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The Solana price slid 2% in the last 24 hours to trade at $159.92 as of 9:40 p.m. EST as investors decrease their exposure to the crypto.
Despite the recent drop, the SOL price is still up more than 3% on the longer-term 7-day time frame.
Solana Price Rejected By Resistance
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price got rejected from the resistance level at $166.39 in the last 24 hours following a multi-day positive sequence, according to data from GeckoTerminal. If traders decide to short SOL now, it could lead to a drop to the nearest support level, which is all the way down at $140.60.
However, buyers stepping in at the current Solana price could lead to another challenge of the $166.39 barrier. This time, bulls might have the strength needed to push the altcoin above the technical obstacle. If this happens, SOL could then clear the room needed to potentially rise to as high as $190.90 in the short term if the bullish pressure persists.
Bulls Trying To Take Control Of The Solana Price, But Bears Are Fighting Back
From a technical point of view, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Solana price might continue to rise in the next 48 hours.
The MACD line has managed to cross above the MACD Signal line in the last 24 hours. This is a major bullish event, and is often seen as a confirmation that a crypto has entered a positive trend. However, the two lines are still positioned at around the same level. This warns that the MACD line could easily fall back below the Signal line and invalidate the bullish flag.
Meanwhile, RSI readings have risen over the past few days when the Solana price was in its positive sequence. More recently, in the last 24-48 hours, the RSI line has started to slope downward. This suggests that while bulls are trying to take control of SOL’s price, bears are not giving up just yet. Strong sell volume recently supports the idea that bears are fighting back.
As bulls and bears battle it out on Solana’s charts, investors are flocking to the presale for Solaxy (SOLX) that ends in 4 days. According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to soar 100X after its launch.
Solana About To Get Its Biggest Scaling Upgrade To Date
Solana was launched as a more cost-effective and quicker alternative to the clunky Ethereum blockchain. While the network remains one of the fastest and cheapest blockchains in the market, it has battled slightly during peak traffic periods such as when there is a meme coin frenzy. This led to some users reporting delayed and sometimes even failed transactions.
That is where Solaxy comes in. The project is the first layer-2 scaling solution for the SOL ecosystem, and aims to help the network process more transactions at any given time.
To do that, Solaxy will process and bundle transactions off of the Solana mainnet. It will then submit the batches of transactions to the mainnet for final validation. This approach is more efficient than the legacy one-by-one method, and is the same approach used by Arbitrum and Optimism within the Ethereum ecosystem.
Not only will Solaxy help the Solana network scale, it will also bridge the blockchain with Ethereum. This connection between two of the most prominent blockchains in the Web3 space will enable developers to simultaneously tap into Ethereum’s expanding DeFi ecosystem and Solana’s high speeds and low costs.
The Solaxy team has already proven that they are more than just talk, and have already deployed several products even while the project’s SOLX token is still in presale. So far, the team have launched their testnet, the testnet’s block explorer, the Solaxy bridge on the testnet, and their own token launchpad called the Igniter Protocol.
Investors FOMO Buy SOLX In Presale With Just Days Left
In one of the strongest presale showings of the year, Solaxy has raised over $47.7 million through its ongoing ICO. With just days left until the project’s highly-anticipated launch, time is running out for investors to get in at this early stage.
Interested investors can acquire SOLX for $0.001754 apiece via the simple buy widget embedded on the project’s website using either crypto or bank card. Once purchased, tokens can also be staked for an 85% APY.
Anyone looking to buy will want to hurry, because the presale will end in around 4 days.
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