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The Solana price is down 4% over the past week despite a 1% 24-hour gain to trade at $152.02 as of 9:46 p.m. EST as some investors dump their holdings in the altcoin.
The drop in the SOL price over the last 7 days is part of a longer-term negative trend that has seen the crypto’s price fall more than 11% in the last month.
Solana Price Nears Resistance, Can It Break Through?
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price has been in a positive sequence over the last couple of days, according to data from GeckoTerminal. As a result, the altcoin is now attempting to clear a resistance level at $156.32.
Should SOL break above that technical barrier in the next 48 hours, it could clear the room to rise to as high as $180.79 in the short term. This would result in around a 16.48% climb from the current price.
However, a rejection from the $156.32 resistance in the next 24 hours might prevent the bullish move from happening. The Solana price could end up pulling back in this alternative scenario, with the nearest support level at $140.21 serving as a technical safety net for SOL. Breaching this level could put the crypto at risk of falling all the way down to $124.11.
Bulls Are Slowly Taking Control Of The Solana Price
From a technical point of view, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Solana price might rise in the next 24 hours.
The MACD line has started to rise towards the MACD Signal line in the last few days, indicating a potential end to SOL’s latest bearish trend. Should the gap between the two lines continue to narrow, it could lead to a bullish crossover, which traders might see as a sign that the Solana price has entered a new bullish cycle.
Buyers are growing stronger against bears as well as the Solana price approaches the $156.32 resistance level. This is evident in the increase in RSI values over the past few days. While the indicator’s current value below 50 is still bearish, the upward slope of the RSI line suggests buyers could soon take over control of the Solana price.
With momentum slowly starting to turn bullish, and buyers growing stronger against sellers, the Solana price could soon breach the $156.32 barrier if there is no sudden change in the broader crypto market’s trend.
As the Solana price tries to keep rising, investors are piling into the presale for Solaxy (SOLX) before the project’s highly-anticipated launch in around 7 days. According to the popular YouTube channel 99Bitcoins, which has over 723k subscribers, SOLX has the potential to soar 100X after its launch.
Solana Will Soon Have Its First Layer-2
Solana was initially launched as a faster and cheaper alternative to Ethereum. While the SOL blockchain still offers lower fees and quicker transaction times, Ethereum is starting to chip away at its competitive advantage with its growing layer-2 ecosystem.
In addition to that, Solana has battled during peak traffic times such as when there is a meme coin frenzy. This has led to some users reporting delayed, and sometimes even failed, transactions.
Solaxy, the first layer-2 scaling solution for the SOL ecosystem, aims to slash Solana’s already-low fees and processing times while simultaneously reducing congestion and the transaction delays on the network.
Similar to Ethereum’s layer-2s, Solaxy will process and bundle SOL transactions off of the mainnet. It will then only call on the layer-1 for final validation. This will increase the number of transactions Solana can process at any given time, while also reducing the computational stress on Solana’s infrastructure.
In addition to scaling Solana, Solaxy will also connect the network with the Ethereum blockchain via bridging technology. This will enable developers to take advantage of both networks’ strengths in one solution, giving them a platform to build the next big Web3 innovation.
Solaxy’s team has been hard at work developing their solution. While the project is still in presale, the team have deployed their testnet, its block explorer, the Solaxy bridge on the testnet, and their own token launchpad.
Solaxy Presale About To End
Solaxy has raised more than $45.7 million in presale so far. With just a week left until the token’s exchange listings, time is running out for investors to buy at this early stage.
Interested investors can acquire SOLX for $0.00175 apiece through the widget embedded on the project’s website using either crypto or bank card.
Anyone looking to buy will want to hurry, before the presale ends in around 7 days.
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