Solana Price Gains 14% In A Week As SOLX’s ICO Nears $9M

The Solana price is in the green by more than 14% on the weekly time frame following a minor 24-hour gain to trade at $216.86 as of 9:58 p.m. EST as traders continue to accumulate the altcoin.

Accompanying the rise in the SOL price is an increase in the project’s 24-hour decentralized exchange (DEX) volume. DefiLlama data shows that the daily trading volume across Solana-based DEXs neared $3.8 billion yesterday. 

This was more than the combined volumes seen in the Base and Ethereum DEX ecosystems, which posted volumes of $1.2 billion and $1.7 billion, respectively 

Solana Price At A Critical Point

4-hour chart for SOL/USD (Source: GeckoTerminal)

The Solana price has formed a positive trend line in the last few days after printing a series of higher highs and higher lows during this period, according to GeckoTerminal data. However, the altcoin is now resting on the $216.20 support, which is also confluent with the recently-formed trend line. As such, a break below this mark might bring an end to the crypto’s bullish move.

Falling below the $216.20 support through the course of the next 12 hours might lead to a bearish reversal of SOL’s positive trend, as traders might begin to short the Solana price. This could then result in the crypto plunging all the way down to $200.3 in the short term. An extremely bearish scenario might even lead to a price drop to as low as $183.87.

This correction may not happen if the Solana price is able to remain above the $216.20 support for the next 12 hours. In this alternative case, the crypto could extend the ascending trend line and potentially try to flip the $230.48 resistance level into support.

Bears Trying To Take Control Of The Solana Price

Bears seem to be chipping away at bulls’ control of the Solana price from a technical perspective. Indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the 4-hour chart warn the Solana price might drop in the coming 24 hours.

In recent hours, RSI readings have started to fall, which could be a sign of dwindling buyer strength. While the current reading above 50 is still bullish, the negative slope of the RSI line suggests sellers are still trying to take over the Solana price.

Meanwhile, the MACD line attempted to cross above the MACD Signal line in the last few hours. If this intersection happens, it could be a sign that the Solana price has entered a fresh bullish cycle. However, bears recently stepped in to push the MACD line back down to delay any possibility of SOL starting a new positive cycle.

While bulls and bears battle it out on SOL’s charts, the presale for new layer-2 Solana project Solaxy (SOLX) is fast-approaching the $9 million mark.

Several experts have stepped forward to deliver bullish predictions for SOLX’s future given its early presale success. Among them is an analyst from the 99Bitcoins YouTube channel, which has over 719K subscribers. In a recent video, the analyst said Solaxy has the potential to soar 100X after its launch.

The First Solana-Focused Layer-2 Project

Solaxy is a pioneer in the fact that it is the first layer-2 project that aims to bring some much needed scalability to the Solana network. With the hype around meme coins in the last few months, Solana’s popularity among meme coin developers, and the impending meme coin supercycle, Solana will need all the help it can get.

By running in parallel to the Solana blockchain, Solaxy alleviates some of the computational stress being placed on the network. This will subsequently increase network speeds while simultaneously slashing transaction fees.

In addition to scaling the Solana blockchain, Solaxy will also bridge Ethereum with the Solana network to create a new and improved Web3 ecosystem that combines Ethereum’s robust infrastructure with Solana’s lightning speeds and low fees.

Investors Bet Big On SOLX’s Future

Investors are rushing to buy Solaxy during its ongoing presale, as evidenced by the more than $8.8 million raised so far. One factor that could be behind the buying frenzy at this early stage is the high staking APY on offer to presale investors. Anyone who buys and locks up SOLX now will unlock a 394% APY.

To get in on these rewards, investors will first need to buy SOLX via the widget embedded on its website. Selling for $0.001592, the token can be bought with either crypto or bank card. Once purchased, the SOLX tokens will then just need to be put to work through the staking page on the website.

Purchase and stake SOLX here for the 394% APY.

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