Solana (SOL) Price Up 11% on the Weekly Time Frame as Real Estate Firm Janover Buys the Dip

The Solana price is up more than 11% on the weekly time frame following a 4% 24-hour gain to trade at $130.72

The Solana price rose more than 11% on the weekly time frame following a 4% 24-hour gain to trade at $130.72 by 9:41 p.m. EST as investors continued to accumulate the altcoin.

Real estate fintech firm Janover announced the purchase of 80,567 Solana tokens, which amounted to around $10.5 million.

With the recent purchase, the company’s SOL holdings reached 163,651.7 SOL, valued at approximately $21.2 million.

Solana Price Edges Closer To Resistance

The Solana price was trading close to the next resistance level at $133.36, according to data from GeckoTerminal. If the altcoin manages to break through this barrier within the next 12 hours, it could create the space needed for traders to continue pushing the price up in the short term.

Traders might subsequently try to push SOL up to the next major resistance level at $147.84.

However, a rejection from the $133.36 could prompt traders to decrease their exposure to the altcoin. In this alternative case, the Solana price might end up testing the nearest support level at $119.84. Continued sell pressure should the crypto fall to this point could then put the crypto at risk of dropping all the way down to $107.29.

Solana Price Faces A Potential Pullback As Momentum Stalls

From a technical perspective, the Bollinger Bands (BBANDS) and the Moving Average Convergence Divergence (MACD) indicators on the daily chart suggest SOL’s momentum has stalled somewhat.

That’s as the gap between the BBANDS started to narrow in the last few hours, which suggests lowered trading activity around the altcoin.

What’s more, the Solana price is approaching the upper boundary of the indicator, which is currently confluent with the $133.36 resistance. This could present the Solana price with a technical obstacle that is too strong to overcome if buyers don’t step in.

The MACD line has also stopped rising away from the MACD Signal line in the last 48 hours. While the current positioning of the MACD line above the Signal line is bullish, the leveling off MACD Histogram slope warns SOL’s bullish cycle might have reached a peak. If true, a bearish trend reversal could soon take place on the altcoin’s charts.

As the Solana price tries to keep climbing, investors continue to flock to the presale for layer-2 token Solaxy (SOLX). 99Bitcoins, a popular crypto YouTube channel with over 725K subscribers, says SOLX has the potential to soar 100X after its launch.

Solana Ecosystem About To Get Its First Scaling Solution

Solana was launched as a cheaper and faster alternative to the clunky Ethereum blockchain. However, the high speeds and low fees were a magnet to developers who tried to profit from the recent hype around SOL based meme coins.

Now, the Solana mainnet is flooded with the new tokens, resulting in high levels of congestion, slow processing times, higher fees and even failed transactions from time to time.

Solaxy aims to address the current issues on the Solana network by launching the first SOL-focused layer-2 scaling solution. The project will process the network’s transactions similar to how Arbitrum and Optimism process transactions in the Ethereum ecosystem.

That involves bundling transactions off of the mainnet and then submitting them to the layer-1 Solana chain for final validation and record keeping. This approach has been tried and tested, and has shown to be a great way to increase the overall efficiency on a layer-1 chain.

In addition to scaling Solana, Solaxy will bridge the network with the Ethereum blockchain as well. Developers will subsequently have a new platform to develop the next cutting-edge innovation in the Web3 space without the scalability worries of the past.

Solaxy Presale Pulls Investors In At A Rapid Pace

Investors are rushing to buy SOLX during its presale phase, and have already sent more than $30.3 million to the project’s ICO.

A potential reason for the buying frenzy, other than the bullish predictions from experts and the project’s position as the first SOL layer-2, could be the attractive presale staking program. Anyone who buys and stakes SOLX now will unlock a 133% APY.

Anyone that wants to get in on these rewards will first need to buy SOLX through the easy-to-use widget embedded on its website. The token is selling for $0.001696 and can be bought with both crypto or bank card.

After purchasing some tokens, investors then just need to navigate to the staking page on the website and lock up their tokens to start earning.

Buyers who