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The Pi Network price jumped over 2% in the last 24 hours to trade at $1.56 as of 6:14 a.m. EST.

The rise in the PI price comes amid a broader crypto market crash that has seen the digital asset sector’s total capitalization plunge more than 8% over the past 24 hours.

Pi Network Price In A Consolidation Channel

1-hour chart for PI/USDT (Source: TradingView)

The Pi Network price has entered into a consolidation channel between $1.4260 and $1.6950 over the past couple of days. This period of sideways trading could be the precursor to a strong move in the short term.

Should traders identify PI’s current price as a buy opportunity, the Pi Network price might end up flipping the resistance level at $1.6950 into support. Thereafter, continued pressure from bulls could then lead to a climb to the subsequent resistance level at $1.9090.

On the other hand, a bearish move might lead to the Pi Network price falling below the immediate support level at $1.4260. A drop to underneath this technical crutch might result in a plunge to as low as $1.1840.

Technicals Suggest Bulls Are Slowly Taking Control Of The Pi Network Price

From a technical standpoint, indicators on PI’s 1-hour chart suggest the Pi Network price might continue to climb in the next couple of hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest bulls are gradually taking control of the Pi Network price.

In the last couple of hours, the RSI was able to cross above its Simple Moving Average (SMA) line. Traders often see the RSI crossing above the SMA as a sign that buyers have gained an upper hand on an asset’s chart. Additionally, the RSI value is above the neutral 50 mark, which supports the bullish outlook.

Meanwhile, the MACD line is starting to rise towards the MACD Signal line. If the former breaks above the latter, it could indicate that the Pi Network price has entered a positive cycle. Traders might react positively to this development and start to buy PI. This potential buy pressure could then lead to the Pi Network price climbing in the following few hours.

As bulls attempt to take control of the Pi Network price, investors are flocking to a new Solana layer-2 project called Solaxy (SOLX).

According to 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, SOLX has the potential to soar 100X after launch.

Elevating Solana To The Next Level

Solana has become congested due to the investor frenzy that has erupted around SOL-based meme coins over the last few months.

If something does not change soon, the Solana network stands the risk of suffering another outage. Solaxy, with its own layer-2 network and scaling technologies, is designed to help out.

The project aims to reduce congestion levels on the Solana network and boost the popular layer-1’s transaction throughput. To do this, the project’s native sidechain will run in parallel to the Solana mainnet and take over a bulk of the network’s transaction processing workload.

Solaxy’s layer-2 chain will use a proven scaling technology called rollups, which process transactions off of the layer-1 blockchain, bundle them, and then submit the batches of transactions to the Solana blockchain for final verification and record keeping.

Not only will this approach increase the number of transactions the Solana network can facilitate every second, it will also increase processing speeds while simultaneously reducing network fees.

Additionally, Solaxy will also try to bridge the Ethereum and Solana networks to create a new super Web3 ecosystem that is capable of meeting the growing demands of decentralized application and meme coin developers. SOLX will then also be positioned as a main transaction layer between two of the biggest networks in the Web3 space.

Investors Bet Big On SOLX’s Future

Solaxy has managed to raise over $23.4 million through its presale so far, signaling a lot of investor confidence in the project’s future. Another reason behind the heightened investor interest could be the 173% annual return that’s offered on staked SOLX tokens.

To get in on these rewards, investors first need to buy SOLX through the simple widget on the project’s website.

Currently selling for $0.001646, SOLX can be bought with either crypto or bank card. Buy before a price hike in less than 2 days to secure the best deal.

Buy SOLX here.

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