{"id":618552,"date":"2025-01-16T03:29:46","date_gmt":"2025-01-16T03:29:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=618552"},"modified":"2025-01-16T03:29:46","modified_gmt":"2025-01-16T03:29:46","slug":"solana-price-prediction-sol-pumps-8-as-this-new-layer-2-token-presale-charges-towards-11","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-pumps-8-as-this-new-layer-2-token-presale-charges-towards-11","title":{"rendered":"Solana Price Prediction: SOL Pumps 8% As This New Layer-2 Token Presale Charges Towards $11"},"content":{"rendered":"

The Solana price pumped more than 8% in the last 24 hours to trade at $202.74 as of 9:59 p.m. EST as investors go long on the altcoin.<\/span><\/p>\n

The recent gain by the SOL price was enough to push the crypto’s weekly performance out of the red zone. As such, the Solana price is now over 3% up on the 7-day time frame.<\/span><\/p>\n

Solana Price Eyeing The Resistance At $210.85<\/span><\/h2>\n

\"SOL<\/p>\n

4-hour chart for SOL\/USD (Source: <\/span>GeckoTerminal<\/span>)<\/span><\/p>\n

The <\/span>Solana<\/span><\/a> price breached<\/a> the resistance level at $198.30 in the last couple of hours, and is now rising towards the next major mark at $210.85. With enough backing from bulls, the crypto might be able to flip this next barrier into support and potentially rise to as high as $226.55 in the short term.<\/span><\/p>\n

On the other hand, SOL failing to close a 4-hour candle above $210.85 within the next 12 hours might bring an end to the crypto’s bullish move. In this alternative case, traders might start to realize their profits. This potential sell volume could then lead to the Solana price testing the recently-acquired $198.20 support. Continued sell pressure might lead to a plunge to $186.92.<\/span><\/p>\n

Technical Indicators Warn The Solana Price Might Correct Soon<\/span><\/h2>\n

Looking at indicators on SOL’s 4-hour chart, there are early technical signs that suggest the Solana price will pullback in the next couple of hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Solana price could undergo a correction soon.<\/span><\/p>\n

The MACD line is starting to fall down to the MACD Signal line. This narrowing gap between the two technical indicators could end up being interpreted as an indication that SOL’s positive momentum is cooling off. If this trend continues, <\/span>SOL<\/span><\/a> might soon enter into a new bearish cycle.<\/span><\/p>\n

Meanwhile, RSI readings have started to drop as well, which could be a warning that there is a decrease in buying power. While the indicator’s latest reading is bullishly above the neutral 50 mark, the negative slope of the RSI line suggests there could soon be a bearish shift in power that favors sellers.<\/span><\/p>\n

As SOL technicals warn a correction may be looming, the presale for new Solana layer-2 token <\/span>Solaxy (SOLX)<\/span><\/a> is charging towards $11 million. Popular YouTube channel 99Bitcoins recently told its over 721K subscribers that the new token has the potential to soar 100X after its launch.<\/span><\/p>\n