Solana Price Prediction: SOL Jumps 3% In A Week As A FOMO Frenzy Erupts Around This Parabolic Layer-2 ICO With Time Running Out

The Solana price is up over 3% on the weekly time frame after a slight 24-hour rise to trade at $174.70 as of 10:10 p.m. EST as traders go long on the altcoin.

Over the past 24 hours, trading activity around the SOL price has also surged over 27% to above $3.63 billion.

Solana Price In A Consolidation Phase

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price has been in a sideways trading pattern between $159.51 and $186.78 over the past 2 weeks, according to data from GeckoTerminal. This could be the build up to a strong move for SOL.

If the altcoin breaks out towards the upside, it might try to first flip the resistance level at $186.78 into support. Thereafter, SOL could have the technical foundation needed to continue rising in the short term, and might target the subsequent barrier at $213.35 if the bullish pressure persists.

On the other hand, the Solana price could also end up testing the nearest support level at $159.51 if sellers take control. Should the crypto drop to this point and the bearish pressure persists, SOL might even end up plunging to as low as $137.83. 

Solana Price Technicals Leaning Bearish

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) warn the Solana price might drop in the next 24 hours.

For the past few days, the MACD line has been positioned below the MACD Signal line. While the gap between the two lines has remained relatively constant, the current alignment of the two technical indicators with respect to each other signals a slight bearish undertone on the crypto’s charts. 

Buyers still seem to have the upper hand over sellers, as suggested by the current RSI reading above the neutral 50 mark. However, traders will just want to watch the slope of the RSI line, which is currently negative. If the RSI continues to drop, it could lead to a bearish shift in power. This might then be followed by growing bearish momentum, which could push SOL down.

As the Solana price trades sideways, investors are flocking to the presale for Solaxy (SOLX) that will end in around 19 days. Several experts have stepped forward to share their bullish predictions for SOLX. Among them is 99Bitcoins, a popular crypto YouTube channel with over 723K subscribers, who predicts the token could surge up to 10X after its launch.

Solana Will Soon Get Its First Scaling Solution

Solaxy is the first layer-2 scaling solution for the Solana ecosystem, and aims to address the high levels of congestion on the SOL blockchain. 

To do that, Solaxy will process and bundle transactions off of the SOL mainnet. It will then only call on Solana for final validation. This will essentially free up space on the Solana blockchain, thus easing the computational workload on the blockchain during peak traffic times. 

In addition to scaling Solana, Solaxy will also bridge the network with the Ethereum blockchain. This will unlock a new Web3 platform that combines the strengths of two of the most prominent digital ledgers in the crypto space. Developers will subsequently have a highly scalable and secure framework to build the next big innovation in the crypto space. 

Solaxy’s team has been hard at work, and has already launched several products even while the SOLX token is still in the presale stage. This could build strong momentum for the project that can carry over to after its launch.

So far, Solaxy’s team have deployed their testnet and its associated block explorer. They have also launched the Solaxy bridge on the testnet and their own token launchpad. Solaxy’s team have also been making constant updates to their products, which align with their goal of 10,000 transactions per second for the Solaxy mainnet.

Solaxy’s Parabolic Presale Ends In 19 Days

Solaxy is already benefiting from strong presale momentum, which has seen the project raise over $41.4 million so far. Whales have also joined the presale in recent weeks, signaling strong investor confidence in the project’s future. With just under 3 weeks left until SOLX’s listing on major exchanges, time is running out for investors to get in on this ground level of the project.

Interested investors can acquire SOLX for $0.001738 apiece through the buy widget embedded on the project’s website using either crypto or bank card. Once purchased, the tokens can also be staked for a 97% APY.

Anyone looking to buy will want to hurry before the presale ends in 19 days.

Learn more about Solaxy.

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