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The Solana price jumped 2% in the past 24 hours to trade at $159.70 as of 12:24 a.m. EST on trading volume that surged 34% to $3.7 billion.
Solana Price Poised For A Bullish Trend Reversal
After hitting the $93 level in April, the SOL price has been on a reversal, trading within a rising channel pattern. However, after touching the resistance around $187.73 (0 Fibonacci level), SOL proceeded through a correction below the rising channel, which drove the price within the 0.382 Fibonacci level ($152.95).
The Solana price is now attempting a bullish trend reversal above the 50-day Simple Moving Average (SMA), with the 200-day SMA now surpassing this level, which could be an immediate target, as GeckoTerminal data shows.
Meanwhile, the Relative Strength Index (RSI) is hovering around the neutral level at 45, and seems to be climbing towards the 50 zone, an indication of incoming pressure from the bulls.
If the current momentum picks up, the bulls could push the price of Solana towards a complete bullish trend reversal, targeting the immediate resistance level at $187.73 on the 0 Fibonacci level and back within the rising channel.
Conversely, if the bears exert more pressure, a bearish trend could still play out, with the 0.618 Fibonacci level at $131.47 acting as the nearest support level.
Meanwhile, investors are flocking to the presale for a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Closing On $44 Million – 13 Days Left To Buy
Solana is fast and cheap, handling thousands of transactions every second. However, when too many people use it simultaneously, the network can slow down or stop functioning. To help with this, the Solaxy team built a special layer-2 system.
The project aims to address Solana’s congestion issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. Platforms like Arbitrum and Optimism have already proven this model successful.
Solaxy’s system enhances efficiency by processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification.
The team recently launched their testnet and its blockchain explorer, a tool that lays the groundwork for tracking transactions across Solaxy’s layer-2 before bundling and committing to Solana’s mainnet.
The team has also rolled out the Solaxy bridge on the testnet. As a result, Solaxy buyers can see how they will be able to bridge their ETH or SOL tokens to the Solaxy layer-2 network.
🚨 Hey Solaxy Community it’s here.
The Solaxy Testnet is LIVE. Your first chance to interact with Solana’s first Layer 2 and experience the speed, scale, and simplicity Solaxy brings. 🔥⚡️
🔗 Connect via Backpack Wallet:https://t.co/FBrV3FohC8
You can:
– Bridge SOL (Solana… pic.twitter.com/FQY9AIwSdx— SOLAXY (@SOLAXYTOKEN) June 2, 2025
Investors are already backing the idea, and have poured over $43.5 million into the project’s blockbuster presale.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001744 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 93% APY. Anyone looking to buy SOLX at the best rate will want to hurry, as the token’s presale will end in about 13 days.
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