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The Solana price pumped 6% in the last 24 hours to trade at $155.74 as of 9:35 p.m. EST as investors rush to buy the altcoin.
As a result of the recent rise by the SOL price, the crypto has made its way to the top of CoinMarketCap’s trending list.
Solana Price Bounces Off Support And Eyes A Major Resistance
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price rebounded from a support level at $139.23 in the past couple of days, and has since been in a positive sequence, according to data from GeckoTerminal. Now, the altcoin is attempting to rise towards the nearest resistance level at $165.64. Should it clear this technical barrier within the next few days, SOL could end up rising to as high as $191.41.
However, a rejection from the $165.64 resistance, which has already happened in the last week, could lead to a more bearish scenario playing out for the Solana price. Traders might subsequently book their profits from the recent rally. This possible sell pressure could then push SOL below the $139.23 mark, potentially to as low as $114.76 in an extreme case.
Solana Price Could Keep Climbing In The Short Term
Looking at technical indicators on the daily chart, it seems SOL’s bullish move is still in its early stages. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Solana price might continue to rise over the next 48 hours.
That’s as the MACD line rises towards the MACD Signal line, with the prior now looking to cross above the latter. Should this intersection happen, traders might interpret it as a confirmation that SOL has entered a bullish cycle. The crypto might rise higher as a result.
Buyers seem to be gaining the strength needed to support the potential bullish cycle for SOL, as evident by the increase in RSI values over the past few days. While the current reading in the low 40s is still slightly bearish, the upward slope of the RSI line suggests there might be a bullish shift in power on SOL’s charts soon.
Although the MACD and RSI are flashing bullish, bears still have a gap to step in and stop SOL in its tracks, given there is no bullish continuation signal yet on the crypto’s charts. As such, traders might wait to see how the Solana price reacts around the $165.64 resistance before making their next move.
As the Solana price tries to keep its bullish move going, investors are piling into the presale for Solaxy (SOLX) before it ends in around 11 hours.
Several experts are bullish on SOLX. Among them is the popular YouTube channel 99Bitcoins. In a recent video to its over 723K subscribers, the channel said the crypto has the potential to soar 10X post-launch.
Solana To Get Its First Layer-2
Solana was initially launched as a much more cost effective and quicker alternative to the clunky Ethereum blockchain. While the network is able to process thousands of transactions a second, it has struggled during peak traffic periods. This has resulted in congestion, with users reporting delayed and oftentimes failed transactions.
Solaxy addresses that issue by bundling SOL transactions off of the mainnet, before submitting the batches of transactions to Solana for final validation. This approach to processing transactions is much more efficient than the legacy one-by-one approach. It’s also the same method used by Arbitrum and Optimism in the Ethereum ecosystem.
Not only will Solaxy scale Solana, it will also create a connection between the network and the Ethereum blockchain through bridging technology. This will allow developers to simultaneously tap into the strengths of two of the most prominent networks in the Web3 space.
Solaxy’s team has already developed and deployed several solutions, even while the project’s SOLX token is still in presale. This includes the Solaxy testnet, the testnet’s block explorer, the Solaxy bridge on the testnet, and a native token launchpad.
Investors Have Just Hours Left To Buy SOLX Before Major Exchange Listings
Solaxy has raised over $51.9 million so far in one of the strongest presale showings of the year. Whales have started to scoop up some tokens ahead of the project’s launch that is just hours away. Adding to the FOMO frenzy around the crypto, the team recently slashed the token’s supply through a pre-launch token burn, making SOLX more scarce.
Interested investors can buy SOLX for $0.001762 apiece via the widget on its website using either crypto or bank card.
With just 11 hours left until the presale ends, buyers will want to hurry.
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