project also provides an optimized user experience tailored to the growing demands of the blockchain industry while focusing on performance and customization.
Additionally, Solaxy bridges Solana with Ethereum, combining the best features of two of the most prominent networks in the crypto space.
🚨 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
By leveraging Ethereum’s liquidity and security alongside Solana’s speed and scalability, Solaxy aims to create a robust ecosystem tailored to accommodate the growing demands of the decentralized finance (DeFi) and meme coin communities.
Buyers of the SOLX token can also earn passively on the platform, with a huge 215% annual yield currently on offer.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00163 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 2 days to lock in the best deal.
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