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The Solana price dropped a fraction of a percent in the last 24 hours to trade at $139.74 as of 3.40 a.m. EST on trading volume that went down 3% to $5.29 billion.
Solana’s recent price dip took it down over 20% in a week to trade at $130 in the past 24 hours, the lowest since early September.
Solana Price Prediction
Solana’s price has seen a lot of activity in the past few days, which resulted in sharp fluctuations. Its Bollinger bands have been consistently wide, and while there were moments when sharp surges or drops caused them to become wider or narrower, there were no periods of inactivity.
The price has been fluctuating from the upper band to the lower one for days now, with the exception being the last 12 hours, during which the price has seen smaller fluctuations between the upper band and the middle line between the two bands, as recovery took place, causing SOL to surge up by almost $10.
The project’s Relative Strength Index (RSI) also saw quite a lot of smaller fluctuations, while the overall trend saw it go from the oversold zone to the close proximity of the overbought one, only to drop back to the value of 20. This was around 20 hours prior to the time of writing, and after that, the RSI surged up to the overbought zone again as traders started buying the dip.
After hitting the value of 70, traders decided to take profit, which knocked down the RSI back to 50. At the time of writing, it sits at 55, showing signs of growth again, which signals that traders are once again buying the SOL coin.
Promising Alternative To Solana
With Solana’s poor performance lately, investors are turning to promising alternatives such as Solaxy (SOLX), which has already raised a huge $23.7 million in its presale.
This is a new project in the Solana ecosystem that will actually be the network’s first-ever Layer-2 project.
Solaxy was created to tackle Solana’s scalability issues, which prevent it from meeting surging demand. Ever since its network got busier with rapidly expanding meme coin, GameFi, DeFi, and other sectors, the SOL ecosystem has been struggling to keep up.
Despite being faster and cheaper than Ethereum, its scalability cannot match the demands seen during particularly busy periods.
So, Solaxy emerged as a scaling solution that could help with the most crucial issue – network congestion that’s caused transaction failures that threaten to make its blockchain unreliable.
Solaxy, on the other hand, offers infinite scalability, effectively guaranteeing that there will be no transaction failures in its ecosystem. It will integrate with both Solana and Ethereum, operating in both ecosystems and offering their communities a way to perform reliable transactions that will boost the Solana network’s speeds and help keep prices down.
ClayBro, a crypto YouTuber with 136k subscribers, says SOLX could lead layer 2 chains as the crypto market rebounds.
The SOLX token is selling for only $0.001648. Buy before a price hike in a little more than 1 day to lock in the best deal.
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