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The Solana price slipped 3% in the past 24 hours to trade at $126.36 as of 11:33 p.m. EST on trading volume that plunged 34% to $2.5 billion.
The slide came after Joseph Maldonado-Passage, better known as Joe Exotic from the ”Tiger King” Netflix series, launched a meme coin on Solana while still in prison.
According to Exotic, his lawyers helped him get Official Tiger King (EXOTIC) off the ground.
this right here too. Dont forget all of this. You wont find a more honest celebrity coin. Track the wallets, they are all on https://t.co/NoBlv57TF8 . When @realDonaldTrump pardons me, imagine the market cap then
If you heard me on spaces last night, we are just starting. Its… https://t.co/moNCRG63pl
— Joe Exotic (@joe_exotic) March 28, 2025
According to GeckoTerminal data, the EXOTIC price surged to a market capitalization of around $900K before plunging back to $100K.
Solana Price Retesting Key Support Zone
The SOL price on the weekly chart indicates a significant retracement after reaching a local high near $295.83.
The Solana price had experienced a strong uptrend, breaking through resistance levels and rallying significantly. However, the current SOL price action shows a rejection from a previous resistance zone (highlighted in red) and a drop below the 50-day Simple Moving Average (SMA) ($169.99).
Currently, the price of Solana is testing a key support level around $120-$125, a zone that previously acted as resistance before the major breakout. This level is crucial because a break below it could open the door for further downside, possibly toward the 200-day SMA at $94.30.
The Relative Strength Index (RSI) stands at 39.83, which is close to the oversold territory (below 30). This suggests that SOL is experiencing strong selling pressure but also signals that a potential reversal could be near if buyers step in at these levels.
SOL/USDT Chart Analysis (Tradingview)
SOL Price Prediction
SOL is currently in a neutral-to-bearish phase, where the key $120-$125 support zone will determine the next move. If buyers step in and defend this level, we could see a potential bounce of the Solana price towards $150-$170 in the short term, with a possible test of the 50-day SMA at $169.99.
However, if this support fails, the next downside target would be around the $94-$100 region, aligning with the 200-day SMA, which could serve as a long-term accumulation zone for investors.
As the Solana price plunges, investors are rushing to buy a new Solana layer 2 project called Solaxy (SOLX).
99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says SOLX might soar 10x after launch.
Solaxy Presale Closes On $30 Million
While the Solana blockchain has built a strong reputation for its high-speed transactions and low fees, it has also encountered persistent challenges, including network congestion and occasional downtime.
Solaxy (SOLX) is designed to fix these issues and also to enhance Solana’s performance and scalability.
Investors have backed the project with $28.5 million in funding in its presale.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This layer-2 solution eases network traffic by handling transactions off the main blockchain, creating a faster processing system for Solana. By doing this, Solaxy reduces the strain on Solana’s mainnet.
Transactions are handled on Solaxy’s layer 2, and bundled together before being sent back for final verification.
The project’s staking program also offers token holders a huge 143% annual yield.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001678 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 6 hours to secure the best deal.
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