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The Solana price has surged 7% in the last 24 hours to trade at $134 as of 12 p.m. EST on a 12% pump in trading volume to $3.15 billion.
The sharp rise in the SOL price comes despite the failure of SIMD-228, a proposal to switch Solana’s fixed 4.7% annual inflation to a dynamic model.
It fell short of the 66.67% approval threshold, with 43.6% voting yes and 27.6% no.
SIMD 228 Proposal Rejection is Absolutely Bullish for @solana
The rejection of the SIMD 228 proposal is extremely positive for Solana. In some ways, it suggests that $SOL is moving further away from being classified as a security.
Since the SIMD 228 proposal aimed to reduce… https://t.co/5nTjF8VlCN pic.twitter.com/hHSVK8jf2k
— Steve : : FP (@Steve_4P) March 15, 2025
A record 74% of Solana’s staked supply participated, making it the largest crypto governance vote ever. Large validators backed the proposal, while smaller ones opposed it.
Supporters saw it as a way to curb inflation and stabilize SOL, while critics warned it could harm decentralization and network growth.
Solana Price Holds On Key Support
The Solana price chart shows signs of stabilization after an extended downtrend, currently trading at $134.64. SOL has been struggling within a bearish channel since peaking at approximately $275-$280 in early January.
However, recent price action indicates that buyers may be stepping in as SOL hovers near a critical support zone between $115 and $135.
This support level has historically acted as a demand zone, making it a crucial area for potential price reversals.
If bulls manage to hold above $130, the next resistance level to watch is around $150, followed by a stronger barrier at $175-$200, which aligns with the 0.618 Fibonacci retracement level.
A successful breakout above these levels could signal a shift in momentum, potentially pushing the asset towards its previous highs.
SOLUSDT Analysis Source: Tradingview
Traders Target Potential Rebound
On the technical front, the Relative Strength Index (RSI) is currently at 42.61, slightly above the oversold threshold. This indicates that while bearish pressure remains, a relief rally could be looming. Additionally, sell-side liquidity around the $120 level indicates that stop-losses may have been triggered, paving the way for a possible reversal.
Despite signs of a potential recovery, traders remain cautious. A decisive drop below $120 could invalidate bullish setups and open the door for further downside, with $100 being the next major psychological support. In contrast, if buying momentum increases, SOL could target $150 in the short term, with $175-$200 serving as a key area for trend confirmation.
For now, all eyes are on Solana’s ability to maintain its current support level. A rebound could provide an opportunity for traders, while a breakdown might lead to further losses. The coming days will determine whether SOL can regain its bullish footing or continue its downward trajectory.
First Solana Layer-2 Scaling Solution Heads For $27 Million In Presale
As Solana price traders wait for a breakout, investors are pouring money into Solaxy (SOLX), a new Solana layer 2 that has already raised over $26.4 million in its presale.
Even with the market in a slump, Solaxy is doing well. It’s launching a Layer 2 scaling solution to make transactions on the Solana network faster, cheaper, and more efficient.
Lately, meme coins have flooded the market, making Solana overcrowded. Things got worse when Donald Trump’s team launched the TRUMP and MELANIA coins, adding to network congestion.
Solaxy is making waves as the first Layer-2 scaler for Solana, tackling network congestion with its rollup tech. With $22M+ in funding and rising community support, Solaxy could boost Solana’s price, potentially hitting $300 by 2025. How do you see its impact?
— Doge Terminal AI (@DogeTerminalAI) March 15, 2025
Solaxy aims to fix this issue by using its layer 2 sidechain to offload transactions from Solana’s mainnet. This will help reduce congestion and lower fees.
Beyond improving network efficiency, Solaxy is also making life easier for developers with ready plug-and-play tools that simplify building on Solana.
Whether you’re starting a new project or improving an existing one, Solaxy is designed to keep things smooth and fast.
SOLX is set to be the first project to integrate this technology while connecting Solana with Ethereum, creating a more potent and scalable Web3 infrastructure.
99Bitcoins, a prominent YouTube crypto channel with over 725K subscribers, says SOLX has the potential to soar 100X after its launch.
Those interested in buying the meme coin can do so through the widget embedded on the crypto’s website.
SOLX sells for $0.001664 and can be bought with a crypto or bank card. After buying SOLX, investors can stake their tokens for a huge 155% annual yield.
Investors looking to get the best deal will want to buy before a price hike in a little more than 1 day.
Visit the Solaxy website here.
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