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The Solana price soared 12% in the last week and over 1% in the past 24 hours to trade at $136.69 as of 10:20 p.m. EST, despite trading volume dropping 36% to $2.5 billion.
Solana Price Analysis: Bullish Reversal In Progress?
The SOL price shows signs of reversing its recent downtrend, as it has broken out of a well-formed falling wedge pattern. This classically bullish formation often signals the end of a correction or downtrend.
The Solana price has broken out near the $117 mark, suggesting renewed upward momentum.
Solana has reclaimed the 50-day Simple Moving Average (SMA), currently around $129.77. This is an encouraging sign of a shift in short-term momentum. However, the 200-day SMA sits at a higher level near $180.96 and could be a significant resistance level in the medium term.
Meanwhile, the Relative Strength Index (RSI) is currently at 57.03, indicating that the market is gaining bullish momentum but has not yet reached overbought territory. This leaves room for further price appreciation before the price of Solana risks becoming overextended.
The Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook. The blue MACD line has recently crossed above the orange signal line, which is a bullish signal.
SOL/USDT Chart Analysis (Tradingview)
SOL Price Prediction
According to the SOL/USDT chart analysis on the daily timeframe, the 200-day SMA at $181 is the next hurdle. If the Solana price manages to break above this level, a push toward point B at $266 is plausible, indicating a 92.87% surge from the current level.
Conversely, the breakout zone near $117 now acts as support. Should the price of SOL pull back, this area will be critical to watch for potential buying interest.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX), which is already one of the year’s most successful presales.
Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X after launch.
Solaxy Presale Closes On $31 Million – Next Big Crypto?
While the Solana blockchain has built a strong reputation for its high-speed transactions and low fees, it has also encountered persistent challenges, including network congestion and occasional downtime.
Solaxy (SOLX) is designed to fix these issues and also to enhance Solana’s performance and scalability.
Currently in its ICO phase, Solaxy has raised over $30.6 million, making it one of the standout presales in a largely cautious market.
🚨 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 momentum is a strong signal of investor confidence, particularly when most hesitate to take risks.
Solaxy works with Solana as a Layer-2 tool instead of taking its place. It handles lots of transactions outside Solana’s main network, groups them, then sends back the final result.
The project’s staking program also offers token holders a huge 132% annual yield.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001698 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in a little more than 7 hours to secure the best deal.
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