The Solana price jumped more than 2% in the last 24 hours to trade at $187.48 as of 9:59 p.m. EST as investors slowly start to buy into the altcoin again.
Despite the recent uptick, the SOL price is still down more than 6% on the 7-day time frame.
Solana Price Forms A Negative Channel On The Daily Chart
Daily chart for SOL/USD (Source: GeckoTerminal)
A negative price channel has formed on the daily chart for the Solana price after the altcoin printed a series of lower lows and lower highs over the last couple of weeks. Should the crypto continue to trade within this negative range, it could soon test the immediate support level at $174.93. A break below this point might then lead to a plunge to as low as $158.13.
This bearish thesis could be invalidated if the Solana price is able to break above the $194.41 resistance level, which is also confluent with the upper boundary of the bearish price channel. A daily candle close above this mark might then give SOL the room needed to keep rising in the following few days and potentially target the $222.62 barrier.
Technicals Suggest The Solana Price Could Go Either Way
Technical indicators on SOL’s daily chart are leaning towards bearish, but suggest the crypto’s price could still go either way in the coming 48 hours. Mixed signals are being presented by both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
RSI readings have started to level off below the neutral 50 mark in the last 48 hours. After dropping in the past few days, the RSI’s slope has turned neutral. This suggests that while there was an increase in seller power, bulls have started to chip away at bears’ strength. Should buyers enter SOL’s chart soon, they might be able to take back control of the Solana price.
Meanwhile, the MACD line is currently positioned bearishly below the MACD Signal line. However, the low negative MACD Histogram readings coupled with the narrowing gap between the MACD and Signal lines could be a sign of weakening bearish momentum.
While SOL tries to escape a bearish channel, investors continue to pour capital into the presale for Solana layer-2 crypto Solaxy (SOLX) , which is charging towards the $11 million milestone. According to 99Bitcoins, a popular YouTube channel with over 721K subscribers, SOLX has the potential to soar 100X after its official launch.
A Project Dedicated To Unlocking Solana’s Full Potential
Solaxy is the first layer-2 project that focuses on the Solana network. In recent months, Solana has played host to a massive amount of new meme coins as developers favor the blockchain over others due to its fast speeds and low fees. However, the large amount of new tokens are placing an immense computational stress on the Solana network.
Solaxy, with its native side chain, will alleviate the pressure being put on Solana’s infrastructure. In addition to taking over a portion of the meme coin transactional workload, the project will also boost Solana’s transaction throughput. This will enable the network to process transactions even quicker than it is able to now, which will also slash Solana’s already-low processing fees.
Once Solaxy has unlocked Solana’s full scalability potential, the project will begin executing its broader plan to bridge the Solana and Ethereum blockchains. By doing this, Solaxy will create a new-and-improved Web3 ecosystem that combines Solana’s lightning-quick speeds and ultra low fees with Ethereum’s robust security infrastructure and flourishing DeFi sector.
Investors Bet Big On SOLX’s Future
Solaxy has raised over $10.3 million through its ongoing ICO already, signaling strong investor confidence in the project’s future. With the bullish predictions from 99Bitcoins and others, as well as the project’s aim to bridge two of the biggest blockchains in the Web3 space, it’s no wonder investors are excited about the project at this early stage.
Anyone that wants to acquire the token during presale can do so using the simple buy widget embedded on the project’s website. Currently selling for $0.0016, SOLX can be purchased with either crypto or bank card. Once purchased, investors can also start putting their tokens to work for the 339% APY on offer to anyone who stakes SOLX at this premarket stage.
Purchase and stake SOLX here for the 339% APY.
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