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The Solana price soared 6% in the past 24 hours to trade at $181.66 as of 4:47 a.m. EST on trading volume that surged 12% to $6.8 billion.
This rise in the SOL price comes even as the US Securities and Exchange Commission (SEC) delayed Grayscale’s ETF (exchange-traded fund) proposals for Solana and Litecoin.
The agency, however, has emphasized its procedural transparency, noting that although it had yet to reach a definitive decision, it was keen to gather input regarding these proposals.
🚨UPDATE: 🇺🇸SEC has delayed the @Grayscale Spot Solana ETF. pic.twitter.com/254Jl1mAK8
— SolanaFloor (@SolanaFloor) May 13, 2025
Solana Price Overcomes Key Resistance Levels
The daily chart of the SOL price reveals a strong bullish continuation pattern that has been developing since mid-April 2025.
After bottoming out near the $96 mark in early March, the Solana price has steadily climbed, forming a consistent series of higher highs and higher lows. The price of Solana is currently testing a critical resistance zone near $185, which coincides with the 200-day Simple Moving Average (SMA) at $181.28, as data from GeckoTerminal shows.
SOL has broken above the 50-day SMA ($139.64) with significant momentum and is now attempting to reclaim the 200-day SMA support.
The Fibonacci retracement levels drawn from the $240 high to the $96 low show that the price of SOL has breached the 0.618 level ($164.31), which traditionally marks a strong reversal point, and is now challenging the 0.786 level near $185.
Meanwhile, the Relative Strength Index (RSI) is currently at 71.97, indicating that SOL is in overbought territory. This level suggests strong bullish momentum, but also raises the possibility of a short-term pullback, as traders might begin to take profits.
The MACD (Moving Average Convergence Divergence) remains in bullish alignment. The blue MACD line (11.01) is well above the orange signal line (8.23), and both are trending upwards, confirming continued bullish momentum.
SOL/USD chart analysis (Source: GeckoTerminal)
SOL Price Prediction
According to the SOL/USDT chart analysis, the bias for the SOL price remains bullish in the short to medium term.
If the Solana price successfully closes and holds above the 200-day SMA and the key resistance at $185, it would likely trigger further upside toward the -0.27 and -0.618 Fibonacci extensions at $209 and $240, respectively.
However, caution is warranted due to the overbought RSI, which suggests a possible short-term consolidation or correction for the price of SOL.
In such a scenario, key support lies around $164 (0.618 Fib level) and $151 (0.382 Fib level). A drop below these marks would challenge the bullish thesis and shift attention toward the 50-day SMA near $139.
Meanwhile, investors are flocking to the presale for new Solana project Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Presale Closing On $36 Million – Next 10X Crypto?
Solaxy is a Layer-2 scaling solution developed for the Solana blockchain. It enhances Solana’s scalability by moving transactions off-chain to prevent congestion and reduce transaction costs. To accomplish this, Solaxy introduces a native sidechain that uses rollups to batch transactions before settling them on the main Solana chain.
That model has already successfully scaled a blockchain through platforms like Arbitrum and Optimism.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s Layer-1 capabilities.
The presale has already brought in over $35.52 million and over $500k in the last 24 hours, making it one of the largest token sales this year.
It's perfectly okay to think about $SOLX at night…
We won't tell 😉🔥https://t.co/mdaTX9aVVx pic.twitter.com/AZcIvfpiS6
— SOLAXY (@SOLAXYTOKEN) April 22, 2025
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001724 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 113%.
Interested investors will want to buy SOLX before the next presale price hike in around 31 hours to secure the best deal.
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