Solana Price Prediction: SOL Plunges 11% In A Week As Investors Shift Focus To The Parabolic Solaxy Presale With Just 11 Days Left

The Solana price is down 11% on the weekly time frame after a 1% 24-hour drop to trade at $153.96 as of 9:41 p.m. EST as investors continue to decrease their exposure to the crypto.

Despite the daily and weekly pullback, the SOL price is still 6% in the green on the longer-term monthly time frame.

Solana Price Rejected By Resistance

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price was rejected by a resistance level at $158.32 in the last 48 hours, but continues to trade close to the mark, according to GeckoTerminal data. This suggests that bulls are still trying to push SOL back above this barrier after it plunged below the level on May 30.

Should buyers manage to boost the Solana price to above $158.32, it could clear the room for SOL to rise to the next resistance level at $186.03. Thereafter, continued bullish pressure might lead to the altcoin climbing to as high as $217.59 in the short term.

However, failure to break above $158.32 within the next 48 hours might invalidate the bullish thesis. This might then result in an alternative scenario playing out, which could lead to a test of the closest support level at $139.85.

Bears Might Continue To Push The Solana Price Down

Looking at technical indicators on SOL’s daily chart, it seems bears are currently in control. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest sellers might push the Solana price down lower in the next 24 hours.

The MACD line is positioned below the MACD Signal line on the daily chart. This alignment is often interpreted as a sign that a crypto is in a negative trend. However, the MACD Histogram bars have started rising. Traders might see this as an early indication of SOL’s bearish momentum cooling.

Meanwhile, the RSI line has flattened out around 40. The current reading below 50 signals that bears have an upper hand over bulls in terms of strength. What’s more, there is still room for the Solana price to drop before the RSI falls into oversold territory (usually below 30).

With the bearish signs presented by the MACD and RSI on the daily chart, bulls have a tough task ahead of them if they want to boost the Solana price. While the rising MACD Histogram bars present a window for buyers to step in and take control, the low RSI and current alignment of the MACD and Signal lines warn this chance could leave soon.

As bulls and bears battle it out on Solana’s charts, investors are piling into the presale for Solaxy (SOLX) before it ends in around 11 days. According to popular YouTube channel 99Bitcoins, which has over 723k subscribers, SOLX has the potential to soar 100X after its launch.

Solana About To Get Its First Layer-2

Solaxy is the first layer-2 scaling solution for the SOL ecosystem. Although Solana was launched as a cheaper and faster alternative to Ethereum, which it still is, the network has struggled during peak traffic times. This has resulted in delayed transactions, with some users even reporting failed transactions.

Solaxy aims to address Solana’s high levels of congestion by shifting transaction processing off of the mainnet. The project will process and bundle transactions on its own layer-2 sidechain, before submitting the grouped transactions to the SOL mainnet for final validation.

That approach has been proven as a successful way to scale a widely-used blockchain network by Ethereum-focused solutions such as Arbitrum and Optimism.

Not only will Solaxy scale Solana, it will also create a bridge between the network and the Ethereum blockchain. Developers will then be able to take advantage of the benefits of both prominent networks simultaneously. 

Solaxy’s team has been hard at work, and has deployed a range of products even while the SOLX token is still in presale. 

So far, the team have launched their testnet and its blockchain explorer, the Solaxy bridge on the testnet, and the Igniter Protocol that is a new token launchpad which will see tokens created on the platform listed directly on the upcoming Solaxy DEX.

Investors Have Last Chance To Buy SOLX In Presale

Solaxy has raised over $44.1 million through its blockbuster presale, signaling strong investor confidence in the project’s future. With just over 1 week left until launch, time is running out for investors to buy in during the ICO.

To participate in the presale, investors can purchase SOLX for $0.001746 apiece via the simple widget on its website using either crypto or bank card. Tokens can also be staked for a 91% APY.

Investors will want to buy before the presale ends in 11 days.

Check out SOLX.

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