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The Solana price pumped over 7% in the last 24 hours to trade at $134.12 as of 10:15 p.m. EST as investors go long on the altcoin.
The rise in the SOL price comes after Solana Labs CEO Anatoly Yakovenko broke his silence over a controversial advertisement the company released. The ad blended American patriotism and tech innovation with political messaging around gender identity, receiving backlash online.
“The ad was bad, and it’s still gnawing at my soul,” the Solana Labs CEO said in a March 19 X post. “I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group,” he added.
The ad was bad, and it’s still gnawing at my soul. I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group. I am grateful for the ecosystem devs and artists that immediately called it what it is both publicly and…
— toly 🇺🇸 (@aeyakovenko) March 19, 2025
Solana Price Breaks Through Resistance
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price broke above the resistance level at $131.77 and is now attempting to do the same with the subsequent barrier at $137.70, according to data from GeckoTerminal. If SOL manages to breach the second resistance, it could end up rising to as high as $147.09.
However, a sudden selloff due to changing market conditions or profit-taking activity could result in the Solana price dropping back below the $131.77 mark. In this more bearish scenario, the crypto might then be exposed to the risk of falling to the next key support level at $121.89.
Technicals Warn Of An Upcoming Solana Price Correction
Looking at SOL’s 4-hour chart, indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the Solana price might undergo a correction in the coming few hours.
RSI readings have started to drop recently, which warns of diminishing buyer strength. While the current reading above the neutral 50 mark suggests bulls still have the upper hand, the negative slope of the RSI line warns that there could be a bearish shift in power soon.
Meanwhile, the MACD line has started to level off above the MACD Signal line. Although traders usually interpret the current alignment as an indication that a crypto is in a positive trend, the leveling off of the MACD line might be seen as an early indication of a bearish trend reversal.
If buyers don’t step in soon, the technical signs presented by the MACD and RSI on the 4-hour chart could influence traders’ decision making. This might then lead to some sell pressure on SOL’s charts, which could then result in a drop towards the aforementioned $121.89 support.
As the Solana price faces a potential correction, investors continue to pile into the presale for new SOL meme coin Solaxy (SOLX) for gains.
Several experts have stepped forward to share their bullish outlook for SOLX. Among them is an analyst at 99Bitcoins, a popular YouTube channel that boasts over 725K subscribers, who says that SOLX could soar 100X after its launch.
Solana About To Get Its Biggest Upgrade To Date
Solana has become congested in recent months following the soaring hype around SOL-based meme coins. Opportunistic developers continue to deploy their own tokens on a daily basis with the hope of profiting from the hype. Even US President Donald Trump himself launched his own meme coins on the Solana blockchain.
If something does not change soon, Solana’s high levels of traffic could result in another network outage. This is where Solaxy, the first layer-2 scaling solution for the Solana ecosystem, comes in.
The project aims to reduce the computational strain meme coins and decentralized apps place on the Solana infrastructure by taking over a bulk of the blockchain’s transaction processing workload.
To do this, Solaxy will use scaling technologies such as rollups to process and bundle SOL transactions off of the mainnet and on its own chain. Thereafter, it will submit the batches of transactions to the Solana blockchain for final validation and record keeping.
Solaxy’s approach to transaction processing is similar to the one seen with layer-2 solutions such as Arbitrum and Optimism in the Ethereum ecosystem, and has been proven successful in increasing scalability and transaction efficiency.
In addition to addressing Solana’s rising congestion levels, Solaxy will also bridge Solana with Ethereum to create a new Web3 infrastructure that combines the strengths of both networks.
Investors Rush To Buy SOLX At Presale Prices
Investors are betting big on Solaxy’s future, with its presale recently crossing the $27 million milestone.
Anyone that wants to get in on this ground level of the project can purchase SOLX via the widget embedded on its website.
Selling for $0.001668, both crypto and bank card can be used to buy the meme coin.
Interested investors will want to hurry, because SOLX’s price will undergo a presale hike in 15 hours.
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