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The Solana price surged 8% in the past 24 hours to trade at $110.71 as of 12:15 a.m. EST on trading volume that skyrocketed 82% to $9.7 billion.
This rise in the SOL price comes as the crypto space rebounded in the last 24 hours, rising 1% to a $2.6 trillion market capitalization.
The Bitcoin price has also recovered to over $80,000 as markets recover from what was termed a likely “Black Monday,” which investors say could be another inverse-Cramer effect.
Jim Cramer: A 1987 “Black Monday” style crash is coming to Wall Street.
We closed basically unchanged today. What a legend! pic.twitter.com/cyGiuECisC
— Not Jerome Powell (@alifarhat79) April 7, 2025
Solana Price Shows Signs Of A Recovery
The SOL price action reflects a classic bearish reversal pattern that has unfolded over the past several months after forming a double-top pattern.
According to Geckoterminal data, the two peaks reached similar highs around late December and February, with the neckline support established near the $150 level.
After the second peak, the Solana price broke below this neckline, confirming the bearish breakdown and initiating a downtrend.
Following the breakdown, the price of Solana entered a consolidation range before dipping further into a marked Fair Value Gap (FVG) area, spanning roughly between $125 and $147.
SOL recently rebounded from the lower boundary of this gap, suggesting that it may act as a near-term support zone. Notably, the price of SOL is currently trading around $110.71, showing signs of a minor recovery after a sustained decline.
The Solana price is trading below the 50-day Simple Moving Average (SMA) at $136.23 and the 200-day SMA at $182.36, further validating a bearish crossover that occurred earlier in the year.
Meanwhile, the Relative Strength Index (RSI) is moving up from the oversold region, currently at 37, which indicates that Solana is moving towards a likely recovery.
SOL Price Prediction
Assuming the current bounce from the FVG support continues, there is a potential for a recovery toward the upper end of the FVG zone, with a probable short-term target around the 50-day SMA at $136.
Further bullish pressure could push the Solana price through a 33% surge to the $147 resistance level.
Conversely, a failure to hold the $110 level could expose SOL to further downside, with the next major support likely closer to the $90–$100 zone.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Races Towards $30 Million – Best Alternative To Solana?
Solana’s ecosystem continues to grow, but scalability issues have capped its growth. However, Solaxy is poised to introduce the first SOL-focused layer-2 scaling solution to the market.
One way Solaxy helps Solana scale is by processing transactions off the Solana mainnet and on its own layer-2 sidechain.
There, it bundles transactions before submitting them to Solana for final validation.
This approach reduces congestion during high-traffic periods – an issue that has challenged Solana during meme coin trading frenzies.
Investors are backing this idea, having already poured over $29.4 million in its blockbuster presale.
🚨 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
Solaxy will also bridge the Solana and Ethereum blockchains. This will not only allow Solana to benefit from Ethereum’s growing DeFi ecosystem but also create a new Web3 platform that leverages the strengths of two of the most prominent networks in the crypto space.
Solaxy also offers an attractive staking opportunity for SOLX holders, with an annual yield of 138%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001688 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 33 hours to lock in the best deal.
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