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The Solana price plunged 10% in the last 24 hours to trade at $143.78 as of 10:18 p.m. EST as investors dump their holdings in the altcoin on the market.
The recent drop by the SOL price comes as the broader crypto market underwent a 4% correction in the last 24 hours amid escalating tensions between Israel and Iran.
Remember, we didn't initiate it.
— Iran Military (@IRIran_Military) June 13, 2025
Solana Price Clinging To A Key Support Level
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price is resting on a key support level at $139.91, according to data from GeckoTerminal. Should the crypto fall below this point within the next 24 hours, it could be exposed to the risk of dropping to as low as $114.79 in the short term. This would be around a 19% drop from the current price.
However, buyers stepping in at the current Solana price might lead to a more bullish scenario playing out. In this alternative case, the Solana price could try to reclaim the support of the $165.03 mark. Taking back this level might then lead to a rally to the subsequent barrier at $190.79 if the bullish pressure persists.
Technicals Warn Bears Might Push The Solana Price Even Lower
From a technical perspective, indicators on the daily chart warn the Solana price might drop some more in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.
That’s after the MACD line tried to bullish cross above the MACD Signal line but was rejected. Since then, the prior has been falling further below the latter, which could be seen as a sign of growing seller strength.
Meanwhile, RSI readings have slid from above 50 to the high 30s. This signals that there has been a bearish power shift in the last couple of days. What’s more, the downward slope of the RSI line suggests sellers are still accumulating strength against buyers, while the current reading warns there is still room for SOL to drop before it enters oversold territory.
As the Solana price clings to support, investors flock to the blockbuster presale for Solaxy (SOLX) that is ending in 3 days. According to the popular YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to soar 100X after its launch that is just days away.
Solaxy To Introduce The First Solana Scaling Solution
Solaxy is a new layer-2 project, and is the first of its kind to focus its resources towards the Solana blockchain.
Up until now, Solana has established itself in the market as a much quicker and cost-effective alternative to the Solana blockchain. However, it still lags in peak traffic periods, resulting in delayed and sometimes failed transactions.
Solaxy addresses that issue by bundling transactions off of the Solana blockchain before submitting them to the layer-1 mainnet for final validation. This method of grouping transactions is much more efficient than the legacy one-by-one approach, and will subsequently enable Solana to process more transactions at any given time while reducing the risk of a backlog.
Not only will Solaxy scale Solana, it will also connect the blockchain with the Ethereum network through bridging technology. By creating a connection between the two prominent blockchains, Solaxy will give Web3 developers a way to simultaneously tap into the strengths of both networks to create the next big innovation in the digital asset space.
Solaxy’s team has already deployed several products even while the project’s SOLX token is still in presale. So far, the team have deployed their testnet, the testnet’s block explorer, the Solaxy bridge on the testnet, and a native no-code token launchpad called the Igniter Protocol.
Investors Rush To Buy SOLX At Presale Prices Before It’s Too Late
Solaxy’s parabolic presale, which has raised more than $48.5 million in one of the strongest ICO showings of the year, will end in around 3 days.
Investors that don’t want to miss out on the opportunity to get in at this ground stage of the project can acquire SOLX via the simple buy widget embedded on the project’s website. Selling for $0.001756, SOLX can be bought with either crypto or bank card.
Once purchased, the tokens can also be staked for an attractive 84% APY. This means investors won’t have to wait until the project’s market debut to start seeing their portfolio grow.
Anyone looking to buy will want to hurry, with just 3 days left until the project’s much-anticipated launch and exchange listings.
Check out SOLX on its official website.
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