Solana Price Prediction: SOL Plunges 5% As Investors Shift Focus To The Blockbuster Solaxy Presale Before It’s Too Late – Just 17 Days Left

The Solana price plunged 5% in the last 24 hours to trade at $164.67 as of 9:38 p.m. EST as investors offload their holdings in the altcoin on the market.

With the recent decline, the SOL price is now down over 9% on the weekly time frame as well.

Solana Price Nears Support, Will The Level Hold?

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price is nearing the support level at $159.16, according to data from GeckoTerminal. Should the altcoin drop below this point within the next 48 hours, it might be at risk of plunging to the subsequent support at $138.18 in the following couple of days.

However, traders identifying the current Solana price as a buy opportunity could lead to a more bullish scenario playing out. This might result in a new climb towards the $184.97 resistance, which is an upper barrier of a medium-term consolidation channel that SOL has traded within over the past 2 weeks. Continued buy pressure might even push SOL to $216.44.

Bears Still In Control, Might Push The Solana Price Lower

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 drop might continue over the next 48 hours.

That’s after the MACD line started to break away below the MACD Signal line, which is a classic sign of increasing bearish momentum. If the gap between the two lines continues to grow, sellers might choose to take advantage of the opportunity to push the Solana price down lower in the short term.

Sellers are already overpowering buyers, as evident by the drop in RSI readings over the last few days. This has led to the indicator falling below the neutral 50 mark, signaling that bears have gained an upper hand against bulls. With the downward slope of the RSI line, it appears sellers show no intention of easing their pressure on the Solana price any time soon.

As technicals continue to flash bearish for the Solana price, investors are piling into the presale for Solaxy (SOLX) which will end in around 17 days. According to 99Bitcoins, a popular YouTube crypto channel with over 123k subscribers, SOLX has the potential to soar 100X after its launch.

Solaxy To Scale Solana To New Heights

Solaxy is the first layer-2 scaling solution for Solana, and aims to address the high levels of congestion in the SOL ecosystem that have resulted in delayed, and sometimes even failed, transactions. 

The project will remove any backlog on the Solana blockchain by processing and bundling transactions off of the Solana mainnet. It will then only call on the layer-1 for final validation and record keeping. This method of processing transactions will reduce the stress on Solana’s computational resources, and will subsequently help the network process more transactions.

In addition to scaling Solana, Solaxy will also connect the blockchain with the Ethereum network. By creating a bridge between these two dominant blockchains in the Web3 space, Solaxy will enable developers to take advantage of the strengths of both networks simultaneously. 

That gives them the flexibility needed to develop the next big application in the crypto space without having to worry about limited scalability, liquidity or security. 

Solaxy’s team has been hard at work building out their solution, even while the project’s native SOLX token is still in presale. So far, the team have launched their testnet with its blockchain explorer, the Solaxy bridge on the testnet, as well as a native token terminal. 

They have also made continued optimizations to their products, putting them on track to achieve their ambitious goal of 10,000 transactions per second for the Solaxy mainnet.

Investors Rush To Buy SOLX At Presale Prices With Time Running Out

Solaxy’s presale, which has raised an impressive $42.3 million, is nearing its end. This means that time is running out for investors to get in early ahead of the 100X surge predicted by 99Bitcoins.

Interested investors that don’t want to miss those potential gains can acquire SOLX via the simple buy widget embedded on the project’s website. Currently selling for $0.00174, SOLX can be bought with either crypto or bank card. Once purchased, the tokens can also be staked for a 95% APY.

Anyone that wants to buy will want to do so before the presale ends in around 17 days.

Visit the Solaxy website.

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