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The Solana price pumped 3% in the past 24 hours to trade at $146.71 as of 10:41 p.m. EST on trading volume that plunged 9% to $5.13 billion.
This comes as seven SOL ETF applicants filed S-1 statements with the US Securities and Exchange Commission (SEC). That news comes after reports that Solana ETFs could be approved as early as three weeks from now.
🚨JUST IN: All Solana ETF issuers have filed amended S-1s, incorporating SEC’s requested updates on in-kind redemptions and staking disclosures. This comes as Bloomberg previously reported the SEC may act early on spot Solana ETF approvals. pic.twitter.com/ORPnXnfKlQ
— SolanaFloor (@SolanaFloor) June 13, 2025
Solana Price Still Going Through Correction – A Bounceback Incoming?
Despite being positive in the last 24 hours, the SOL price is still on a healthy correction. After testing the $187.85 (0 Fibonacci) level, the Solana price has undergone what appears to be a healthy correction. SOL is now heading towards the 0.5 Fibonacci level at $142, which could serve as a cushion against downward pressure.
As a result of the drop from the resistance level, the price of SOL has now plunged to trade below the 50-day Simple Moving Average (SMA). However, SOL still trades well above the 200-day Simple Moving Average (SMA). This is a clear sign that the bulls may still have some control.
Meanwhile, the Relative Strength Index (RSI) appears to be losing momentum as it declines, currently at 45, which is a clear indication that bears may be gaining control.
However, the Moving Average Convergence Divergence (MACD) is still in positive territory, with the blue MACD line crossing above the orange signal line. However, the green bars on the histogram appear to be diminishing towards the zero line, which may be a signal that pressure is fading.
If the current downtrend persists and Solana breaches the $142 level, the price may plunge to the 0.618 Fibonacci level at $131.72.
SOL/USD Chart Analysis (Tradingview)
However, suppose the narrative of a healthy correction holds and the $142 level is sustained. In that case, the bulls may use this as a base to propel the SOL price towards a reversal, targeting $187.85 and $243.
Meanwhile, investors are flocking to the presale for the new Solana layer-2 project Solaxy (SOLX), which has raised over $49.4 million to become one of the largest token sales of the year.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Nears $50 Million – Only 2 Days Left To Buy
SOLX is the native token of Solana‘s first-ever Layer 2 solution and one of the most anticipated new cryptos.
Solana has become increasingly susceptible to congestion whenever there’s a spike in network activity. Enter Solaxy. By building the first-ever Layer 2 (L2) on Solana, Solaxy aims to facilitate faster transactions while maintaining the network’s security and efficiency.
The project aims to address Solana’s congestion issues with features such as transaction bundling and off-chain processing.
Although Solaxy is built to work with Solana, the project will first launch on Ethereum. The team has launched a bridge to connect the two blockchain networks.
Recent developments include a Hyperlane partnership, enabling seamless interoperability between Solana and Ethereum, and a $62 million token burn (35 billion SOLX, representing 25% of the supply), which boosts scarcity.
🔥 $62M Worth of $SOLX Burned 🔥
We’ve just burned 35,046,000,000 $SOLX — worth over $62 million — in one of the most aggressive supply reductions in the space.
Check it out: https://t.co/kBxp26OXdh
This move isn’t just symbolic — it’s a major step toward a more sustainable,… pic.twitter.com/VWeo3RIZkv
— SOLAXY (@SOLAXYTOKEN) June 12, 2025
It also launched a testnet blockchain explorer and optimised rollup handling for enhanced efficiency.
By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers an 83% annual yield.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001758 each using BNB, ETH, USDT, or a bank card.
Buy before the presale ends in about 2 days.
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