Solaxy (SOLX) Price Plunges Over 5% As Investors Pile Into The Presale To Lock In 153% APY Staking Rewards

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The price of Solana (CRYPTO: SOL) dropped more than 5% in the last 24 hours to trade at $128.22 by 9:41 p.m. ET on Wednesday. With the recent move lower, the SOL price pushed its weekly performance into the negative territory.

Solana Price Chart: Attempting To Reclaim A Support Level

The Solana price is attempting to recover back above the $128.57 mark after dropping below this price point in the last 24 hours, according to Benzinga Pro. Should the crypto close a four-hour candle above this level within the next 12 hours, it could have the foundation needed to rise to the $138.46 resistance level and potentially reach as high as $147.42.

However, a rejection from the $128.57 level could invalidate the bullish thesis. In this more bearish scenario, traders might exert sell pressure on the Solana price. SOL could then end up testing the nearest support level at $120.09.

See Also: Top 5 Crypto Price Scorers This Week: L1 Narratives Heat Up As Altcoins Take A Breather

From a technical standpoint, indicators on SOL’s four-hour chart suggest bulls are trying to take over. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show buyers currently have an opportunity to turn things around on SOL’s charts.

That’s after RSI readings started to climb in the last few hours, indicating diminishing seller strength and increasing buyer strength. While the current reading below the neutral 50 mark is still bearish, the positive slope of the RSI line suggests that bulls might soon gain the upper hand and push the Solana price up.

Meanwhile, SOL’s bearish momentum has started to cool. This is evident by the leveling off of the MACD Histogram, which indicates that the MACD line has stopped breaking away below the MACD Signal line. If the prior starts to rise towards the latter, it could lead to a bullish crossover.

As bulls try to take control of the Solana price, investors are piling into the presale for a new SOL meme coin called Solaxy (SOLX) for gains.

Several experts have shared their bullish predictions for SOLX. Among them is an analyst at 99Bitcoins (a prominent YouTube channel with over 725K subscribers), who recently shared his thoughts on the token in a recent video.

Solana About To Get Its Biggest Upgrade Yet

With the hype around SOL-based meme coins in recent months, the Solana network has become congested. Traffic on the layer-1 mainnet is likely to increase further as developers who are interested in taking advantage of Solana’s high speeds and low fees continue to launch new tokens on a daily basis.

If something does not change soon, the blockchain could risk suffering another outage.

Solaxy, with its native sidechain and scaling technologies, aims to help prevent more downtime for Solana. One of the ways that it will do this is by taking over a large portion of the mainnet’s transaction processing workload.

Using proven scaling technologies called rollups, Solaxy will process and bundle SOL transactions on its layer-2 chain. It will then submit the batches of transactions to the Solana network for final validation.

This approach to transaction processing has been successful in helping the Ethereum (CRYPTO: ETH) network scale through layer-2 solutions including Arbitrum and Optimism.

Not only will Solaxy bring rollups to the Solana ecosystem, it will also try to bridge the Solana and Ethereum networks. This connection between two of the most prominent blockchains in the Web3 space will unlock a new infrastructure that is capable of meeting the growing demands of meme coin and decentralized app developers.

Solaxy Presale Revenue Passes $26 Million As Investors Anticipate 153% APY

Solaxy has already managed to raise more than $26.6 million through its ongoing ICO, signaling strong investor confidence in the project’s future. With the bullish predictions by 99Bitcoins and other experts, and the project’s positioning as the first Solana layer-2, it’s clear why a buying frenzy has been building around SOLX’s presale.

Another factor that could be pulling investors in at this early stage could be the attractive staking opportunity on offer to presale buyers who lock up their tokens. Anyone who buys and stakes SOLX now will gain access to a 153% APY.

Interested investors can buy SOLX via the simple widget embedded on the project’s website using either crypto or bank card. After purchasing SOLX, investors can then head over to the staking page on the website to put their tokens to work.

Anyone locking in the best rate will want to act quickly, because SOLX’s price will undergo a presale increase in less than