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The Solana price rose 2% in the last 24 hours to trade at $147.60 as of 9:40 p.m. EST as investors start to accumulate the altcoin.
With the recent gain, the SOL price was able to push its weekly performance back into the green.
Solana Price In A Multi-Day Consolidation Pattern
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price has been in a consolidation phase between $142.69 and $153.14 over the past few days, according to data from GeckoTerminal. This period of sideways trading could be the build up to a big move for the altcoin.
If buyers start to enter the crypto’s charts, the Solana price will likely try to flip the resistance at $153.14 into support. Thereafter, continued bullish pressure might push SOL to as high as $166.20 in the short term.
On the other hand, a more bearish scenario might see the Solana price drop below the $142.69 support. Thereafter, the altcoin could stand the risk of plummeting down to $133.36.
Technicals Suggest The Solana Price Might Keep Climbing
From a technical point of view, indicators on the daily chart suggest the Solana price might continue to rise throughout the next 24 hours. More specifically, short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) are flashing bullish.
The 9 EMA is positioned above the 20 EMA, which is a bullish alignment. What’s more, the shorter momentum indicator is acting as a dynamic support for the Solana price. In the last 24 hours, the gap between the 9 and 20 EMAs has also started to grow. This could end up pushing the Solana price higher as bullish momentum starts to build.
Buyers also seem to have an upper hand on SOL’s daily chart, as seen by the current RSI reading above the neutral 50 mark. The positive slope of the RSI line suggests buyers are still growing stronger than sellers. Additionally, the indicator’s latest value in the high 50s signals there is still room for the Solana price to climb before it enters overbought territory.
As the Solana price tries to keep rising, investors are also buying into the presale for Solaxy (SOLX). Crypto YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the crypto could soar 100X after its official launch.
Solaxy Aims To Scale Solana Through Layer-2 Technology
Solana, which was launched as a much cheaper and faster alternative to Ethereum, has become highly congested as a result of its popularity. This is partly due to the investor frenzy that erupted around SOL meme coins in recent weeks.
With so much traffic on the network, users have started experiencing delayed, and sometimes even failed, transactions on the Solana blockchain. As more cryptos enter the SOL ecosystem, the situation could worsen and end up in another Solana network outage if something does not change soon. This is something Solaxy aims to address.
Positioned as the first layer-2 scaling solution for the SOL ecosystem, Solaxy will process and bundle transactions off of the Solana mainnet. It will then call on the layer-1 blockchain for final validation. This method of processing transactions is similar to the one used by Arbitrum and Optimism in the Ethereum ecosystem, and is a proven way to help a blockchain scale.
Solaxy’s team has the ambitious target of achieving 10,000 transactions per second with their layer-2 blockchain, and has already made substantial progress in realizing this goal. Recently, the team announced the launch of their testnet and the blockchain’s explorer.
In addition to scaling Solana, Solaxy will also bridge the blockchain with Ethereum. By creating a connection between two of the most prominent blockchains in Web3, Solaxy will give developers a more scalable and quicker platform to build the next best application in the crypto space.
Investors Bet Big On SOLX’s Future
Solaxy is pulling investors in through its ongoing presale, and has already raised more than $33.5 million in early-stage funding. This investor frenzy is likely to continue given the 120% APY on offer to presale buyers who stake their tokens.
To get in on these rewards, investors will first need to buy some SOLX through the simple widget embedded on the project’s website. Selling for $0.001716, SOLX can be bought with either crypto or bank card.
After acquiring some SOLX, investors then just need to navigate to the staking page on the website to put their tokens to work.
Interested buyers will want to act fast, because SOLX’s price will undergo multiple staged increases as its presale progresses. The next price hike is set to take place in less than 15 hours.
Visit the Solaxy website to learn more.
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