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The Solana price surged 31% in the last week and 3% in the past 24 hours to trade at $133.39 as of 1:29 a.m. EST on trading volume that edged up 1% to $4.7 billion.
Solana Price Poised For A Sustained Rally
The SOL price movement signals a potential reversal from a medium-term downtrend.
The chart clearly illustrates that the Solana price had been trading within a falling channel pattern for several weeks, characterized by lower highs and lower lows.
This structure typically suggests a bearish continuation, but in this case, the breakout to the upside marks a bullish reversal.
Following the breakout from the falling channel, the price of SOL surged above the 50-day Simple Moving Average (SMA) (currently at $130.66) and now trades around $133.39, as GeckoTerminal data shows.
This break and hold above the channel and moving average marks a critical shift in trend. If momentum continues, the next significant resistance lies near the 200-day SMA at $181.60.
Meanwhile, the Relative Strength Index (RSI) stands at 54.79, which places it squarely in the neutral zone. This indicates there is ample room for the price to move higher before the asset becomes overbought.
The Moving Average Convergence Divergence (MACD) indicator provides further bullish confirmation. The MACD line has crossed above the signal line from below, and both are trending upward, suggesting increasing positive momentum.
SOL Price Prediction – Continued Breakout Signals A 35% Surge
Given the bullish breakout from the falling channel and confirmation from multiple indicators, the Solana price appears poised for a continued move to the upside.
The price of Solana is likely to test the resistance zone around $181.60 at the 200-day SMA, representing a potential upside of about 35% from current levels.
Conversely, if the price of SOL plunges back to the falling channel, the $100 level could act as a cushion against downward pressure.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Smashes $30 Million – Next 100X Crypto?
Solana’s speed and low fees are well-known, but reliability at scale has been its Achilles’ heel, especially when compared to Ethereum. While Ethereum leans on Layer-2s to manage network load, Solana has gone at it alone.
Enter Solaxy, the first native Layer-2 solution for Solana, built to solve its growing congestion and scalability issues.
With Solaxy, Solana could finally unlock sustained growth and developer confidence without compromising the performance it’s famous for.
The project aims to address Solana’s network congestion issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions.
This model has already been proven successful in scaling a blockchain through platforms like Arbitrum and Optimism.
🚨 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
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
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 project has already raised $30 million through its ongoing presale, signaling strong market demand at this early stage.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001694 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 135%.
Interested investors will want to buy SOLX before the next presale price hike in less than 33 hours to secure the best deal.
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