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The Altlayer price soared 15% in the last week and 5% in the last 24 hours to trade at $0.03855 as of 12:19 a.m. EST, and trading volume surged 119% to $44 million.
Altlayer Price Breakout From Downtrend Signals Potential Rally
The ALT price has been trading within a falling channel pattern for an extended period, characterized by lower highs and lower lows. This bearish structure dominated the market, reflecting continued selling pressure.
However, in recent sessions, the Altlayer price successfully broke above the upper boundary of the channel, suggesting a potential reversal or at least a relief rally.
The price of Altlayer has also moved above the 50 Simple Moving Average (SMA) on the 4-hour chart, reinforcing the breakout’s validity. The 200 SMA at $0.04014 is now the next major resistance level that could determine whether the rally continues, according to data from GeckoTerminal.
Meanwhile, the Relative Strength Index (RSI) currently sits at 62.19, above the neutral 50 mark. This indicates growing bullish momentum but remains below overbought conditions (above 70), meaning further upside potential exists.
The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, confirming bullish momentum. A continuation of this trend would further support the case for an upward move.
ALT Price Prediction
With the breakout above the descending channel and indicators turning bullish, the Altlayer price appears poised for a potential rally toward the $0.0414 level. If the price of ALT sustains momentum and breaks above the 200 SMA, further upside toward $0.045 – $0.05 could be possible.
However, failure to hold above the breakout zone could result in a retest of the $0.035 – $0.036 area.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Charges Towards $28 Million – Best Crypto To Buy Now?
Solana is best known for its high-speed and low-cost transactions, which has led to a massive meme coin frenzy over the past few years.
Due to this traction, Solana has often experienced network outages and transaction failures, the latest being during the TRUMP and MELANIA meme coin launches in January. These issues are a major headache for DeFi users, NFT enthusiasts, and meme coin traders.
The Solaxy crypto project is a layer-2 scaling solution developed for the Solana blockchain. It aims to enhance decentralized applications (dApps), reduce transaction speeds, slash network costs, and improve scalability on Solana. The SOLX token serves as the core of the ecosystem.
🚨 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
Investors are buying into this idea, with the project’s total presale raise already standing at over $27.3 million.
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 token a huge annual yield of 149%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00167 each using BNB, ETH, USDT, or a bank card. With a presale price hike scheduled for slightly more than a day, investors will want to act quickly to lock in the best rate.
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