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The SPX6900 price pumped over 14% in the last 24 hours to trade at $0.5135 as of 6:10 a.m. EST as investors rush to buy the altcoin.
SPX6900 Price Trying To Bring An End To Its Sideways Trading
Daily chart for SPX/USD (Source: GeckoTerminal)
The SPX6900 price is trying to break above the resistance level at $0.5142 after trading flat over the last few days, data from GeckoTerminal shows. Should the crypto rise above this technical barrier, it could clear the way for it to climb to the next major level at $0.7086.
An extremely bullish scenario might even see SPX soar to as high as $1.0111 in the short term.
There is, however, the possibility that the SPX6900 price continues to consolidate heading into the weekend. A rejection from the $0.5142 resistance could result in the crypto trading sideways for another few days. In this alternative scenario, SPX might also test the closest support at $0.2441.
Technicals Suggest The SPX6900 Price Might Continue Climbing
From a technical perspective, indicators on SPX’s daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the SPX6900 price might continue climbing through the course of the next 24 hours.
In the last 48 hours, the MACD line crossed above the MACD Signal line to trigger a major bullish technical flag. As the gap between the two lines starts to grow, it seems SPX’s bullish momentum is growing stronger as well. If this trend continues, it could lead to a continued rise in the SPX6900 price.
Buyers have also started growing stronger against sellers, and recently gained an upper hand, according to the current RSI reading above the neutral 50 mark. What’s more, the positive slope of the RSI line suggests SPX bulls show no signs of easing their pressure on the altcoin’s price anytime soon.
As the SPX6900 price tries to keep climbing, investors are also buying a new Solana layer-2 token called Solaxy (SOLX).
99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says SOLX has the potential to surge 10X after its launch.
Solana About To Get Its First Layer-2 Scaling Solution
The Solana network has a history of suffering outages during peak times, with transactions either failing or users complaining of extremely slow processing times.
With the recent hype around SOL-based meme coins, the layer-1’s infrastructure was tested yet again, especially after US President Donald Trump launched his own meme coin on the network.
To put developers’ minds at ease, Solaxy aims to solve Solana’s scalability issues through proven layer-2 protocols and a native sidechain. One of the ways the project will help is by bundling SOL transactions off of the mainnet and on its own blockchain. It will then send the batches of transactions to Solana for final validation and record keeping.
The same approach to transaction processing is employed by Arbitrum and Optimism within the Ethereum ecosystem, and has helped the layer-1 blockchain scale to new heights.
Not only will Solaxy improve Solana’s overall efficiency by eliminating a lot of the stress placed on the blockchain’s infrastructure, it will also bridge Solana with Ethereum to create a new-and-improved Web3 ecosystem.
Decentralized application and meme coin developers will then have a new platform to build the next best innovation in the crypto space without having to deal with the scalability limitations that have capped innovation in the past.
Solaxy Presale Pulls Investors In At A Rapid Pace
Solaxy is on track to post one of the best presale performances of the year, having already raised over $29.6 million in early-stage funding.
Investors interested in joining the presale can buy SOLX via the easy-to-use widget embedded on the project’s website using either crypto or bank card.
Investors can also gain access to a huge 137% annual staking yield.
Investors will want to act fast in order to secure the best deal because the next price hike is due in a little more than 4 hours.
Check out SOLX on its official website.
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