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The Hyperliquid price surged 13% in the last 24 hours to trade at $38.80 as of 9:39 p.m. EST as traders go long on the crypto.
With the recent gain, the HYPE price is now up more than 47% on the longer-term weekly time frame.
Hyperliquid Price Trying To Break A Major Resistance, Will It Succeed?
4-hour chart for HYPE/USD (Source: GeckoTerminal)
The Hyperliquid price is attempting to overcome a major resistance level at $40.02, data from GeckoTerminal shows. Should the altcoin clear this technical barrier within the next 24 hours, HYPE could gain the space needed to rise to as high as $45.32 in the short term.
On the other hand, a rejection from the $40.02 mark might lead to a more bearish scenario playing out, which could result in the Hyperliquid price falling to the nearest support level at $35.78. Thereafter, continued sell pressure might force HYPE down to the subsequent support at $32.21.
MACD And RSI Warn The Hyperliquid Price Might Pull Back Soon
From a technical perspective, indicators on HYPE’s 4-hour chart warn the Hyperliquid price might not be able to break above the $40.02 mark just yet. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early bearish signs.
In the last few hours, the MACD line has started to level off above the MACD Signal line. This suggests HYPE’s bullish momentum is starting to cool off. If the gap between the two lines starts to narrow, it could also result in a bearish crossover. Traders might then see this technical event as a sign that the Hyperliquid price has entered a new bearish trend.
Meanwhile, buyers seem to have lost some of their strength as well, which is suggested by the slight drop in RSI values over the past few hours.
What’s more, the current reading warns the Hyperliquid price is in overbought territory. This might lead to a pullback or correction in the short term if traders act on the signal. The downward slope of the RSI warns some traders may have already started acting on the signal.
As the Hyperliquid price tries to keep rallying, investors are piling into the presale for Solaxy (SOLX) before the token’s launch on major exchanges in 21 days. According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to soar 10X post launch.
Solana To Get Its Biggest Scaling Upgrade Yet
Solaxy introduces the first layer-2 scaling solution for the Solana ecosystem, as the project looks to tackle the high levels of congestion and traffic on the SOL blockchain.
Solaxy will process and bundle transactions off of the Solana mainnet, and then submit the batches of transactions to the layer-1 for final validation. This eases the computational workload on Solana’s infrastructure, and is a scaling method employed by other layer-2 solutions such as Arbitrum and Optimism within the Ethereum ecosystem.
In addition to scaling Solana, Solaxy will also bridge the network with the Ethereum blockchain. This will give Web3 developers a new infrastructure to build the next best innovation in the crypto space without having to worry about the scalability restrictions they’ve had to build around in the past.
Solaxy’s team has been hard at work, and has already deployed the project’s testnet and its associated block explorer. Recently, the team also launched the Solaxy Bridge on the testnet, giving Web3 community members the opportunity to see how they can bridge their tokens on the Solaxy chain.
All of this work has put the team on track to achieve their ambitious goal of 10,000 transactions per second for their mainnet.
Time Running Out For Investors To Buy SOLX At Presale Prices
Solaxy has raised over $40 million in what is so far one of the strongest presale showings of the year. With just 3 weeks left until the project’s highly-anticipated launch, time is running out for investors to get in at this ground stage of the project.
Interested investors can acquire SOLX via the simple widget embedded on the project’s website. Selling for $0.001735, SOLX can be bought with either crypto or bank card. Once bought, the tokens can also be staked for a 99% APY.
Anyone looking to buy will want to hurry, because SOLX’s presale will end in 21 days.
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