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The Solana price surged over 15% in the last 24 hours to trade at $216.78 as of 9:56 p.m. EST as investors go long on the altcoin.
Despite the recent gain, the SOL price was not able to erase the losses it suffered over the last week. As a result, the crypto remains more than 8% in the red on the weekly time frame.
Solana Price Trying To Establish A Technical Support
4-hour chart for SOL/USDT (Source: GeckoTerminal)
The Solana price rebounded off of the $186.92 support in the last 24 hours and is now attempting to establish a position above the $213.69 resistance level.
Should the altcoin close the next 2 4-hour candles above $213.69, it could have the space needed to challenge the $245.81 resistance next. An extremely bullish case might see SOL rise to $281.49.
On the other hand, the Solana price falling back below the $213.69 mark could result in a more bearish scenario playing out that might lead to SOL plunging to the $186.92 support again.
Technicals Suggest The Solana Price Might Keep Rising
From a technical perspective, indicators on SOL’s 4-hour chart suggest the Solana price might keep climbing. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.
RSI readings have risen in the last couple of hours to indicate an increase in buyer strength. The current RSI value just below the neutral 50 mark shows that bears are still slightly stronger than bulls.
However, the positive slope of the RSI line suggests this may not be the case for much longer. The RSI rising above 50 could signal that buyers have taken over full control of SOL.
Meanwhile, the MACD line crossed above the MACD Signal line in the last few hours. This major bullish technical event suggests that the Solana price has entered a positive trend.
With the gap between the MACD and MACD Signal lines growing, it seems SOL’s bullish momentum is growing stronger. This could lead to the Solana price climbing even higher in the coming hours.
With technicals flashing bullish for the Solana price, investors will likely continue to buy into Solaxy (SOLX), the first Solana-focused layer-2 crypto project.
Experts are bullish on SOLX. Among them is 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, who says that SOLX has the potential to soar 100X after its launch.
Taking The Solana Network To The Next Level
Solana has come under immense computational stress in recent months. This is as meme coin developers look to capitalize on the hype around these lighthearted tokens and opted to deploy their projects on the Solana network due to its speeds and low fees.
With many speculating that a 2025 meme coin supercycle will start soon, Solana will need all the help it can get to prevent another outage. Solaxy will provide the Solana mainnet with the additional computing power needed to cope with this potential influx of meme coins.
The project will run in parallel to the Solana network and take over some of its transaction processing workload. With its layer-2 chain, Solaxy will batch SOL transactions off-chain. This will increase the Solana network’s throughput while also slashing the blockchain’s already-low fees.
Solaxy will also look to bridge the Solana and Ethereum networks to create one super Web3 ecosystem. By combining two of the most prominent networks in the crypto space, Solaxy will create an infrastructure that is capable of meeting the growing demands of meme coin and decentralized application developers.
With this new framework, SOLX will also be perfectly positioned to serve as a transaction layer between the Solana and Ethereum blockchains. This will not only increase the utility of the SOLX token, but could also lead to a price surge as more people potentially end up engaging with the token on a daily basis.
Solaxy Presale Races Towards $18 Million
Solaxy’s presale is pulling investors in at a rapid pace, and is fast-approaching the $18 million milestone after already raising over $17.7 million in early-stage funding. This buying frenzy is likely to continue given the 227% APY on offer to investors at this early stage.
To unlock these passive crypto rewards, investors will first need to purchase SOLX through the buy widget embedded on its website. Selling for $0.001624, SOLX can be bought with both crypto or bank card.
After acquiring some SOLX, investors will then just need to head over to the staking page on the website, connect their wallets, and lock up their tokens to start accumulating rewards.
Buy and stake SOLX here before a presale price hike in 28 hours.
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