Solana Price Prediction: SOL Plummets 9% In A Week As Investors Flock To The Solaxy Presale Offering Last Chance To Buy

The Solana price is down 9% on the weekly time frame following a 2% 24-hour drop to trade at $148.07 as of 9:35 p.m. EST as traders continue to short the altcoin.

Along with the decrease in the last week, the SOL price is also down more than 11% on the longer-term monthly time frame. 

Solana Price About To Retest A Key Support Again

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price is nearing a key support level at $141.21, according to data from GeckoTerminal. In the past fortnight, the altcoin has rebounded from this level twice. Should history repeat itself in this instance, SOL could end up rising towards the $166.97 resistance level. Thereafter, continued buy pressure might push the crypto to as high as $190.81.

However, a drop below the $141.21 mark could invalidate the bullish thesis. This could end up triggering a wave of selling activity from traders looking to mitigate any further downside risk or prompt existing short sellers to add to their positions. In this more bearish case, the Solana price could end up falling to as low as $122.53 in the short term.

Solana Price Technicals Still Flash Bearish, But Bulls Can Soon Take Back Control

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) are still flashing bearish. However, an opportunity for bulls to take back control seems to be emerging.

The MACD line remains positioned below the MACD Signal line. This alignment is a classic indication that a crypto is in a negative trend. In the last 48 hours, however, the MACD line has started to rise towards the MACD Signal line. Traders might see the narrowing margin between the two technical indicators as a sign that SOL’s bearish momentum is weakening.

Meanwhile, RSI readings have gradually fallen throughout the past few days. This suggests buyers lost a substantial amount of strength during this period. The current reading below 50 still leans bearish, but the leveling off of the RSI line in the low 40s could be an early indication of a bullish trend reversal if buyers choose to capitalize on the opportunity.

As traders wait to see how the Solana price will react around the $141.21 mark, investors are piling into the presale for Solaxy (SOLX) with one last chance to buy before its launch in 5 days. According to influential YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to soar 100X after its official launch.

Solaxy About To Give Solana A Major Upgrade

Solana, which was originally launched as a much more cost-effective and quicker alternative to Ethereum, has struggled during peak traffic periods. This is usually when there is a meme coin frenzy, and has led to users reporting delayed and failed transactions on some occasions. Solaxy aims to address this issue by introducing the first SOL-centric layer-2 solution.

Solaxy will operate similarly to how Arbitrum and Optimism operate within the Ethereum ecosystem, and will bundle transactions off of the mainnet before submitting them to the layer-1 for final validation. 

That method of processing transactions is more efficient than the legacy one-by-one approach, and will enable Solana to facilitate more transactions at any given time.

Solaxy will also act as a bridge between the Solana and Ethereum blockchains, giving developers a way to simultaneously tap into the strengths of two of the most prominent blockchains in the Web3 space. 

Solaxy’s team has already proven that they are more than just talk, and have deployed several products even while the project’s SOLX token is still in presale. So far, the team have launched their testnet, the testnet’s block explorer, the Solaxy bridge on the testnet and a native token launchpad called the Igniter Protocol.

Those products have laid the groundwork for the team to launch their lightning-quick mainnet that they aim to achieve 10,000 transactions per second with.

Last Chance For Investors To Buy SOLX Before Launch

Solaxy’s presale has raised over $54 million so far, as investors bet big on the project’s future. The ICO concluded a few days ago, but the overwhelming demand for the project at this early stage prompted the team to extend the opportunity for investors to buy before launch. As such, investors have another 5 days to buy SOLX below its listing price.

Interested investors can acquire SOLX for $0.001766 apiece using either crypto or bank card through the widget embedded on the project’s website.

Buyers will want to hurry, because once the countdown timer on the project’s website reaches 0, the only opportunity to buy SOLX will be when it lists on exchanges. 

Check out SOLX.

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