Solana Price Prediction: SOL Pumps 6% In A Week, But Experts Say This Layer-2 Presale Token Could Be The Next 10X Gem

The Solana price is up 6% on the weekly time frame despite a 1% drop in the last 24 hours to trade at $172.65 as of 10:22 p.m. EST as some traders cash in their profits.

That’s after the SOL price rose an impressive 36% in the last 30 days.

Solana Price Consolidates But Might Drop Below A Key Support

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price has consolidated between $158.30 and $185.59 in the last few days, according to data from GeckoTerminal. In the last 24 hours, SOL has started to drop towards the lower bound of this range. Should the altcoin fall below this price level within the next few days, it could be exposed to the risk of falling to the next support at $138.45.

However, if traders identify the current Solana price as a buy opportunity, it could result in SOL flipping the resistance level at $184.34 into support. Thereafter, continued pressure from buyers might lead to the altcoin rising to as high as $212.87 in the following couple of days.

Bears Could Soon Take Control Of The Solana Price

From a technical point of view, indicators on the daily chart warn the Solana price might drop in the coming 24 hours. Traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which are both showing early bearish signs.

That’s after the MACD line collapsed towards the MACD Signal line in the last couple of days, which is a classic sign of cooling bullish momentum. If the MACD falls below the Signal line in the next 48 hours, it could indicate the Solana price has entered a negative short-term cycle.

Meanwhile, RSI readings have also fallen from the high 70s to the low 60s in the last 24 hours. This suggests there has been a drop in buyer strength. While the current reading is bullishly above 50, favoring buyers, the steep drop in the RSI in recent days coupled with the risk of a bearish MACD crossover warns sellers could soon take control of the Solana price.

As bulls and bears battle it out on Solana’s charts, investors are buying into the presale for Solaxy (SOLX). According to popular YouTube channel 99Bitcoins, which has over 725K subscribers, SOLX has the potential to soar 10X after its launch. 

Solana Will Soon Have Its Own Layer-2 Solution

Solana was initially launched as a much faster and cheaper alternative to Ethereum. While the SOL network is still able to process more transactions at lower costs than its rival, it is currently battling with high levels of congestion due to the recent meme coin hype. As a result, some users have started experiencing delayed, and sometimes even failed, transactions.

Solaxy, the first layer-2 scaling solution for Solana, aims to address the network’s high levels of traffic and prevent another SOL network outage.

The project will use protocols called rollups, which will process and bundle transactions off of the Solana mainnet. Solaxy will then only call on Solana for final validation and record keeping. This approach will ease the computational stress on Solana, and will simultaneously boost the popular layer-1 network’s efficiency.

In addition to scaling Solana, Solaxy will also bridge the network with Ethereum. This move will combine Solana’s high speeds and low fees with Ethereum’s robust security and growing DeFi ecosystem. Developers will then have the platform they need to build the next best innovation in the Web3 space without having to worry about restrictions that held them back in the past.

Solaxy’s team has already launched its public testnet and associated block explorer. Ever since then, the team has continued to optimize the two products for performance, putting them on track to achieve their goal of 10,000 transactions per second.

Solaxy Presale Goes Parabolic

Investors are betting big on Solaxy’s future, and have already poured more than $36.4 million into the project’s presale so far after whales recently joined the ICO. This investor frenzy is likely to continue given the high 111% APY on offer to presale buyers.

To get in on those rewards, investors will first need to acquire some SOLX through the easy-to-use widget embedded on the project’s website. Selling for $0.001726, SOLX can be bought with either crypto or bank card. 

Thereafter, investors will just need to head over to the staking page on the website and lock up their tokens to start earning the high APY.

Interested investors will want to hurry, because SOLX’s price will undergo a presale increase in around 34 hours.

Check out SOLX.

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