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The Solana price pumped more than 6% in the last 24 hours to trade at $148.28 as of 10:17 p.m. EST as investors increase their exposure to the altcoin.
The rise in the SOL price comes amid a 6% increase in the crypto market’s capitalization to above $2.92 trillion.
Solana Price Trying To Flip A Major Resistance Into Support
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price broke above the resistance level at $147.72 in the last 24 hours after printing a series of higher highs and higher lows on the daily chart over the past few days, data from GeckoTerminal shows. Should the crypto establish a position above this technical barrier, it could then have the foundation needed to rise to the next major mark at $161.04.
However, traders opting to realise their profits from the recent surge could lead to some sell pressure on the Solana price. In this more bearish scenario, SOL might retrace back below the recently-overcome $147.72 mark. Thereafter, continued sell pressure could result in a plunge to as low as $133.03.
Solana Price Still Showing Strong Bullish Strength That Could Lead To A Continued Climb
From a technical standpoint, indicators on SOL’s daily chart suggest the Solana price might keep climbing through the course of the next 24 hours. More specifically, traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which both show bulls currently have the upper hand over bears.
Momentum favors buyers at the moment, as suggested by the MACD line’s positioning above the MACD Signal line on the daily chart. While the gap between the two technical indicators had started to shrink in the last week to suggest cooling bullish momentum, buyers have recently re-entered SOL’s charts to boost its momentum.
Buyers are currently in control as well. In the last couple of days, RSI readings have risen to above 60. Any RSI reading above the neutral 50 mark is usually interpreted as a sign that bulls are stronger than bears. What’s more, the current RSI value indicates that there is still room for SOL to rise before it enters overbought territory, which is signaled by an RSI reading above 70.
As the Solana price looks to keep its bullish move going, investors are piling into the presale for a SOL layer-2 token called Solaxy (SOLX). YouTube channel 99Bitcoins, which has over 725K subscribers, says the new crypto has the potential to soar 100X after its launch.
Solana About To Get Its First Layer-2 Scaling Solution
Solana is known for its high speeds and low transaction costs, and was launched as an alternative to the clunky Ethereum blockchain.
However, the growing adoption of Solana and the recent hype around SOL-based meme coins has put immense strain on the network’s infrastructure. So much so that users are starting to experience transaction delays and oftentimes failed transactions as well.
Solaxy aims to eliminate the stress on the Solana network by introducing the fist SOL-centric layer-2 scaling solution to the market. It will operate similar to how Arbitrum and Optimism function in the Ethereum ecosystem, and will bundle transactions off of the main chain before submitting the batches of transactions to the Solana network for final validation.
Solaxy’s approach to transaction processing has been tried and tested, and has also been proven as a successful way to scale a layer-1 blockchain.
🔥 The Solaxy Era Begins 🔥
The Solaxy TestNet Block Explorer is now live! This is the first step in bringing about $SOLX domination. 🛸🪐
Check it out for yourself below 👇https://t.co/VWq2cscsrK pic.twitter.com/8rIQfOHAwb
— SOLAXY (@SOLAXYTOKEN) April 19, 2025
The project will also bridge the Ethereum and Solana blockchains to give developers a super Web3 platform that combines the strengths of two of the most prominent blockchains in the crypto space. Decentralized app and meme coin developers will then be able to build the next best innovation in the Web3 industry without having to battle with scalability restrictions.
Solaxy Presale Goes Parabolic As Investors Rush To Buy SOLX
Investors are betting big on Solaxy’s future, and continue to pour capital into the project’s ongoing ICO at a rapid pace. So far, Solaxy has raised more than $31.21 million through its presale.
Investors interested in participating in what could be the best presale of 2025 can do so by purchasing SOLX via the simple widget embedded on its website. Selling for $0.001702, the crypto can be purchased with both crypto or bank card.
After buying some SOLX, investors can put their tokens to work from the get-go by locking up their tokens in the project’s presale staking pool that offers an attractive 129% APY.
Buyers that want to secure the best deal will want to purchase now before the next presale price increase in around 14 hours.
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