Solana Price Prediction: SOL Surges 5%, But Investors Rush To Buy The Parabolic Solaxy Presale With Less Than A Week Left

The Solana price surged 5% in the last 24 hours to trade at $159.28 as of 10:14 p.m. EST as investors up their exposure to the altcoin.

With the recent gain, the SOL price has managed to push its weekly performance back into the green zone as well.

Solana Price Breaks A Technical Barrier

Daily chart for SOL/USD (Source: GeckoTerminal)

Bulls were able to push the Solana price above a major resistance level at $157.41 in the last 24 hours, according to data from GeckoTerminal. This was after the altcoin closed the previous 4 days in the green. Should this positive sequence continue, SOL might end up rising to as high as $179.96 in the short term.

However, as the Solana price climbs, traders’ temptation to book their profits will grow as well. If traders start to cash in, it could introduce some sell pressure on SOL’s charts. This might then result in a drop back below the $157.41 mark. 

Thereafter, continued pressure from bearish could lead to a drop to the subsequent support at $138.74 and a possible plunge to as low as $122.63 if bulls don’t step in.

Technicals Suggest The Solana Price Rise May Just Be Getting Started

Looking at technical indicators on SOL’s daily chart, it appears a bullish scenario is more likely to play out. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show buyers have an upper hand over sellers in terms of momentum and power.

A major bullish technical flag is also on the verge of being triggered by the MACD on the daily chart. This is as the MACD line looks to cross above the MACD Signal line. If the prior manages to break above the latter, it could be seen as a continuation signal of SOL’s current bullish trend. Traders might subsequently enter into long positions, which could push the Solana price higher.

RSI readings have also risen from oversold territory near 30 to the high 40s in the last few days, signaling growing buyer strength. With the current reading around 50, the Solana price could go either way in the short term. However, the growing bullish momentum and recent rise in RSI readings both suggest the Solana price might continue to climb.

While the Solana price rises, investors are piling into the blockbuster presale for Solaxy (SOLX) before it ends in less than a week.

Several experts have stepped forward to give their bullish predictions for SOLX. Among them is the popular crypto YouTube channel 99Bitcoins, which has over 723K subscribers and said in a recent video that SOLX could soar 100X once it officially launches. 

Solaxy The First Layer-2 Scaling Solution For Solana

Solana is known as one of the quickest and cost-effective layer-1 blockchains in the market, and looks to take market share from the legacy Ethereum network. However, Solana’s weaknesses become evident during peak traffic times, with the blockchain unable to cater to the surging demand during these periods.

That has resulted in high levels of congestion on the Solana chain, which has led to some users reporting delayed and sometimes even failed transactions. This is where Solaxy comes in.

By processing and bundling SOL transactions off of the mainnet and only calling on the layer-1 for final validation, Solaxy reduces the stress on Solana’s infrastructure. 

Not only will Solaxy help Solana scale, it will also bridge the network with the Ethereum blockchain. This will create a connection between two of the most prominent chains in the Web3 space, and will give developers a way to take advantage of both networks’ strengths simultaneously. 

Solaxy’s team has been hard at work developing and deploying their solution, even though the project’s native SOLX token is still in presale.

So far, the team have launched their testnet, the testnet’s block explorer, the Solaxy bridge on the testnet and their own token launchpad as well. All of these products have put the team on track to launch the Solaxy mainnet later this month and achieve their ambitious goal of 10,000 transactions per second.

Just Days Left For Investors To Get SOLX At ICO Prices

Solaxy has raised over $46.2 million in what is arguably one of the strongest presale showings of the year. With less than a week left until launch, time is running out for investors to get in at this early stage of the project.

Anyone looking to buy now can acquire SOLX through the widget embedded on the project’s website. Selling for $0.00175, SOLX can be bought with both crypto and bank card. 

Interested investors will want to buy before the presale ends in around 6 days.

Visit the Solaxy website.

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