{"id":620970,"date":"2025-01-24T03:32:31","date_gmt":"2025-01-24T03:32:31","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=620970"},"modified":"2025-01-24T03:33:26","modified_gmt":"2025-01-24T03:33:26","slug":"solana-price-prediction-sol-soars-16-in-a-week-as-this-new-layer-2-crypto-presale-closes-on-14-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-soars-16-in-a-week-as-this-new-layer-2-crypto-presale-closes-on-14-million","title":{"rendered":"Solana Price Prediction: SOL Soars 16% In A Week As This New Layer-2 Crypto Presale Closes On $14 Million"},"content":{"rendered":"

The Solana price is up over 16% on the weekly time frame despite a minor 24-hour correction to trade at $247.69 as of 9:57 p.m. EST as investors take a medium-term long position on the crypto.<\/span><\/p>\n

This strong weekly performance also saw the SOL price soar to a new all-time high at $294.33 just 5 days ago. It has since retraced more than 14% to trade at its current level.<\/span><\/p>\n

Solana Price Consolidates<\/span><\/h2>\n

\"SOL<\/p>\n

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

The <\/span>Solana<\/span><\/a> price entered<\/a> into a consolidation between $242.25 and $258.34 in the last couple of days, and is now approaching the lower boundary of this range. Should SOL drop below $242.25 within the next 24-48 hours, the altcoin could stand the risk of plunging all the way down to $227.05.<\/span><\/p>\n

On the other hand, the Solana price maintaining a position above $242.35 for the next 2 days could either result in a continuation of the crypto’s consolidation or lead to a bullish scenario playing out. <\/span><\/p>\n

In the event that buyers identify SOL’s current levels as an opportunity, the Solana price might try to flip the resistance at $259.24 into support. Thereafter SOL could rise to the next major resistance level at $$274.44.<\/span><\/p>\n

Technical Indicators On The Daily Chart Warn Of A Potential Correction For The Solana Price<\/span><\/h2>\n

From a technical standpoint, indicators on SOL’s daily chart warn the altcoin’s price could drop in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bearish signs.<\/span><\/p>\n

RSI readings have fallen from just above 70 to the low 60s, which suggests a decrease in bulls’ strength. With the current negative slope of the RSI line, it seems that sellers continue to grow stronger against buyers. If the RSI dips below the neutral 50 level, it could indicate that bears have taken complete control of the <\/span>Solana<\/span><\/a> price.<\/span><\/p>\n

Meanwhile, the MACD line has been collapsing towards the MACD Signal line in the last 48 hours. The current orientation of the two lines coupled with the narrowing gap could be seen as an early warning of SOL’s bullish trend coming to an end. <\/span><\/p>\n

While technicals warn of a potential correction for the Solana price, the presale for a new SOL layer-2 meme coin project called <\/span>Solaxy (SOLX)<\/span><\/a> is closing on $14 million. Popular crypto YouTube channel 99Bitcoins, which has over 722K subscribers, says SOLX has the potential to soar 100X after its launch.<\/span><\/p>\n