Solana Price Prediction: SOL Pumps 18% In A Week, But Experts Say Consider This Layer-2 Presale Token With 100X Potential

The Solana price is up 18% over the past 7 days despite a 2% drop in the last 24 hours to trade at $175.51 as of 9:36 p.m. EST as investors rush to buy the altcoin.

The rise in the SOL price over the past week is part of a longer-term trend that has seen the crypto soar more than 34% in the last month.

Solana Price Trying To Clear A Technical Obstacle

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price is attempting to overcome a resistance level at $184.92, data from GeckoTerminal shows. Should the altcoin clear this technical barrier within the next 48 hours, it could open up the room for SOL to rise to as high as $212 in the short term.

Conversely, a rejection from the $184.92 obstacle might invalidate the bullish thesis. In this alternative scenario, the Solana price could end up falling to the closest support level at $156.78. Continued sell pressure should SOL drop to this mark may then lead to a plunge to as low as $129.69.

Bears Might Soon Take Complete Control Of The Solana Price

Technical indicators on the daily chart warn there might be a pullback in the Solana price in the next 48 hours. Traders will want to monitor short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) on the daily chart. 

Currently, the 9 EMA is positioned bullishly above the 20 EMA, which suggests the Solana price is in a positive short-term cycle. The 9 EMA is also acting as a dynamic support for SOL. However, a rejection from the $184.92 resistance could result in the Solana price dropping below the 9 EMA, potentially resulting in the start of a new bearish trend.

Meanwhile, RSI readings have dropped in the last 48 hours, signaling a decrease in buyer strength. While the latest reading is still above the neutral 50 mark, indicating that bulls still have an upper hand over sellers, the downward slope of the RSI line warns of an impending bearish shift in power on SOL’s charts.

While the Solana price tries to keep its bullish trend going, investors are piling into the presale for Solaxy (SOLX). According to influential YouTube channel 99Bitcoins, which has over 725K subscribers, SOLX has the potential to soar 100X after its launch.

Solana Will Soon Get Its Own Layer-2 Solution

Solaxy aims to address the high levels of congestion on the Solana network by introducing the SOL ecosystem’s first layer-2 scaling solution. It will operate similar to how solutions such as Arbitrum and Optimism work within the Ethereum ecosystem. 

Through technologies called rollups, Solaxy will process and bundle transactions off of the Solana mainnet, and only call on the layer-1 blockchain for final validation. This approach to transaction processing reduces the stress on the Solana blockchain, while improving the number of transactions the SOL network can process at any given time.

In addition to scaling Solana, Solaxy will also bridge the network to Ethereum. This will create a connection between two of the most prominent blockchains in the Web3 space. It will also give developers a platform that combines Solana’s high speeds and low fess with Ethereum’s deep liquidity and growing DeFi ecosystem, enabling them to build the next big Web3 innovation.

Solaxy’s team has already launched the project’s testnet and associated block explorer. Ever since then, the team has continued to optimize the testnet for optimal performance, as they push to achieve 10,000 transactions per second for the Solaxy layer-2 blockchain.

Solaxy Presale Goes Parabolic As Investors Bet Big On The Project’s Future

Investors are rushing to buy SOLX while it’s still in presale, and have pumped more than $36.1 million in early-stage funding into the project’s ongoing ICO so far. This is after whales performed massive buys in the last 2 days, with the most recent being a $400K purchase.

With the bullish predictions by experts like 99Bitcoins and the project’s positioning as the first SOL layer-2 solution, it’s easy to see why a buying frenzy has erupted around the project’s presale.

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. Selling for $0.001724, SOLX can be bought with either crypto or bank card. 

Once purchased, the SOLX tokens can also be put to work in the project’s presale staking pool that offers a 113% APY.

Buyers that want to lock in the best deal will want to hurry, because SOLX’s price will undergo a presale increase in around 14 hours.

Visit the Solaxy website.

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