The Solana price dropped over 5% in the last week following a more than 1% correction in the last 24 hours to trade at $236.05 as of 10:43 p.m. EST as investors turn their attention elsewhere.
Not only has the SOL price undergone a retracement throughout the past day of trading, the altcoin’s trading volumes have also plummeted 27% during the same period.
Solana Price Resting On Support
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price is resting on a support level at $222.99, GeckoTerminal data shows. Should the altcoin drop below this technical safety net within the next 8 hours, it could stand the risk of falling to the subsequent mark at $194.38. Conversely, SOL maintaining a position above $222.99 for the next 12 hours might invalidate the bearish thesis.
In an alternative and more bullish scenario, the Solana price will likely try to break back above the closest resistance level at $261.14. Clearing this technical obstacle might then open up the room needed for the crypto to rise to $298.10 or even higher if the potential pressure from buyers persists.
Technicals Suggest The Solana Price It Still At Risk
From a technical perspective, indicators on SOL’s 4-hour chart suggest a bearish scenario is more likely to play out. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing early warning signs.
RSI readings have plunged from the mid 60s to low 50s to indicate a sharp decrease in buyer strength. While the current reading above the neutral 50 mark is still bullish, the negative slope of the RSI line warns there might be a bearish shift in power if bulls don’t step in soon.
The MACD line also crossed below the MACD Signal line in the last 24 hours to trigger a major bearish technical flag. Traders usually interpret the MACD line falling below the MACD Signal line as an indication that an asset has entered a negative trend.
With the Solana price clinging to support, investors might shift focus to alternative options to mitigate downside risk. Layer-2 presale token Solaxy (SOLX) , which is not yet susceptible to public market swings, could stand to benefit, especially as experts share their bullish predictions for the project’s future.
According to the popular YouTube channel 99Bitcoins, which has more than 723K subscribers, SOLX has the potential to soar 100X after its launch.
Giving Solana The Computational Power Needed To Cope With The 2025 Meme Coin Supercycle
Solaxy is a pioneering project in the fact that it is the first layer-2 scaling project that is focused on elevating the Solana network to the next level. Over recent months, the Solana mainnet has come under immense computational stress due to its popularity with meme coin developers and the surging hype around these lighthearted tokens.
As Solana continues to be the network of choice for new projects’ developers due to its speeds and low fees, talks of a 2025 meme coin supercycle are starting to make the rounds in the market. If Solana’s infrastructure does not get a major upgrade soon, it could lead to yet another outage for the lightning-fast layer-1.
This is where Solaxy comes in. With its own sidechain and cutting-edge scaling technologies, the project will run in parallel to the Solana mainnet and provide it the computational resources needed to cope with the highly-anticipated meme coin supercycle.
By boosting Solana’s infrastructure, Solaxy will not only increase the transactional throughput of the network, it will also slash Solana’s already-low transaction fees.
The project also aims to bridge Solana with Ethereum to create a new ecosystem that combines the strengths of both networks and is capable of meeting the growing demands of decentralized application and meme coin developers. After executing on this objective, Solaxy will then be positioned as a primary transaction layer between two of the most prominent blockchains.
High Staking Rewards Pull Investors In
With the project’s goal to scale Solana and bridge it with Ethereum, coupled with the bullish predictions from experts like 99Bitcoins, it’s easy to see why Solaxy’s presale has already raised more than $16.5 million.
There is also an attractive staking initiative on offer to presale investors that might be pulling investors in. Anyone who buys and stakes SOLX now will unlock a 241% APY.
To get in on these passive rewards, investors simply need to buy SOLX through the widget embedded on the project’s website. Selling for $0.00162, the crypto can be bought with either crypto or bank card. Thereafter, investors need to lock up their tokens on the staking page to start earning.
Buy and stake SOLX here before a scheduled price increase in 27 hours.
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