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The Solana price is up 11% on the weekly timeframe after a 1% 24-hour increase to trade at $151.05 as of 10:16 p.m. EST as investors accumulate the crypto.
With the gains over the last week, the SOL price has managed to push its monthly and yearly performances back into the green.
Solana Price Trades In A Bullish Channel And Eyes Resistance
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price has printed a series of higher highs and higher lows over the past few days, resulting in the formation of a positive price channel, GeckoTerminal data shows. Now, the altcoin is attempting to overcome the resistance level at $152.63. Should it clear this obstacle, SOL could open up the room needed to rise to the next major mark at $166.24 in the short term.
On the other hand, a sudden selloff due to profit-taking or a change in market trend could result in a more bearish scenario playing out heading into the weekend. The Solana price might fall out of the recently-formed ascending channel in this more bearish case.
SOL could then test the closest support level at $141.74. Extreme sell pressure might even push the Solana price down to $133.18.
Sellers Might Start To Push The Solana Price Down
Sellers seemed to have recently taken control on SOL’s 4-hour chart, looking at short-term technical indicators. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early bearish signs.
That’s after the MACD line dropped below the MACD Signal line in the last 24 hours. This technical event is often interpreted as a bearish signal and a confirmation that a crypto has entered a negative short-term trend.
Meanwhile, RSI readings have started to drop in the last few hours as well. While the latest value above the neutral 50 mark is bullish, the negative slope of the RSI line could be an early indication of a bearish shift in power on Solana’s charts.
If the bearish warnings presented by both the MACD and RSI on the 4-hour chart are validated, the Solana price might end up falling out of its positive channel and testing the aforementioned support at $141.74.
While Solana’s bullish momentum starts to cool off, investors are piling into the presale for a new SOL token called Solaxy (SOLX). According to influential YouTube channel 99Bitcoins, which has over 725K subscribers, SOLX has the potential to surge 100X after its launch.
Layer-2 Technology Will Soon Scale Solana To New Heights
Solana, which was initially launched as a faster and cheaper alternative to Ethereum, has become highly congested due to its popularity in the market. The recent SOL meme coin hype made matters worse, especially after US President Donald Trump and his team launched the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens In January.
Due to the overwhelming amount of traffic on Solana, users have started experiencing delayed, and sometimes even failed, transactions. If something does not change soon, there could be another Solana network outage.
Solaxy aims to address Solana’s current technical challenges. Through proven scaling technologies called rollups, Solaxy will process and bundle transactions off of the mainnet, and only call on the layer-1 for final validation. This will reduce the stress on Solana’s infrastructure, while also boosting overall efficiency.
The Solaxy team has an ambitious goal of achieving a transaction per second (TPS) rate of 10,000, and has already deployed their lightning-fast test network and its accompanying block explorer. If Solaxy can achieve and maintain the team’s target speeds, it will place the project among the blockchain elites.
🔥 The Solaxy Era Begins 🔥
The Solaxy TestNet Block Explorer is now live! This is the first step in bringing about $SOLX domination. 🛸🪐
Check it out for yourself below 👇https://t.co/VWq2cscsrK pic.twitter.com/8rIQfOHAwb
— SOLAXY (@SOLAXYTOKEN) April 19, 2025
Solaxy Presale Goes Parabolic As Investors Rush To Buy SOLX At Presale Prices
Solaxy could post one of the best presale performances of the year, and has already raised more than $31.4 million in early-stage funding through its ongoing ICO.
With the bullish predictions by experts like 99Bitcoins, the project’s positioning as the first SOL layer-2, and the team’s ambitious goal to achieve 10,000 TPS, it’s easy to see why an investor frenzy has erupted around the token at this early stage.
Interested investors can participate in the presale by purchasing SOLX via the easy-to-use widget embedded on the project’s website. Selling for $0.001704, SOLX can be bought with both crypto or bank card. SOLX tokens can also be staked for an attractive 128% APY.
Buyers that want to lock in the best presale rate will want to act fast, because the crypto’s price will increase as its ICO progresses. The next price hike will come into effect in less than 15 hours.
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