Solana Price Rebounds Off Of Support

The Solana price dropped 2% in the last 24 hours to trade at $114.11 as of 9:40 p.m. EST as some investors decrease their exposure to the altcoin.

The Solana price dropped 2% in the last 24 hours to trade at $114.11 by 9:40 p.m. EST on Wednesday as some investors booked profits on the altcoin.

Following the recent drop in the SOL price, its weekly performance has dipped into the red. In contrast, the Solana price is still up by 10.3% in the last month.

Solana Price Bounces Off Of Support

The Solana price rebounded off of a support level at $107.39 in the last 24 hours, according to data from GeckoTerminal. Now, SOL is closing in on the major resistance level at $118.99. If bulls continue to push the altcoin’s price up, the crypto could end up flipping this level into support and potentially rise to as high as $133.48 in the short term.

However, a sudden selloff will stop the Solana price in its tracks and potentially lead to a retest of the $107.39 support. A drop below this technical crutch might then put SOL at risk of falling down to $96.52 – a level it reached just a couple of days ago on April 7.

Technicals Point To An Increase In The Solana Price In The Short Term

Technical indicators on the 4-hour chart suggest the Solana price might continue to rise. In the last couple of hours, the altcoin’s bullish momentum cooled, but it has started to grow stronger again.

The Moving Average Convergence Divergence (MACD) line is positioned above the MACD Signal line. Traders usually see this as a bullish alignment, indicating that an asset is in a positive short-term trend.

Recently, the MACD line started to drop towards the MACD Signal line, which could have led to a bearish crossover and indicate the end of SOL’s positive trend. However, bulls re-entered the crypto’s order books in the last couple of hours, causing the gap to grow again.

Buyers are also starting to accumulate strength against sellers again, as suggested by the Relative Strength Index (RSI) on the 4-hour chart. After a brief drop, RSI readings have once again risen above the neutral 50 mark, signaling that bulls have gained an upper hand against bears.

What’s more, the RSI line is sloped positively, which suggests buyers are still growing stronger. This could lead to an uptick in the Solana price in the next couple of hours if buyers take advantage of their current momentum and strength.

As the Solana price attempts a recovery, investors flock to a new layer-2 presale token called Solaxy (SOLX). 99Bitcoins, a popular YouTube channel with over 725K subscribers, says SOLX could surge 10X after launch.

Solaxy To Elevate Solana’s Transactional Capabilities

Solaxy is the first scaling solution for Solana, and aims to reduce the congestion on the popular layer-1 network that was caused by the recent SOL meme coin hype. With so many tokens fighting for computational resources on the blockchain, users have started experiencing delayed transactions and even failed transactions at times.

Solaxy will address the transaction issues and increase the overall efficiency of the Solana mainnet through proven layer-2 technologies and a native sidechain.

One of the ways Solaxy will help is by bundling transactions off of the mainnet. It will then send the batches of transactions to the Solana blockchain for final validation and record keeping.

This approach, which has already been implemented in the Ethereum ecosystem by Arbitrum and Optimism, will help Solana facilitate substantially more transactions without compromising on speeds while also keeping fees low.

In addition to scaling Solana, Solaxy will also bridge the blockchain with the Ethereum ecosystem to create a more interoperable platform for the two most prominent networks in the Web3 space.

Meme coin and decentralized application developers will then have a platform to build and deploy the next best thing in the digital asset space on without having to worry about scalability issues that have limited innovation in the past.

Solaxy Presale Goes Parabolic

Solaxy is drawing investors in at a rapid pace during its ongoing presale, and has already raised over $29.6 million in early-stage funding.

Investors interested in participating in the presale can buy SOLX via the widget embedded on its website using either crypto or bank card. Once purchased, the SOLX tokens can also be locked up in the project’s presale staking pool that currently offers a 137% APY.

Currently selling for $0.00169, SOLX’s price is scheduled to increase as its presale progresses. The next presale price hike will be in less than 15 hours, so investors looking to secure the best deal will want to act fast.

Visit the Solaxy website.