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The Solana price jumped 2% in the last 24 hours to trade at $171.61 as of 9:39 p.m. EST as traders start to go long on the crypto.
The recent gain is a continuation of the positive trend the SOL price has been in over the past 30 days. As a result, the altcoin is more than 21% in the green on the monthly time frame.
Solana Price Trapped In A Sideways Channel, Will It Breakout Soon?
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price has been in a consolidation pattern between $159.36 and $188.65 over the past few days, according to data from GeckoTerminal. This period of sideways trading could be the build up to a strong move in the next couple of days.
If the Solana price manages to break above the resistance level at $188.65 in the next 48 hours, SOL could have the technical foundation needed to continue rising in the short term. Traders might subsequently target the next major resistance level at $215.16.
On the other hand, a drop below the nearest support at $159.36 could lead to a more bearish scenario playing out in the short term. This could prompt traders to short SOL, and the possible sell pressure might force the Solana price down to the $137.03 support.
Solana Price Could Go Either Way
Looking at technical indicators on the daily chart, the Solana price could go either way in the short term. Currently, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are contradicting each other.
In the last couple of days, the MACD line has fallen towards the MACD Signal line. This led to the prior crossing below the latter, which is a classic bearish technical flag that suggests SOL has entered a negative short-term trend. If traders react to this signal, they might start to push the Solana price down.
Meanwhile, the RSI is positioned above the neutral 50 mark. This suggests buyers have an upper hand over sellers. What’s more, the positive slope of the RSI line could be an early sign of bulls growing even stronger against bears. If this is the case, buyers might have the strength needed to push SOL higher in the next few days.
As traders wait to see what the Solana price will do next, investors are rushing to buy a new presale token called Solaxy (SOLX) before its ICO ends in 27 days. Popular YouTube channel 99Bitcoins, which has over 723K subscribers, says SOLX has the potential to soar 10X after its launch.
Solana To Get A Major Scaling Upgrade Soon
Solana was launched as a much cheaper and quicker alternative to the clunky Ethereum blockchain. While the SOL network still has an edge over its legacy competitor, the Solana blockchain has started to lag during peak traffic times, especially after the recent meme coin hype. Some users have started to experience delayed, and even failed, transactions.
Solaxy aims to address those issues head-on, and introduces the first layer-2 scaling solution for the Solana blockchain. Similar to other layer-2 networks like Arbitrum and Optimism in the Ethereum ecosystem, Solaxy will process and bundle transactions off of the mainnet before submitting the batches of transactions to the layer-1 for final validation.
Overall, Solaxy will boost Solana’s already-high levels of efficiency, and will increase the network’s speeds while simultaneously keeping transaction fees low.
In addition to scaling Solana, the team will also bridge the network with Ethereum. This will create a platform that combines the strengths of both blockchains and is capable of meeting the growing needs of decentralized app and meme coin developers.
The Solaxy team has been hard at work, and have already launched their testnet and its associated block explorer. Additionally, the project’s blockchain bridge has gone live on the testner as well, allowing developers to familiarize themselves with the technology before the mainnet launch.
SOLX’s Parabolic Presale Offers Last Chance To Buy – Just 27 Days Left
Solaxy has managed to raise over $38 million through its ongoing presale so far, with whales also betting big on the project’s future. Now, investors have just 27 days left until the project’s highly-anticipated launch.
Anyone that wants to participate in the ICO can buy SOLX tokens through the easy-to-use widget embedded on the project’s website. Selling for $0.00173, SOLX can be bought with both crypto or bank card.
With time running out, interested investors will want to hurry before the opportunity to get in at this ground level of the project passes by.
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