Solana's Price Surges by 6% Over a Week: Analysts Suggest a Layer-2 Token from a Presale Could Be the Next 10X Investment Opportunity
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The Solana (SOL) coin is gaining traction, surging 6% in the weekly charts, despite a minor 1% dip in the last 24 hours, leaving it trading at $172.65 as of 10:22 p.m. EST. Some traders are cashing in on their profits after SOL soared an impressive 36% over the last 30 days.
Solana Price's Tightrope Act
Over the past few days, Solana's price has been treading a fine line between $158.30 and $185.59, according to data from GeckoTerminal. In the last 24 hours, SOL has seen a slight sink towards the lower end of this range. If this altcoin dips below this price level in the upcoming days, it could face the risk of plummeting to the next support at $138.45.
However, if traders see this current SOL price as a buying opportunity, it could lead to SOL flipping the resistance level at $184.34 into support. Under such circumstances, continued pressure from buyers could potentially propel the coin to hit as high as $212.87 in the following two days.
Bears Crouching, Ready to Strike?
From a technical standpoint, indicators on the daily chart suggest Solana's price might plummet in the coming 24 hours. Traders are advised to keep a close watch on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), both showing early bearish signs.
This follows the MACD line's nosedive towards the MACD Signal line in the last couple of days, a classic sign of waning bullish momentum. If the MACD falls below the Signal line within the next 48 hours, it could indicate the Solana price has slid into a short-term bearish cycle.
Meanwhile, the RSI readings have also plummeted from the high 70s to the low 60s in the last 24 hours, suggesting a dip in buyer strength. Although the current reading remains bullishly above 50, favoring buyers, the steep drop in the RSI in recent days, coupled with the risk of a bearish MACD crossover, raises the alarm for sellers potentially gaining control of the Solana price.
While bulls and bears engage in a heated battle on Solana's charts, investors are jumping onto the Solaxy (SOLX) presale. According to popular YouTube channel 99Bitcoins, with over 725K subscribers, SOLX has the potential to surge 10X post-launch.
Solana Readies Its Layer-2 Solution
Initially launched as a faster and cheaper competitor to Ethereum, Solana can still process more transactions at reduced costs compared to its rival. However, Solana is currently grappling with high levels of congestion due to the recent meme coin boom, causing some users to experience delayed or even unprocessed transactions.
Solaxy, the first layer-2 scaling solution for Solana, aims to address network congestion and prevent another Solana network outage. The project will leverage protocols known as rollups to process transactions off the Solana mainnet and only call upon Solana for final validation and record-keeping. This approach will ease the computational strain on Solana, enhancing the popular layer-1 network's efficiency.
Solaxy also aims to bridge Solana with Ethereum, combining Solana's high speeds and low fees with Ethereum's robust security and growing DeFi ecosystem. This will provide developers with the platform to develop the next groundbreaking innovation in the Web3 space without facing constraints that have held them back previously.
Solaxy's team has already deployed the public testnet and related block explorer. Since then, the team has been optimizing these products for performance, placing them on track to achieve their goal of processing 10,000 transactions per second.
Solaxy Presale Gains Momentum
Investors have shown confidence in Solaxy's future, pouring more than $36.4 million into the project's presale so far, following the recent participation from whales. This investor frenzy is expected to persist given the high 111% APY on offer to presale participants.
To get on board with these rewards, investors need first to acquire some SOLX via the easy-to-use widget on the project's website, selling at $0.001726, and available for purchase with either crypto or bank card. Afterward, investors can visit the staking page on the website to lock up their tokens and start earning the high APY.
However, investors must act quickly since SOLX's price will undergo a presale increase in around 34 hours.
Take a look at SOLX.
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- Despite the potential for a short-term bearish cycle in Solana's price, some investors are considering Solaxy (SOLX) presale as a buying opportunity, with 99Bitcoins suggesting SOLX has the potential to surge 10X post-launch.
- With the technological advancement of Solaxy, a layer-2 scaling solution for Solana, investors are attracted not just by the potential price surge but also by the solution's aim to address network congestion and bridge Solana with Ethereum, providing a platform for developers to innovate in the Web3 space.
