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The Solana price dropped 4% in the last 24 hours to trade at $128.88 as of 9:40 p.m. EST as traders start to offload some of their holdings in the altcoin on the market.
The drop in the SOL price comes as the crypto attempts to break above a key resistance level and add to the more than 16% gain it posted in the last 7 days.
Solana Price Tries To Break Resistance
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to overcome a resistance level at $133.53, data from GeckoTerminal shows. Clearing this technical barrier in the next 48 hours could set SOL up to rise to the subsequent resistance at $147.63 in the short term.
However, sellers defending the $133.53 mark could lead to a more bearish scenario playing out. Traders might then start to push the Solana price down towards the closest support at $119.43. In an extremely bearish case, the altcoin could even fall to $107.10 if the sell pressure persists.
Bulls In Control Of The Solana Price, But For How Long?
Technical indicators on the daily chart suggest bulls are currently in control, but that their strength has decreased in the last 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn of weakening bullish momentum.
That’s after the RSI line leveled off in the low 50s. While the current reading above the neutral 50 mark is slightly bullish, the neutral RSI slope suggests there could be a bearish shift in power on SOL’s daily chart if bulls succumb to sell pressure.
A major bullish technical flag was also triggered by the MACD when the MACD line crossed above the MACD Signal line in the last few days. Traders usually see this technical event as an indication that a crypto has entered a positive short-term trend.
The gap between the two MACD lines has grown since the technical indicators crossed. In the last 24 hours, however, this growth has slowed down as the Solana price approached the $133.53 resistance. This suggests sellers are fighting to keep SOL below this price point.
As Solana bulls and bears battle it out on the crypto’s charts, investors are buying into the presale for new layer-2 token Solaxy (SOLX). 99Bitcoins, a popular YouTube channel with over 725K subscribers, predicts SOLX could see 50-100X gains after it launches.
Solana’s First Layer-2 Scaling Solution About To Enter The Market
Solana was developed to address Ethereum’s shortfalls, namely slow transaction speeds and high network fees. However, the recent hype around meme coins, especially tokens on the Solana blockchain, has led to high congestion levels on the SOL network, calling into question if Solana truly is a faster and more cost-efficient alternative to Ethereum.
One of the developments in the Ethereum ecosystem that has users questioning Solana’s efficiency over the legacy layer-1 chain is the introduction of layer-2 protocols that help Ethereum scale. Up until now, these layer-2 solutions have only been available for Ethereum, which is something Solaxy aims to change.
The project introduces the first layer-2 scaling solution for Solana. It will bundle SOL transactions off of the main chain and then submit batches of transactions to the mainnet for final validation. This is similar to what Arbitrum and Optimism do in the Ethereum ecosystem, and is a proven way to keep network fees low and speed up transaction processing times.
In addition to scaling Solana, Solaxy will bridge the blockchain with Ethereum as well to create a new Web3 platform that is capable of meeting the growing needs of decentralized app and meme coin developers. SOLX could then become a main transaction option between two of the most prominent blockchains in the crypto space.
Solaxy ICO Goes Parabolic As Investors Bet Big On The Project’s Future
Solaxy is on track to post one of the best presale performances of 2025, and has already raised more than $30.1 million through its ongoing ICO.
Interested investors can get in on this ground level of the project by purchasing SOLX via the simple buy widget embedded on the project’s website using either crypto or bank card. Once bought, the tokens can also be staked for a massive 135% APY.
SOLX is currently selling for $0.001694 apiece, but this will change as its presale progresses. The next price hike will come into effect in less than 15 hours.
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