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The Solana price plunged 4% in the past 24 hours to trade at $139.88 as of 10:27 p.m. EST on trading volume that surged 54% to $4.9 billion.
This comes even as Wyoming’s Stable Token Commission shortlisted Solana and Aptos for a pilot program for WYST, the first stablecoin issued by a US state government.
The two chains were ranked joint top with 32 points from 11 blockchains assessed by Wyoming, according to a post on X by Aptos. Despite tying for first place, Solana was not selected for the pilot phase.
The Wyoming Stable Token Commission has placed Aptos as the highest-scoring blockchain candidate for WYST—the first fiat-backed stablecoin issued by a U.S State—tying for 1st place with Solana.
WYST will be deployed using @LayerZero_Core. pic.twitter.com/CMUyRbs4Gq
— Aptos (@Aptos) June 20, 2025
The fiat-backed WYST stablecoin is set to launch in August via LayerZero and will be issued using the Omnichain token interaction protocol.
Solana Price Nearing Breakdown Point, As RSI Signals Rising Selling Pressure
The SOL price is currently trading at $139.88 on the 3-day chart and continues to move within a falling channel pattern, indicating a medium-term bearish trend.
Following a failed breakout attempt near the $181 resistance zone, the Solana price action has broken below both the 50-day and 200-day Simple Moving Averages (SMAs), confirming bearish momentum.
Previous support levels near $131 are being retested. The overall structure suggests lower highs and lower lows forming consistently over time.
Meanwhile, the Relative Strength Index (RSI) stands at 43.03, indicating a lean towards bearish territory but not yet oversold. This suggests that there is still room for further downward movement before buyers may step in aggressively.
If SOL continues to respect the falling channel pattern and fails to reclaim the $149 and $155 resistance zones, a drop towards the lower boundary of the channel, around the $75 range, is likely in the coming weeks, a 46% drop from the current level.
SOL/USD Chart Analysis (Tradingview)
However, should Solana bulls manage to reclaim the $155 level with volume, there could be a short-term recovery towards $200. Additional pressure could further push the price of Solana to the $264 level in the long term, an 87% surge from current levels.
Meanwhile, investors are flocking to buy the Solana Layer 2 presale Solaxy (SOLX), with just two days left in its blockbuster presale. Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Presale Nears $56 Million – Only 2 Days Left
Solaxy ($SOLX) is building the world’s first Solana layer 2 blockchain. Its presale is one of the most successful of the year after raising a jaw-dropping $55.98 million so far.
Solaxy aims to eradicate the network’s congestion issues through the power of rollup technology.
Solana is known for its high speeds and low fees, but Solaxy takes things to a whole new level. While Solana can compute 6,500 transactions per second (TPS), Solaxy aims for 10,000 TPS.
Solana is unquestionably fast, cheap, and capable of accommodating millions of active users. But it’s not perfect. Pressing issues include congestion, longer wait times and increased transaction failures during periods of peak network activity.
The project’s cross-chain bridge, which will connect Solana with Ethereum, will enable seamless asset transfers, boost liquidity, and expand use cases for decentralized finance (DeFi), NFTs, and gaming.
The Solaxy team has also deployed the Igniter Protocol, which enables users to create new tokens and have them listed directly on the upcoming Solaxy DEX.
Other recent developments include a Hyperlane partnership, enabling seamless interoperability between Solana and Ethereum, as well as a total 55 billion SOLX token burn to increase scarcity ahead of launch.
Another MASSIVE burn. 🔥
We’ve just burned 20,000,000,000 $SOLX, further tightening supply ahead of mainnet.
This follows our previous 35B $SOLX burn, bringing the total burn to 55 BILLION $SOLX – That's ~40% already burned!
View here: https://t.co/0izmHfkIJv
Less supply.… pic.twitter.com/Q7rIj0BCbc
— SOLAXY (@SOLAXYTOKEN) June 19, 2025
The presale’s success is also being fueled by Solaxy’s staking program, which offers an annual percentage yield (APY) of up to 76%. That’s another key reason why whales are piling into the presale, with purchases like this one for $49,894.68 yesterday.
Priced at $0.001766 per token, investors can join the presale using BNB, ETH, USDT, or a bank card.
Grab SOLX tokens within the next 2 days to join a project that analysts say could take Solana to the next level.
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