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The Solana price is down more than 13% on the weekly time frame following a minor 24-hour loss to trade at $124.38 as of 9:37 p.m. EST as investors decrease their exposure to the altcoin.
The decrease in the SOL price in the last 24 hours comes even as Solana welcomes Bio Protocol, a permissionless launchpad to research, streamline and gamify early-stage biotech research, to the ecosystem.
This is how new biotech is born.
Welcome @bioprotocol V1 to Solana — a permissionless launchpad to streamline, simplify and gamify early-stage biotech research 🧪 pic.twitter.com/Zqgdyj2vRN
— Solana (@solana) April 1, 2025
Solana Price Traders In A Short-Term Range
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price has been oscillating between $122.73 and $130.11 in the last 48 hours, data from GeckoTerminal shows. Should the altcoin manage to break above the $130.11 barrier within the next 24 hours, it could attempt to rise to as high as $137.22 in the short term.
However, a drop below the closest support level at $122.73 might invalidate the bullish thesis. In this more bearish scenario, the Solana price could stand the risk of plunging all the way down to $116.78 if sell pressure persists.
A Bearish Scenario More Likely To Play Out For The Solana Price In The Short Term
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the 4-hour chart suggest the Solana price might drop in the coming few hours.
That’s after RSI readings dropped from the high 50s to just over 40 in the last 24 hours. Traders usually interpret declining RSI values as a sign of diminishing buyer strength. Additionally, the current reading below the neutral 50 mark might indicate that sellers have the upper hand against buyers. If bears capitalize on this advantage, they may be able to overthrow bulls.
Meanwhile, the MACD line has started to drop towards the MACD Signal line in the last few hours as well. The narrowing gap between the two technical indicators could be an early warning sign that SOL’s bearish momentum is starting to cool off.
Should the MACD line cross below the MACD Signal line in the next 48 hours, it might confirm that the Solana price has entered a short-term negative cycle.
If the technical warnings presented by the MACD and RSI influence traders’ decision making, SOL could drop below the aforementioned $122.73 support.
As bears maintain a tight grip on the Solana price, investors might turn to Solaxy (SOLX) for gains. According to crypto analyst and YouTuber Alessandro De Crypto, who has over 14.7K subscribers, SOLX could surge 100X after launch.
The First Scaling Solution For Solana
Solana’s blockchain has become congested in recent months due to the soaring hype around SOL meme coins in the last few weeks. The situation worsened when US President Donald Trump jumped on the trend at the start of the year to launch the Official Trump (TRUMP) meme coin, leading to even higher levels of traffic on the network.
To prevent a future Solana network outage, Solaxy, the first layer-2 scaling solution for the Solana ecosystem, aims to alleviate some of the stress on the blockchain’s infrastructure.
To do this, the project will use proven technologies called rollups to bundle transactions off of the Solana mainnet and on its own sidechain. Thereafter, it will submit the batches of transactions to the Solana network for final validation.
Solaxy’s approach to transaction processing is similar to that used by layer-2 solutions like Arbitrum and Optimism within the Ethereum ecosystem. It has also helped the Ethereum blockchain scale to new heights, while simultaneously increasing overall transaction and cost efficiency on the Ethereum network.
Once Solaxy has successfully implemented its layer-2 technology with Solana, it will then bridge the network with the Ethereum blockchain. This move will merge Solana’s speeds and low transaction fees with Ethereum’s robust security framework and thriving DeFi ecosystem.
Developers will then have a new and improved Web3 infrastructure that is capable of meeting their growing needs, which could lead to the creation of the next best application in the crypto space.
Investors Bet Big On SOLX’s Future
Investors are rushing to buy SOLX while it’s still in presale, and have poured more than $28.8 million in early-stage funding into the project so far.
This buying frenzy is likely to continue given the attractive 142% APY on offer to investors who buy and stake SOLX tokens during the project’s ICO phase.
To get started, investors will first need to acquire some SOLX tokens via the simple buy widget embedded on the project’s website. Selling for $0.001682, SOLX can be bought with crypto or bank card. Thereafter, investors can lock up their tokens through the staking page on the website.
Interested investors will want to buy before the next presale price hike in around 15 hours.
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