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The SPX6900 price plummeted 14% in the last 24 hours to trade at $1.40 as of 5:56 a.m. EST as investors dump their holdings in the crypto on the market.
Following the latest drop by the SPX price, the altcoin has emerged as the biggest 24-hour loser on CoinGecko among major cryptos by market cap. Hyperliquid (HYPE) was the second biggest loser with its 24-hour loss of 8%.
SPX6900 Price Resting On Support, Will The Level Hold?
Daily chart for SPX/USD (Source: GeckoTerminal)
The SPX6900 price is resting on a key support level at $1.3362, according to data from GeckoTerminal. Should the crypto drop below this technical safety net in the next couple of days, it could result in a plunge to as low as $1.1342 in the short term.
On the other hand, traders could end up identifying the current SPX6900 price as a buy opportunity. This alternative scenario could see the crypto rise towards the major resistance level at $1.7786.
Bears About To Take Complete Control Of The SPX6900 Price
From a technical point of view, indicators on the daily chart warn the SPX6900 price might drop in the next 24-48 hours. More specifically, traders and investors will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which are both showing bearish warning signs.
A major bearish technical flag is about to be triggered by the MACD, as the MACD line looks to cross below the MACD Signal line. Should this technical event take place, it could be seen as a confirmation that SPX has entered a negative cycle. Traders might therefore react negatively to the development and start to short the SPX6900 price.
Buyers already seem to be exiting SPX’s charts, as suggested by the drop in RSI values over the last couple of days. While the latest reading above 50 is still bullish, the falling MACD line and the downward slope of the RSI line all warn SPX’s positive trend is likely nearing its end.
If the bearish technical signs shown by the MACD and RSI on the daily chart influence traders’ decision making, it could lead to a plunge to the aforementioned $1.1342 mark. This would be around an 18% drop from current prices.
As the SPX6900 price clings to a vital technical support, traders are piling into the presale for Solaxy (SOLX), which is offering one last chance to buy before the token’s launch in around 6 days.
Popular YouTube channel 99Bitcoins, which has over 723K subscribers, says the crypto has the potential to soar 100X post-launch.
Solana’s First Layer-2 About To Debut In The Market
Solana was launched as a more cost-effective and quicker alternative to the legacy Ethereum chain.
While Solana still has an advantage in terms of speeds and costs over its predecessor, the network has struggled during peak traffic periods, especially when meme coin frenzies erupt. This has led to delayed and sometimes failed SOL transactions.
Solaxy addresses that issue through the market’s first layer-2 scaling solution. Similar to how Arbitrum and Optimism operate within the Ethereum ecosystem, Solaxy bundles transactions off the mainnet before submitting the batches of transactions to Solana for final validation.
That approach to transaction processing is more efficient than the outdated one-by-one method. It will also ensure that Solana is capable of facilitating much more transactions at any given time, subsequently reducing backlog and reducing the risk of another network outage.
Solaxy will not only scale Solana, but will also connect the blockchain with the Ethereum network through cutting-edge bridging technology. By connecting the two chains, Solaxy gives developers a way to simultaneously tap into both networks’ strengths to build the next big innovation in the Web3 space.
Solaxy’s team has already laid the groundwork for their solution, launching several products even while the project’s SOLX token is still in presale. This includes the testnet, the testnet’s explorer, the Solaxy bridge on the testnet, and a native no-code token launchpad called the Igniter Protocol.
Those products have put the team on track to roll out their mainnet soon and achieve a throughput of 10,000 transactions per second.
Solaxy Gives Investors Last Chance To Buy Before Listings
Solaxy’s presale has raised more than $53.9 million so far. Following the ICO success, the team decided to extend the presale and is offering investors one last chance to buy before SOLX is listed on major exchanges.
Interested investors can acquire SOLX for $0.001766 apiece via the buy widget on the website using either crypto or bank card.
Anyone that wants to buy will want to hurry because this final window of opportunity will close in around 6 days.
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