Join Our Telegram channel to stay up to date on breaking news coverage
The Solana price pumped 16% in the past 24 hours to trade at $147.43 as of 9:48 p.m. EST on trading volume that surged 41% to $7.7 billion.
This comes as CME Group, the world’s largest derivatives marketplace, announced plans to introduce SOL futures on March 17.
“With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products,” said Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products.
Solana Price Bouncing Off The Fair Value Gap Level
The SOL price has exhibited a bearish breakdown following a double top pattern formation, a classic reversal signal. This pattern emerged after the Solana price reached resistance levels near $262, failed to sustain upward momentum, and subsequently declined.
The confirmation of this bearish pattern came when the neckline, positioned around $177, was breached with high volume.
After breaking the neckline, SOL quickly dropped towards the Fair Value Gap (FVG) support zone, which is currently acting as a demand area near $128-$143. A brief wick below this level suggests that buyers attempted to defend this area, leading to a slight bounce in price.
However, the overall trend remains bearish, with lower highs and lower lows forming in recent sessions.
The 50-day Simple Moving Average (SMA) (green) is currently positioned at $201, which is well above the current price. This indicates that the short-term trend is bearish. The 200-day SMA (purple) at $184 was breached decisively, confirming the long-term trend reversal.
Meanwhile, the Relative Strength Index (RSI) is at 34.14, slightly above the oversold threshold (30). This suggests that while the Solana token is nearing oversold conditions, there is still room for further downside pressure before a significant bounce occurs.
SOL/USDT Chart Analysis (Tradingview)
SOL Price Prediction
SOL is currently in a strong bearish trend, confirmed by the breakdown of the double top pattern and the failure to hold key moving averages.
However, the bulls seem to have capitalized on the FVG zone to push the Solana price up. If buyers successfully defend the FVG zone and reclaim $160-$170, a relief rally could be expected. However, a full reversal would require SOL to break above the neckline resistance ($184) and sustain momentum above the 200-SMA ($184).
Conversely, if the price of SOL fails to hold above the $130-$140 support zone, further downside is likely, with the next major support sitting around $100. A break below this level could open the door for a retest of $98, a critical psychological and technical support level.
Meanwhile, investors are buying into a new Solana layer 2 project called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 725K subscribers, Solaxy has the potential to soar 100X post-launch.
Solaxy Presale Heads Toward $25 Million – Next Big Crypto?
Solaxy will be the first layer-2 scaling solution for Solana and investors have already backed it to the tune of more than $24 million in its presale.
With Solana struggling to keep up during peak network activity, investors are betting big on Solaxy.
Typical Solana users experience multiple failed transactions. Simple token swaps, depositing or withdrawing funds from DeFi platforms, and interacting with Web3 games on Solana can be tedious and frustrating.
Solaxy and $22M Funding for Solana Scaling — Revolution or Just Hype? 🧵
1/ Solaxy raised $22.7 million from presale to tackle Solana’s congestion.
This Layer-2 processes transactions off-chain, speeds up execution, and lowers fees.SOLX presale price: $0.001642/token.
Staking… pic.twitter.com/4VVYTpWvaj— NYC (@NgYC_87) February 27, 2025
Solaxy takes a new approach to solving Solana’s congestion problems. This layer-2 solution eases network traffic by handling transactions off the main blockchain, creating a faster processing system for Solana.
By doing this, Solaxy reduces the strain on Solana’s mainnet. Transactions are handled on Solaxy’s layer 2, and bundled together before being sent back for final verification.
The project’s staking program also offers token holders a huge 169% annual yield.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00165 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 2 days to secure the best deal.
Related Articles
- FBI Confirms North Korea’s Lazarus Group Behind $1.5B Bybit Hack
- Could OFFICIAL TRUMP Meme Token Lead a Potential Crypto Market Recovery in March?
- US SEC Says Meme Coins Like Dogecoin And Shiba Inu Are Not Securities
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
