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The Solana price slid 2% in the past 24 hours to trade at $153.43 as of 1:19 a.m. EST on trading volume that surged 57% to $5 billion.
This drop in the SOL price follows the sudden suspension of Pump.fun and its founder, Alan Cohen, by social media platform X, which offered no explanation for the takedown.
The platform also cracked down on a number of accounts connected to trading platforms like GMGN, BullX, and Bloom.
IT'S NOT JUST PUMP FUN! 🚨
Major CT suspensions (Ongoing Tracker)
Here's what we’ve got so far 👇🏼
GMGN-Linked Accounts@gmgnai @haze0x — Founder@arthur_gmgn — Co-founder@Ga__ke — Affiliate (?)@brc20niubi — Affiliate@Wolfy_XBT — Affiliate@0xcryptowizard — Affiliate… pic.twitter.com/u5WbYP3rJD
— Øtto⚡️ (@0xottoman) June 16, 2025
In other developments, shares of MemeStrategy, a tech investment firm, surged 28.5% after it became the first publicly listed company in Hong Kong to invest in Solana.
According to MemeStrategy, it purchased 2,440 Solana for approximately $368,820 through SOL Group, a crypto asset platform licensed by the Hong Kong Securities and Futures Commission.
🚨 JUST IN: @MEMESTRATEGY— “THE MICROSTRATEGY OF HONG KONG”— HAS ANNOUNCED ITS ACQUISITION OF $SOL TO ITS TREASURY STRATEGY#SOLANA ⚡️ pic.twitter.com/U1l45fxwOS
— curb.sol (@CryptoCurb) June 16, 2025
The transaction, executed at an average SOL price of about $151.70, is part of MemeStrategy’s plan to expand its presence in the Solana ecosystem.
Solana Price Aims For A Breakout Above A Falling Wedge Pattern
The SOL price on the daily chart currently shows that the asset is trading within a well-defined falling wedge pattern, which is generally considered a bullish reversal setup.
Solana price action recently tested the lower boundary of the wedge and has since bounced higher, suggesting that buyers are beginning to step in.
As a result of the continued downtrend, the price of Solana has plunged below both the 50-day and 200-day Simple Moving Averages (SMAs), with the 50-day SMA acting as the immediate resistance level at $160.9, as GeckoTerminal data shows.
The Relative Strength Index (RSI) is hovering at 47.27, which is just below the neutral 50 mark. This indicates a balance between buyers and sellers, with no strong momentum in either direction currently.
However, the RSI has rebounded from previous oversold conditions, hinting at a possible shift toward bullish momentum.
SOL Price Prediction
If SOL manages to close above the wedge’s upper resistance and reclaim the 50-day and 200-day SMAs, a bullish breakout target around the $180–$200 range might be reached in the medium term.
Conversely, failure to break above the wedge and a drop below the recent swing low around $135 would invalidate the bullish thesis. Bears might then try to push Solana toward the $120 support region.
Meanwhile, investors are flocking to a new Solana project called Solaxy (SOLX), which has just concluded its presale, and claims will be live in approximately 6 days, with listings to follow shortly thereafter.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Garners Over $53.8 Million – Final Chance To Buy
As Solaxy’s presale races toward its final countdown, raising over $53.8 million with just 6 days remaining to buy below listing price, the crypto world is watching closely to see whether SOLX can live up to the hype.
Promising to become Solana’s first dedicated layer-2 chain, Solaxy positions itself at the intersection of scalability, meme coin virality, and multi-chain functionality.
The project’s ICO has garnered over $10 million in the last two weeks alone, and now, Solaxy could collect about $60 million in early funding.
🚨 Solaxy Launch Schedule 🚨
All major release dates—from token launch to Igniter and beyond 🪐
Live Nowhttps://t.co/aSkbpCj6xQ pic.twitter.com/91GIhbKqJs
— SOLAXY (@SOLAXYTOKEN) June 16, 2025
While Solana handles thousands of transactions per second, its performance drops during network congestion. Solaxy addresses this by applying a model proven by Ethereum’s layer-2 projects, such as Arbitrum and Optimism.
The team recently launched its testnet, blockchain explorer, and cross-chain bridge, which allows users to simulate bridging ETH or SOL into the Solaxy ecosystem.
SOLX tokens are currently priced at $0.001766 and can be purchased using BNB, ETH, USDT, or a bank card through the simple buy widget on the project’s website.
Investors can also earn a lucrative passive income with the 78% staking APY on offer to presale buyers.
The SOLX token is set to launch on major exchanges in just 6 days, so interested investors should consider buying now before the opportunity passes.
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