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The Solana price is up 7% on the weekly time frame despite a 1% drop in the last 24 hours to trade at $136.93 as of 10:20 p.m. EST as some investors decrease their exposure to the crypto.
Along with the SOL price drop in the last 24 hours, there has also been a 14% plunge in the altcoin’s 24-hour trading volume.
Solana Price In A Consolidation Phase – What To Watch Out For
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price has entered into a consolidation zone between $130 and $153.99, data from GeckoTerminal shows. Traders might see this as an accumulation phase before another leg up. A confirmation of this bullish move will likely be if SOL breaks above $153.99 in the next 48 hours. Thereafter, the altcoin might soar to $184.39.
However, a drop below the $130 support could lead to a more bearish scenario playing out wherein the Solana price falls to as low as $101.21.
Bears Slowly Starting To Take Control Of The Solana Price
Technicals on the daily chart suggest weakening buyer strength and bullish momentum. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show early bearish signs.
That comes after the MACD line started to drop towards the MACD Signal line in the last couple of days. While the current alignment with the MACD line above the MACD Signal line is seen as bullish, the narrowing margin between them could be an early indication that the crypto’s positive cycle is approaching its end.
RSI readings also dropped below the neutral 50 mark in the last 48 hours, signaling that bears have gained a slight upper hand against bulls in terms of power. If sellers choose to capitalize on this advantage, they might start to push the Solana price down in the short term.
While Solana bulls slowly start to lose their grip, investors flock to a new layer-2 crypto called Solaxy (SOLX) to grow their portfolios.
Several experts have said that they are bullish on SOLX. Among them is analyst and YouTuber Jacob Bury, who has over 55.7K subscribers. In a recent video, he said that the crypto could surge 10X after its launch.
Solaxy About To Give Solana Its Biggest Upgrade Yet
The Solana network is battling with high levels of congestion. This is largely due to the investor frenzy around SOL-based meme coins in recent months.
Solana’s struggles started in January, when US President Donald Trump launched his own meme coin on the network. In the weeks that followed, interest around Trump’s meme coin dwindled, giving the Solana network some temporary relief. That all changed, however, with the recent Ghibli meme coin trend.
If something does not change soon, the next trend could lead to another outage for Solana. This is where Solaxy comes in.
With its native layer-2 scaling technology and own sidechain, the project will alleviate some of Solana’s computational stress. It will do this by processing and bundling transactions off of Solana’s mainnet and on its own chain through rollups. Solaxy will then submit the batches of transactions to the Solana blockchain for final validation.
Solaxy implements a proven approach to transaction processing used by Arbitrum and Optimism that has also helped the Ethereum network scale. Once deployed, Solaxy will not only increase transaction efficiency on the Solana blockchain, it will also slash the network’s already-low fees.
In addition to helping Solana scale, Solaxy will also bridge the blockchain with the Ethereum ecosystem. This move will combine Ethereum’s flourishing DeFi ecosystem with Solana’s high speeds and low costs to create a new infrastructure capable of meeting the growing demands of decentralized app and meme coin developers.
Solaxy Presale Goes Parabolic – Smashes Past $28.2 Million
Solaxy is pulling investors in at a rapid pace through its ongoing presale, which has already raised over $28.2 million so far. With the bullish predictions by experts like Jacob Bury, the soaring hype around SOL meme coins, and Solaxy’s positioning as the first layer-2 solution for Solana, it’s easy to see why investors are rushing to buy the crypto.
Interested investors can buy SOLX tokens for $0.001676 each through the widget embedded on the project’s website using either crypto or bank card.
Anyone looking to get the best deal will want to act fast before the next presale price hike in less than 15 hours.
Check out SOLX on its official website.
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