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The Solana price pumped over 6% in the last 24 hours to trade at $144.76 as of 9:50 p.m. EST as investors start to go long on the crypto.
The increase in the SOL price comes as Solana network validators prepare to vote on two proposed upgrades in March that are designed to ensure rewards for stakers and adjust the inflation rate for the network’s native token.
Solana Price Rebounds And Is Attempting To Flip Support
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to overcome a resistance level at $145.63 after rebounding off of the support from $131.97, GeckoTerminal data shows. Should the altcoin break above this technical obstacle within the next 12 hours, it could clear the room needed to continue rising in the short term. Traders might then push SOL up to as high as $167.60.
On the other hand, a rejection from the $145.63 mark could lead to a retest of the $131.97 support. In this more bearish scenario, traders might end up opting to take profit, which could lead to a drop below the $131.97 support to the subsequent mark at $118.31.
Technicals Suggest The Solana Price Could Keep Climbing
From a technical perspective, indicators on SOL’s 4-hour chart suggest the Solana price will keep rising in the next few hours, with both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) showing bullish signs.
RSI readings have slowly started to rise in the last couple of hours, pushing the indicator to 47. While this is still below the neutral 50 mark, it suggests that the Solana price could go either way.
However, momentum seems to be in favor of buyers, as suggested by the MACD on the 4-hour chart. The indicator is on the verge of triggering a major bullish technical flag, with the MACD line attempting to cross above the MACD Signal line. Should these lines intersect, it could indicate that SOL has entered a positive trend.
As the Solana price tries to climb higher, investors are piling into the presale for new layer-2 meme coin Solaxy (SOLX) for gains. According to 99Bitcoins, a popular YouTube channel with over 726K subscribers, SOLX has the potential to soar 10X after it launches.
Solana About To Get Its First Scaling Upgrade
Solana has become congested in the last few months due to the hype around SOL-based meme coins, with the launches of Official Trump (TRUMP) and Official Melania Meme (MELANIA) putting even more strain on the network. If something does not change soon, Solana risks suffering another outage.
This is where Solaxy, with its native sidechain and layer-2 scaling technology, comes in. The project is the first scaling solution focused on the Solana network. Its blockchain will run in parallel to the Solana mainnet and take over the bulk of the network’s transaction processing workload.
Through scaling technologies called rollups, which are already being used in the Ethereum ecosystem, Solaxy will bundle SOL transactions off of the mainnet and submit the batches of transactions to the layer-1 network for final validation. This will increase Solana’s efficiency, decrease congestion levels, slash fees as well as up processing speeds.
Solaxy will also bridge the Ethereum and Solana blockchains. This move will combine Ethereum’s thriving DeFi ecosystem and robust security infrastructure with Solana’s high speeds and low fees.
Solaxy Presale Closes On $25 Million
Solaxy has been a hit with investors during its presale stage, and has already managed to raise over $24.9 million in early-stage funding. With the bullish predictions by experts like 99Bitcoins and the project’s position as the first Solana layer-2, it’s easy to see why an investor frenzy has erupted around Solaxy’s ICO.
Another potential reason for the heightened interest could be the attractive staking opportunity on offer, which gives presale buyers who lock up their tokens access to a 164% APY.
To get in on these rewards, investors will first need to buy SOLX through the widget embedded on the project’s website. Selling for $0.001654, the token can be bought with either crypto or bank card.
After buying SOLX, investors can then put their tokens to work via the staking page on the website.
Investors interested in locking in the best rate will want to act quickly, because SOLX’s price will undergo a presale increase in 39 hours.
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