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The Solana price dropped 3% in the past 24 hours to trade at $163.46 as of 1:07 a.m. EST on trading volume that surged 107% to $5.6 billion.
Solana Price Could Still Recover, Aiming For Key Resistance Levels
The SOL price is currently experiencing a short-term pullback after a notable upward rally from the $96 region to just below $185.
The Solana price recently failed to break above the 200-day Simple Moving Average (SMA), at $181, which is acting as a strong resistance zone. However, the 50-day SMA still trades below the price of SOL, which supports the bullish structure.
Moreover, the rejection around the 200-day SMA finally led to a slight retracement, with the price of Solana now hovering near $163. A bullish flag structure appears to be forming, suggesting potential bullish continuation, especially as SOL remains above key Fibonacci support levels, as GeckoTerminal data shows.
The Relative Strength Index (RSI) is at 53.11, indicating neutral momentum with a slight bullish bias as it remains above the 50 mark. This suggests there is still room for upward movement before becoming overbought.
Meanwhile, the Moving Average Convergence Divergence (MACD) has turned negative, with the orange signal line now trading above the blue MACD line, which is now in line with the slight retracement.
SOL Price Hints At A 20% Surge
If the SOL price continues to hold above the $160 support zone (near the 0.236 Fib retracement), a rebound toward the $197 resistance area is likely. This would align with the 0.27 Fib extension and offer a potential 20% upside.
However, failure to maintain above the $160 level could lead to a deeper correction toward the $151 range, acting as a cushion against downward pressure.
Meanwhile, investors are flocking to the presale for the new Solana project Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Presale Closes On The $38 Million Mark – Best Alternative To Solana?
Solana is fast and cheap, handling thousands of transactions every second. But when too many people use it at once, the network can slow down or stop working. To help with this, the Solaxy team built a special layer-2 system.
The project aims to address those issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. Platforms like Arbitrum and Optimism have already proven this model successful.
Solaxy’s system enhances efficiency by processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification.
The team recently launched their testnet and its blockchain explorer, a tool that lays the groundwork for tracking transactions across Solaxy’s layer-2 before bundling and committing to Solana’s mainnet.
🔥 The Solaxy Era Begins 🔥
The Solaxy TestNet Block Explorer is now live! This is the first step in bringing about $SOLX domination. 🛸🪐
Check it out for yourself below 👇https://t.co/VWq2cscsrK pic.twitter.com/8rIQfOHAwb
— SOLAXY (@SOLAXYTOKEN) April 19, 2025
The team has rolled out the Solaxy bridge on the testnet as well. As a result, Solaxy buyers can see how they will be able to bridge their ETH or SOL tokens to the Solaxy layer-2 network.
Investors are already backing the idea, and have poured over $37.7 million into the project’s blockbuster presale.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001728 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 107% APY. Anyone looking to buy SOLX at the best rate will want to hurry, as the token’s price will increase in about 5 hours.
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