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The Solayer price pumped 16% in the past 24 hours to trade at $0.98 as of 11:24 p.m. EST on trading volume that skyrocketed 301% to $569 million.
The surge in the LAYER price comes despite the crypto space encountering a dip, with its market capitalization dropping 12% to $2.8 trillion, according to Coingecko data.
Solayer Price Aims For A Sustained Rally
The LAYER price has been following a clear ascending channel, indicating sustained bullish momentum.
This upward trend began after a period of consolidation around a strong support level near $0.6429. The Solayer price has steadily climbed, with higher highs and higher lows, confirming the uptrend.
A Fibonacci retracement tool is overlaid on the chart, highlighting key levels of support and resistance. The price of LAYER has tested and retraced from the 0.236 Fibonacci level ($1.0260), indicating that this is a significant resistance point.
However, it remains above the 0.382 ($0.9528) and 0.5 ($0.8936) levels, which could act as support zones in case of a pullback, as GeckoTerminal data shows.
The uptrend is also supported by the 50 Simple Moving Average (SMA) on the hourly chart at $0.9146 and the 200 SMA at $0.7918, with the price of Solayer currently trading well above both. This alignment confirms that the market is in a bullish phase.
Meanwhile, the Relative Strength Index (RSI) is currently at 55.06, which is neutral but leaning bullish. The current RSI suggests that there is still room for further upside before another strong correction occurs.
LAYER Remains Bullish
Overall, LAYER remains bullish, with strong support from moving averages and Fibonacci levels.
If the Solayer price maintains support above $0.9528 and breaks through the $1.0260 resistance, it could push toward $1.1444 and possibly higher.
Conversely, if the price of LAYER fails to hold above the 0.382 Fibonacci level ($0.9528), it could retrace to the 0.5 level ($0.8936) or even test the 0.618 support ($0.8345).
A breakdown below $0.8345 would weaken the bullish structure and could signal a trend reversal.
Meanwhile, as the Solayer price aims for a continued surge, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closing On The $25 Million Mark – Next 100X Crypto?
Solaxy is positioning itself as the first layer-2 scaling solution for Solana.
The project aims to address Solana’s growing pains, namely network congestion during peak traffic periods, which has sometimes resulted in transaction failure rates as high as 50%.
Solaxy takes transactions off Solana’s mainnet, processes them separately, and settles them back on the main chain.
This approach reduces congestion and improves efficiency, especially during periods of high activity, like meme coin launches.
🚨 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
Solaxy’s approach to scaling Solana has attracted more investors, who have pumped over $24.8 million into its ongoing presale.
Beyond speeds, Solaxy also offers an attractive staking opportunity for SOLX holders, with annual yields estimated at 165%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001652 each using BNB, ETH, USDT, or a bank card.
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