Solana Price Climbs 1% As This SOL Layer 2 ICO Nears $19M

The Solana price climbed 1% in the past 24 hours to trade at $192.7 as of 09:21 p.m. EST on trading volume that jumped 5% to $5.3 billion.

This comes after the US Securities and Exchange Commission (SEC) formally acknowledged NYSE Arca’s filing for a rule change to list and trade shares of the Grayscale Solana ETF (exchange-traded fund). The move now brings the possibility of a Solana-backed investment vehicle.

🔥 JUST IN : According to Bloomberg ETF analyst James Seyffart, the US SEC has acknowledged the #Solana💰 19b-4 filing submitted by Grayscale.

Previously, the SEC refused to process Solana-related filings in multiple attempts.

— Crypto TA King (@CryptoTA_King) February 7, 2025

According to a February 6 filing, the SEC has opened a public comment period for the proposed rule change, allowing interested parties to submit feedback.

Solana Price Could Rebound

The SOL price chart analysis on the 12-hour chart shows that the asset has recently formed a descending wedge pattern, which often signals a potential bullish breakout. This pattern follows a strong upward move that peaked near $295, before price action entered a period of correction and consolidation.

Another crucial trend is the interaction with the 50-day (green) and 200-day (purple) Simple Moving Averages (SMAs). The price of Solana is currently below both SMAs, indicating a short-term bearish bias. However, a breakout from the wedge could see SOL reclaim these levels, leading to a renewed bullish trend.

The Relative Strength Index (RSI) is hovering near the 39 level, suggesting that selling pressure has been strong. However, it is approaching oversold conditions, which increases the probability of a bullish reversal.

Solana Price Chart Analysis (Tradingview)

SOL Price Prediction

The current descending wedge pattern is inherently bullish. If SOL breaks out to the upside, we could see a move toward the 50-day SMA ($228) and 200-day SMA ($215) as the first resistance points. A successful reclaim of these levels could lead to a retest of $255 resistance and eventually the previous high at $295.

However, failure to break out of the wedge could see SOL retesting lower support levels, particularly around $175–$180. A breakdown below this region could push SOL towards the psychological $150 level.

Meanwhile, investors are snapping up a new Solana layer 2 project called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 724K subscribers, says might soar 100x after launch.

Solaxy Presale Closes On $19 Million – Best Crypto To Buy Now?

Solana is a top favorite among crypto investors and developers alike. However, that doesn’t mean it is flawless. The blockchain often has congestion issues, high transaction fees and delays. In heavy traffic, Solana is a frustrating network to navigate.

Solaxy aims to solve Solana’s congestion problems with features like transaction bundling and off-chain processing, improving Solana’s efficiency without slowing it down.

Investors are buying into this narrative and have already pumped over $18.7 million into the project. 

Although Solaxy is built to work with Solana, the project will first launch on Ethereum. The team is developing a bridge between the two blockchain networks to connect them.

🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.

Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 217%.

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001628 each using BNB, ETH, USDT, or a bank card.

Buy before a price hike in less than 20 hours to secure the best deal.

Visit SOLX here.

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