Join Our Telegram channel to stay up to date on breaking news coverage
The Solana price edged up a fraction of a percentage in the past 24 hours to trade at $249.96 as of 9:56 a.m. EST on trading volume that rose 18% to $8.5 billion.
This comes after Grayscale Investments filed for a Solana ETF (exchange-traded fund) with the New York Stock Exchange (NYSE). It’s the latest among a number of filings prompted by the expectation of a friendlier regulatory environment under Donald Trump’s leadership.
🚨🚨🚨🚨
Breaking News: Grayscale has officially submitted a filing for a Solana ($SOL) Exchange-Traded Fund (ETF) with the New York Stock Exchange (NYSE). 🔥🎯#Solana #CRYPTO pic.twitter.com/TjmZdA4vrD— Seth (@seth_fin) January 24, 2025
Solana Price Could Continue Soaring
The SOL price on the daily chart reveals a strong bullish trend that has gained significant momentum recently.
After a period of consolidation in mid-2024, the Solana price broke out above key resistance levels, and the current price hovers around $249.96, just below recent highs near $273.42.
Data from GeckoTerminal shows that the Solana price is trying to capitalize on the rounding bottom pattern, using the $170.62 support.
Additionally, the SOL is trading well above the 50-day Simple Moving Average (SMA) at $212.36 and the 200-day SMA at $178.80, further confirming the bullish trend.
The SMAs have also formed a “golden cross” around $151, where the 50-day SMA crossed above the 200-day SMA—another strong indicator of bullish sentiment.
Meanwhile, the Relative Strength Index (RSI) stands at 62.52, showing bullish momentum but not yet in overbought territory (above 70). This suggests there is still room for further upward movement before any potential correction.
The Moving Average Convergence Divergence blue (MACD) line is positioned above the orange signal line, with both trending above the zero line—indicating strong bullish momentum.
The histogram also shows sustained positive momentum.
SOL Poised For Further Upside Movement
Based on the technical setup, the price of SOL appears poised for further upside in the near term.
The successful breakout of the rounded bottom pattern suggests a potential target of around $337.
Conversely, key support levels lie at the 50-day SMA ($212) and the 200-day SMA ($178), which can act as safety nets in case of a pullback.
Meanwhile, investors are also buying a new Solana layer 2 meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 722K subscribers, SOLX has the potential to soar 100X post-launch.
Solaxy Presale Heads For $15 Million—Next 100X Crypto?
Solana markets itself as a fast, reliable, and affordable blockchain, especially compared to Ethereum’s slower and more expensive system. But recent events show Solana has not lived up to these promises, and the situation has worsened after trading boomed following the launch of Official Trump and Melania Meme tokens.
Solaxy solves this by handling transactions on a second layer, easing the load on the Solana mainnet.
🚨 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
Solaxy’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.
Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 269%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001614 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in a little more than 1 day to secure the best deal and join investors who have poured over $14.5 million into the project.
Visit the official SOLX website here.
Related News
Newest Meme Coin ICO - Wall Street Pepe
Join Our Telegram channel to stay up to date on breaking news coverage
