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.
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.
Solana Price Eyeing The Resistance At $210.85
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price breached 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.
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.
Technical Indicators Warn The Solana Price Might Correct Soon
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.
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, SOL might soon enter into a new bearish cycle.
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.
As SOL technicals warn a correction may be looming, the presale for new Solana layer-2 token Solaxy (SOLX) 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.
A New Project Aiming To Make Solana More Scalable
Solana is one of the fastest blockchain networks in the Web3 space, and is known for its lightning-quick speeds and low transaction fees. In recent months, the blockchain has played host to a tsunami of new meme coins as developers looked to take advantage of everything Solana has to offer.
This popularity has now led to computational stress being placed on the blockchain, with new tokens being launched on a daily basis. What’s more, the speculated 2025 meme coin supercycle could result in another Solana network outage if something does not change soon. This is where Solaxy, with its native chain and layer-2 scaling technology, comes in.
By running in parallel to Solana, the project will reduce the blockchain’s transactional workload. It will also boost Solana’s network speeds, while simultaneously slashing the blockchain’s already-low fees to make Solana a super performant and cost-efficient chain.
After successfully scaling Solana, Solaxy will shift its focus to its broader mission to bridge Solana with Ethereum. By connecting the two most prominent chains in the market, Solaxy will unlock a new-and-improved Web3 ecosystem that leverages Ethereum’s robust security infrastructure and flourishing DeFi landscape with Solana’s speed and low fees..
Investors Bet Big On SOLX’s Future
Solaxy has already raised more than $10.5 million through its ongoing presale, signaling a lot of investor confidence in the project at this early stage. With the 100X predictions from 99Bitcoins and others, as well as the project’s mission to bridge two of the biggest chains in the market, it’s easy to see why investors are so excited about Solaxy.
Anyone that wants to gain exposure to the project at this early stage can do so using the simple buy widget embedded on the project’s website. Selling for $0.001602, SOLX can be bought with both crypto or bank card. Once purchased, the tokens can then be staked for a competitive 332% APY as well.
Purchase and stake SOLX here before a scheduled price increase in 34 hours.
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