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The Solana price dropped more than 4% in the last 24 hours to trade at $115.40 as of 10:19 p.m. EST as investors sell their holdings in the crypto.
The decline in the SOL price coincided with a broader crypto market drop. CoinMarketCap data shows the crypto space’s market capitalization fell by over 1% in the last 24 hours.
Solana Price Trying To Flip Resistance
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to overcome a resistance level at $115.75, according to data from GeckoTerminal. If the altcoin can establish a position above this technical barrier within the next 12 hours, it might have the foundation needed to keep rising in the short term. Traders could subsequently end up pushing the crypto to the next major resistance at $121.71.
However, a rejection from the $115.75 resistance due to a change in market trend could lead to a continuation of SOL’s drop. Traders might enter more short positions in this more bearish scenario, which could result in the Solana price dropping even further in the short term.
In the alternative case, the Solana price might also test the $112.52 support. A break below this mark could then be followed by a drop to as low as $108.54.
Bulls And Bears Battle It Out To Take Control Of The Solana Price
From a technical standpoint, indicators on SOL’s 4-hour chart are showing early bullish signs, however, buyers will have a fair amount of work ahead of them to push SOL into a bullish trend. Traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the 4-hour chart.
RSI readings started to rise in the past 12 hours, but recently started to pull back again. This suggests that bulls are trying to take control of the Solana price, but bears are fighting back. With the current reading below the neutral 50 mark in the mid 30s, sellers seem to have the upper hand,
Meanwhile, the MACD line is positioned below the MACD Signal line to indicate that SOL is currently in a bearish trend. However, the gap between the two indicators has started to shrink, with the MACD line now rising towards the MACD Signal line. This could be seen as an early indication that SOL’s negative trend is nearing its end.
If the MACD line crosses above the MACD Signal line in the next 24 hours, traders might interpret this technical event as an indication that the Solana price has entered a new bullish cycle.
As the Solana price tries to overcome resistance, the presale for Solaxy (SOLX) has gone parabolic. This is as 99Bitcoins, a popular crypto YouTube channel with over 725K subscribers, predicts the new SOL token has the potential to surge 100X after launch.
Solaxy About To Give Solana Its Biggest Upgrade Yet
The Solana network is battling with high levels of congestion due to the recent hype around SOL-based meme coins. The popularity of these tokens soared to a new all-time high when US President Donald Trump launched the Official Trump (TRUMP) meme coin on the Solana blockchain in January.
With so much traffic on the Solana network, the blockchain risks suffering another outage soon if something does not change. This is where Solaxy comes in.
With its native sidechain and scaling technologies, Solaxy aims to help the Solana network scale to new heights while simultaneously reducing congestion levels on the popular layer-1 blockchain.
One of the ways Solaxy will help Solana is by taking over a large portion of its transaction processing workload. It will use technologies called rollups to bundle SOL transactions on its own layer-2 chain before submitting the batches of transactions back to the Solana mainnet for final validation.
This approach to transaction processing is similar to the one used by leading layer-2 solutions Arbitrum and Optimism within the Ethereum ecosystem. It has also been proven as a successful way to increase the number of transactions that can take place on a major public blockchain such as Solana without increasing transaction fees and slowing down processing times.
Investors Bet Big On SOLX’s Future
Solaxy is on track to post one of the best, if not the best, presale performances of the year. Investors have already poured more than $29 million into the project’s ongoing ICO.
Anyone that wants to get in on the project’s ground level can do so by buying SOLX via the simple widget embedded on Solaxy’s website. Selling for $0.001684, SOLX can be bought with either crypto or bank card.
Investors will want to act fast, however, because SOLX’s price will undergo a presale increase in less than 39 hours.
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