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The Solana price dropped 2% in the past 24 hours to trade at $156.10 as of 3:44 a.m. EST on trading volume that plunged 5% to $3.58 billion.
This drop in the SOL price comes despite plans by Pump.fun, a popular Solana meme coin launchpad, to raise $1 billion in a token sale at a $4 billion fully diluted valuation (FDV).
PUMP FUN TO DROP $1 BILLION TOKEN SALE AT $4 BILLION VALUATION pic.twitter.com/YxNA9uoOe2
— Nick O’Neill (@chooserich) June 3, 2025
The platform has generated over $700 million in total revenue since launching more than a year ago, and is looking to use the hype to accelerate its token’s adoption.
Solana Price Aims For A Reversal Within A Rising Channel Pattern
The SOL price on the 1-day timeframe has been on a sustained bullish trend within a rising channel pattern. Solana has, in turn, created a stair-like support system, allowing it to soar.
However, the Solana price recently broke down from the support around $167, which allowed the price to drop back to the $154 zone, but still within the rising channel pattern, as GeckoTerminal data shows. A slight consolidation appears to be forming, which may be a catalyst for a rally.
As a result of the slight and healthy correction, the price of Solana has finally crossed below both the 50-day and 200-day Simple Moving Averages (SMAs), with the 50-day SMA acting as the immediate resistance at $158.52.
Meanwhile, the Relative Strength Index (RSI) also seems to be consolidating without a definite direction after a decline from the 50 neutral zone to currently sit at around 42.
If the bulls take charge here despite the slight drop, the RSI may pick up towards the 50-neutral level, which may drive the price of Solana back to the previous support, now turned resistance, at the $167 level. If this pressure intensifies, Solana could even soar to the $202 resistance, still within the rising channel pattern.
Conversely, if the Solana price continues to encounter pressure from the bears, SOL may break down from the consolidation.
In such a scenario, the $127.5 support could act as a cushion against downward pressure.
Meanwhile, investors are flocking to a new Solana project called Solaxy (SOLX), which has just announced that its parabolic presale will conclude in approximately 12 days, with listings to follow shortly thereafter.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 100X post-launch.
Traders FOMO Buy The Solaxy Presale As It Hurtles Towards The $45 Million Milestone
Solaxy is currently in presale, having raised over $43.8 million to date. This makes it the biggest Solana presale in history, so the market could expect significant gains if Solana starts to rally in the coming weeks.
The presale will end in 12 days, leaving investors scrambling to not miss the cut-off date.
Solaxy is building the world’s first Solana layer 2 blockchain, aiming to tackle the network’s congestion issues by utilizing off-chain computation and transaction bundling technology.
Although fast and cheap, Solana’s mainnet faces growing pains. Up to 50% of non-voting transactions fail during peak periods due to meme coin frenzies and bot activity.
Solaxy tackles those issues head-on by processing transactions off-chain using rollup technology, bundling them, and settling them on Solana’s mainnet.
$SOLX is showing NO signs of slowing down! 🚀
43M Raised! 🔥 pic.twitter.com/kktQdy34kA
— SOLAXY (@SOLAXYTOKEN) June 1, 2025
Solaxy’s approach promises faster, cheaper, and more reliable transactions, positioning Solaxy as a critical upgrade for Solana’s ecosystem.
Solaxy’s recent technical milestones further fuel optimism. The team launched their testnet and its blockchain explorer, and have also optimized rollup handling for enhanced efficiency. In addition to that, the Solaxy team has also deployed the Igniter Protocol, which will let users create new tokens and have them listed directly on the upcoming Solaxy DEX.
The project’s native token, SOLX, powers the network’s transactions, governance, and staking.
Investors are also being drawn by Solaxy’s staking program, which offers a massive 92% annual return. Over 12.4 billion SOLX tokens have already been staked.
The SOLX token is currently priced at $0.001744, and investors can join the presale via the official Solaxy website using ETH, BNB, USDT, or cards.
The project has now placed a timer on its website, indicating investors have only about 12 days left to join one of the most successful presales of the year.
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