Solana's Price Surges 18% in a Week, Yet Analysts Suggest Exploring this Layer-2 Presale Token with a 100X Growth Potential Instead
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The Solana (SOL) price is soaring, increasing by 18% over the past week, even though there was a minor 2% drop in the past 24 hours. At the moment, SOL trades at $175.51 according to data from 9:36 p.m. EST, as eager investors jump on the bandwagon to buy this altcoin.
This rise in SOL's price is part of a broader trend, with SOL seeing a impressive 34% boost in the past month alone.
Solana Price Seeking to Climb Over a Technical Hurdle
Daily chart for SOL/USD (Source: GeckoTerminal)
Currently, the SOL price is battling to surpass a technical resistance level at $184.92, as per GeckoTerminal's data. If SOL breaks through this technical barrier within the subsequent 48 hours, it could lead to further gains and potential growth up to $212 in the short-term.
On the other hand, if the $184.92 resistance level is rejected, the thesis might become invalidated, potentially causing the Solana price to slide down to $156.78. If sell-offs occur following this level, there's even the possibility of a decline to as little as $129.69.
Bears Gearing Up to Dominate Solana Price
Technical indicators on the daily chart suggest there might be a temporary dip in the Solana price over the next 48 hours. Traders need to keep tabs on short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) on the daily chart.
Presently, the 9 EMA is maintaining a bullish stance above the 20 EMA, signaling that SOL is in a favorable short-term cycle. The 9 EMA also serves as a dynamic support for the Solana price. However, if the SOL price is rejected at the $184.92 resistance, SOL could drop beneath the 9 EMA, sparking a fresh bearish trend.
Meanwhile, RSI readings have decreased over the past 48 hours, indicating a decline in buying strength. Although the latest reading remains above the neutral 50 mark, with bulls still maintaining an advantage against bears, the downward trend of the RSI line suggests an imminent shift in power towards the bears on the SOL charts.
As the Solana price struggles to sustain its upward momentum, investors are capitalizing on the Solaxy (SOLX) presale craze. According to popular YouTube channel 99Bitcoins, which has over 725K subscribers, SOLX has the potential to skyrocket by 100X following its launch.
Solana Soon to Introduce Its First Layer-2 Solution
Solaxy's aim is to alleviate the congestion on the Solana network by unveiling the Solana ecosystem's inaugural layer-2 scaling solution. It operates similarly to solutions like Arbitrum and Optimism within the Ethereum ecosystem.
By using technology called rollups, Solaxy will process and bundle transactions off of the Solana mainnet, calling upon the layer-1 blockchain only for final validation. This strategy for transaction processing diminishes the stress on the Solana blockchain, while increasing the number of transactions it can process concurrently.
In addition to scaling Solana, Solaxy will also bridge the network to Ethereum. This will create a connection between two of the most influential blockchains in the Web3 sphere, enabling developers to construct the next big Web3 project.
Solaxy's team has already launched the project's testnet and related block explorer. Since then, the team has focused on optimizing the testnet for optimal performance, as they strive to achieve 10,000 transactions per second for the Solaxy layer-2 blockchain.
Solaxy Pre-sale Lights Up as Investors Flock
Investors are buying up SOLX rapidly, with approximately $36.1 million being invested in the project's pre-sale thus far. This surge in investment follows a series of big purchases made over the past 2 days, with the most recent on being a $400,000 purchase.
Given the favorable predictions made by experts like 99Bitcoins and the project's position as the first SOL layer-2 solution, it's evident why a buying frenzy erupted around the project's pre-sale.
Interested investors can join the ground floor of the project by purchasing SOLX via the simple buy widget embedded on the project's website. Selling for $0.001724, SOLX can be bought using either crypto or bank card.
Upon purchase, the SOLX tokens can be added to the project's pre-sale staking pool offering a 113% APY.
Investors who want to secure the best price should hurry, as SOLX's price is due for a pre-sale increase within about 14 hours.
Head Over to the Solaxy website.
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Get It NowJoin our discord server for the latest updates on cryptocurrency news
Hop on our Discord server for discussions about the potential impact of Solaxy's introduction, a potential Solana layer-2 solution, on the investing landscape, given the promising presale momentum it's experiencing. As eager investors continue to invest in the Solaxy presale, they may be considering whether to also allocate resources towards SOL, given its current price hike and technical resistance level. This raises interesting questions about the strategic interplay between finance, technology, and investing in the cryptocurrency market.
