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The Solana price slid 3% in the past 24 hours to trade at $148.2 as of 5:03 a.m. EST on trading volume that surged 57% to $5 billion.
That drop in the SOL price comes despite the announcement that lending platform Maple Finance is expanding to the Solana network, which is seen as a bid to reach a broader class of users.
The company is deploying its syrup yield-bearing stablecoin to Solana-based platforms Kamino and Orca.
Maple has partnered with @KaminoFinance for the first syrupUSDC integration on Solana.
syrupUSDC is now available as a collateral asset with its own dedicated Kamino Multiply market and a $500k incentive budget.
All details below: pic.twitter.com/MvjXtk6cTH
— Maple (@maplefinance) June 5, 2025
The integration into Solana is launching with $30 million in liquidity, which the company says will establish “a deep and stable foundation for lending, trading, and collateral provisioning” in the ecosystem.
However, the development did not have an effect on the Solana price, with the token sliding in the last 24 hours. But can it still recover?
Solana Price Currently Bearish – A Trend Reversal Incoming?
The SOL price has been on an uptrend since March, trading within a well-defined rising channel on the 1-day timeframe.
However, recent Solana price action shows that the bears took control, invalidating the bullish outlook of the Solana price and driving it just below the $165.8 support, now turned resistance, as GeckoTerminal data shows.
As a result of the decline, the price of Solana has now dropped below both the 50-day and 200-day Simple Moving Averages (SMAs), which shows that SOL is still under some bearish pressure.
Meanwhile, the Relative Strength Index (RSI) is currently nearing the 30-oversold level, at 38, which shows that SOL could still be under the control of the bears. If this trend continues, the price of SOL could drop even further, with the next support zone around $127.8.
However, if the RSI turns out to be oversold, this may be an opportune time for the bulls to enter the market, which may drive SOL towards a recovery. In this scenario, the first target lies on the last support, now turned resistance, at $165.8. If the bulls manage to drive SOL even further up, the next possible target could be the $218.76 resistance zone.
Meanwhile, investors are flocking to the presale for the new Solana layer-2 project Solaxy (SOLX). The project has already raised over $44.6 million in presale, making it one of the largest token sales of the year.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Presale Racing Towards The $45 Million Mark – Buy Now Before Time Runs Out!
With over $1 million raised in just the past three days, Solaxy has now brought its total presale funding to $44.6 million, a significant milestone as it enters its final 10-day countdown.
Solana is fast and cheap, handling thousands of transactions every second. However, when too many people use it simultaneously, the network can slow down or stop functioning. To help with this, the Solaxy team built a special layer-2 system.
The project aims implements off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. Platforms like Arbitrum and Optimism have already proven this model successful.
Some will try to imitate Solaxy. 🛸🪐
But there's only one $SOLX 🔥https://t.co/mdaTX9ao5Z pic.twitter.com/tbcuOvxvOf
— SOLAXY (@SOLAXYTOKEN) May 28, 2025
Solaxy’s system enhances efficiency by processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification.
The team recently launched their testnet and its blockchain explorer, a tool that lays the groundwork for tracking transactions across Solaxy’s layer-2 before they are bundled and committed to Solana’s mainnet.
The team has also rolled out the Solaxy bridge on the testnet. As a result, Solaxy buyers can see how they will be able to bridge their ETH or SOL tokens to the Solaxy layer-2 network.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001746 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 90% APY. Anyone looking to buy SOLX at the best rate will want to hurry, as the presale will end in about 10 days.
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