Join Our Telegram channel to stay up to date on breaking news coverage
The Solana price edged up over 1% in the past 24 hours to trade at $126.4 as of 2:12 a.m. EST on trading volume that dropped 23% to $2.4 billion.
This uptick in the SOL price comes after Tron Founder Justin Sun announced on Tuesday that the TRX token will soon be on the Solana blockchain.
There is anticipation of the wider adoption of TRX on Solana, with investors looking forward to better interoperability, faster transactions, and attracting interest from investors and traders.
TRX will be soon on solana. Ready to buy and collaborate 🤝
— H.E. Justin Sun 🍌 (@justinsuntron) March 18, 2025
Integrating Solana could unlock new possibilities for decentralized finance (DeFi) applications and non-fungible tokens (NFTs), making TRX more attractive to developers and users.
But what does it mean for the SOL price?
Solana Price On A Breakdown – Incoming Trend Reversal?
The SOL price has been experiencing a notable decline in recent weeks, with the price currently hovering around $126.40.
A key pattern visible on the chart is a double-top pattern, a classic bearish reversal formation.
According to GeckoTerminal data, the peaks at (1) and (3) formed resistance, followed by a break below the neckline, which confirmed the downtrend.
This breakdown triggered a sharp price decline, pushing the Solana price below both the 50-day Simple Moving Average (SMA) ($167.23) and 200-day SMA ($183.12), indicating a bearish market structure.
The price of SOL has now reached a Fair Value Gap (FVG) zone, a potential area of support where liquidity might increase, leading to a reaction.
Meanwhile, the recent wave count label on the Elliott Wave structure suggests that the current price level might form wave 4, with a potential bounce to wave 5. If this plays out, Solana could see a temporary upward move.
The Relative Strength Index (RSI) is at 40.16, which is approaching oversold conditions (30 and below). This suggests that selling momentum might be slowing down, and a reversal could be possible.
SOL Price Aims For Move Above $150
According to the SOL/USDT chart analysis on the 1-day timeframe, the Solana price has entered a potential bottoming zone after a strong correction.
If the FVG support holds, there could be a short-term recovery toward $150-$160 (wave 5 target). However, for a full bullish reversal, the price of Solana must reclaim the 50-day SMA ($167.23) and break above the $183.12 level.
However, if selling pressure continues and SOL loses the $120 support, the following key level could be $100, marking a deeper retracement.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Closing On The $27 Million Mark
Solaxy, a new layer-2 scaling solution for Solana, has raised more than $26.9 million in its presale.
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 as a successful way to scale a blockchain through platforms like Arbitrum and Optimism.
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s 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
This approach directly addresses one of Solana’s biggest challenges: network congestion.
Once launched, Solaxy will also 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 $0.001668 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 151%.
Interested investors will want to buy SOLX before the next presale price hike in 33 hours.
Related News:
- EOS Network Rebrands To Vaulta To Focus On Web3 Banking
- TRX Soars 4%, While Traders Buy This Crypto Index With Time Running Out
- Dymension Price Soars 25% And This Might Be The Next Crypto To Explode
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
