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The Solana price plummeted 13% in the last week and 6% in the past 24 hours to trade at $166.93 as of 11:21 p.m. EST on trading volume that skyrocketed 49% to $7.5 billion.
The slump in the SOL price has been attributed to an investor backlash against the platform after the ”rug pull” of the LIBRA token, which embroiled Argentine President Javier Milei in controversy after he promoted it in a now-deleted post on X. He now faces a wave of lawsuits and calls from opposition politicians for his impeachment.
Meanwhile, the crypto market also took a 3% drop to a $3.2 trillion market capitalization, according to Coingecko.
Solana Price Analysis: Downtrend Persists Amid Bearish Indicators
The SOL price has been in a clear downtrend, as depicted by the descending wedge pattern on the 4-hour chart. The Solana price recently broke below this pattern, further confirming the bearish momentum.
After a strong bullish rally in mid-January, SOL reached a peak near $280 before reversing into a declining structure.
The chart indicates that the downtrend started forming lower highs and lower lows, a classic sign of bearish pressure.
The most recent price action shows SOL struggling around $166, having dipped below the $170 support zone, according to GeckoTerminal data.
As a result of the sustained downtrend, the Solana price now trades well below both the 50-period and 200-period Simple Moving Averages (SMAs) on the 4-hour chart.
The Relative Strength Index (RSI) is at 26.37, which is in oversold territory. This suggests that the market may be due for a short-term relief bounce, but it doesn’t necessarily indicate an immediate trend reversal. If the RSI remains below 30, the bearish momentum is likely to persist.
SOL Price Prediction
Given the ongoing bearish momentum, the Solana price is likely to test lower support levels. If the Solana price fails to reclaim the $170–$175 zone, the next major support is around $150–$155, which could serve as a key level for a potential bounce.
However, if bulls manage to push the price of Solana back above $180, it may attempt to challenge the 50-period SMA resistance near $190. A break above this level would shift sentiment towards a more neutral stance, with the next major resistance at $200.
Meanwhile, investors are buying into a new layer-2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, Solaxy has the potential to soar 100X post-launch.
Solaxy Presale Charges Towards $23 Million – Best Crypto To Buy Now?
Solana has been experiencing congestion problems during peak times, which makes transactions hang or fail.
To fix this, Solaxy was created to improve transaction speed and also reduce fees. This is similar to what Ethereum has done with some of its Layer-2 solutions like Arbitrum and Optimism.
Another massive utility of Solaxy is that it offers the best of both Ethereum and Solana. SOLX merges the benefits of Ethereum’s liquidity and growing decentralized finance ecosystem with Solana’s efficiency and speeds, thereby connecting the two most prominent crypto ecosystems in the Web3 space.
Upcoming $SOLX @SOLAXYTOKEN looks to be a game changer. First ever layer 2 block chain technology unleashing full speed, scalability, reducing congestion on #Solana. Currently in recording breaking pre sale closing March 15, 2025 https://t.co/SKjCQEmoXN More in thread….. pic.twitter.com/5TDKOeCTSP
— Loot Loop (@LootLoopNews) February 18, 2025
The Solaxy presale has already garnered over $22.2 million. Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00164 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 182% APY.
Buy SOLX here before a price hike in 35 hours to secure the best deal.
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