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The Solana price dropped 3% in the past 24 hours to trade at $247.51 as of 02:32 a.m. EST on trading volume that rose 1% to $10 billion.
This pullback in the SOL price comes as a Chicago Mercantile Exchange (CME) representative clarified an earlier leak on the website showing regulated XRP and SOL futures, indicating that the addition was an error.
A @CMEGroup spokesperson tells @FoxBusiness that the beta version of the website, which is often used for mock up drafts, was made public in error. No official decisions have yet been made about launching futures contracts for either token. https://t.co/10XfenoIL7
— Eleanor Terrett (@EleanorTerrett) January 23, 2025
“A beta page from our website was released in error earlier today,” the spokesperson said.
Solana Price Set For A Bullish Rally
The SOL price on a daily chart presents a bullish outlook, with the current price at $247.51 indicating an attempt of the asset to rally. A significant trend reversal has emerged recently, with the Solana price forming a rounding bottom pattern.
The Solana price is trading comfortably above its 50-day (white line, $211.69) and 200-day (yellow line, $177.67) Simple Moving Averages (SMAs), both of which are sloping upward.
This golden cross, where the 50-day SMA crossed above the 200-day SMA at around $148.97, signals a robust bullish trend, according to GeckoTerminal data.
Meanwhile, the Relative Strength Index (RSI) is currently at 61.50, which is slightly below the overbought threshold of 70. This indicates that there is still room for further price appreciation without the asset becoming overbought.
The Moving Average Convergence Divergence (MACD) line (blue) is well above the signal line (orange), with positive histogram bars. This suggests that bullish momentum remains strong.
SOL Poised For A New ATH
The combination of the breakout from the rounding bottom pattern, bullish moving averages, and supportive technical indicators point to further upside potential.
A projected target for the pattern breakout lies in the range of $339, which is a new Solana all-time high (ATH)
In the short term, a minor retracement or consolidation near the $240-$250 level is possible as the market absorbs recent gains.
Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 722K subscribers, says has the potential to soar 100X post-launch.
A Promising Alternative To Solana
The Solaxy token continues to gain momentum, with its presale raising over $13.5 million.
The Solana network faced challenges over the weekend as trading for TRUMP and MELANIA tokens surged. Such massive trading volume pushed the blockchain to its limits, causing delayed transactions and system timeouts that left users frustrated.
This is where Solaxy steps in. As Solana’s first layer-2 scaling solution, Solaxy handles transactions off-chain before bundling them back to the main network. This method reduces congestion and keeps fees low, offering exactly what traders needed during the meme coin trading frenzy.
🚨 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
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s layer-1 capabilities.
Solaxy also offers holders who stake the project’s SOLX tokens a huge annual yield of 280%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00162 each using BNB, ETH, USDT, or a bank card.
Buy SOLX here before a price hike in 44 hours to secure the best deal.
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