Solaxy (SOLX) Price Surges 10% As Investors Rush To Buy The Crypto

The Fartcoin price surged over 10% in the last 24 hours to trade at $1.17 as of 6:06 a.m. EST as investors rush to buy the crypto.

The Fartcoin price surged over 10% in the last 24 hours to trade at $1.17 as of 6:06 a.m. EST as investors rushed to buy the meme coin.

The recent gain posted by the FARTCOIN price has pushed the meme coin’s weekly performance to more than 33% in the green.

Fartcoin Price Has Been On A Positive Medium-Term Trend

(Chart: GeckoTerminal)

The Fartcoin price has been on a positive medium-term trend, forming an ascending trend line on its daily chart after printing multiple higher highs and higher lows over the past few days, GeckoTerminal data shows. Now, the meme coin is attempting to break above a resistance at $1.2295, which, if breached, could clear a path to the next mark at $1.4309.

However, a rejection from the $1.2295 resistance in the next few hours could lead to FARTCOIN dropping towards the positive trend line on its charts, which is currently confluent with a support at $0.9275. Before it potentially plunges to this point, the meme coin still has the technical safety net at $1.0569 that it gained in the last 48 hours.

Despite Overbought RSI Warning, Bulls Could Try To Push The Fartcoin Price Higher

Technical indicators on FARTCOIN’s daily chart suggest the meme coin might keep climbing in the next 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show bullish strength.

In the last couple of days, the MACD Line has started to break away from the MACD Signal Line. Traders usually see the current orientation of these two technical indicators as a sign that a crypto is in a positive trend.

Moreover, the rising MACD Histogram bars could indicate increasing bullish strength that might drive the Fartcoin price up higher in the short term.

RSI readings have soared from the mid-50s to around 70 in the last couple of days. While the uptick in the indicator’s value could signal growing buyer strength, the latest reading warns FARTCOIN is entering overbought territory.

That is often seen as a sell signal, because it suggests a crypto’s downside potential is greater than its upside potential. However, the positive slope of the RSI line suggests the Fartcoin price might keep climbing for another few hours before a correction.

As the Fartcoin price tries to keep its bullish momentum going, investors are also piling into Solaxy (SOLX), which is one of the most successful presales of the year.

Influential YouTube channel 99Bitcoins, which has over 725K subscribers, says the new crypto has the potential to soar 100X after its official launch.

A Major Upgrade Coming To The Solana Ecosystem

Solana was initially launched as a cheaper and much faster alternative to Ethereum, which currently enjoys a first-mover advantage in the decentralized finance (DeFi) space. In the years after its launch, Solana has gained considerable market share.

However, Solana has now become a victim of its own success, and currently suffers from high levels of congestion, slow processing times, and oftentimes failed transactions as well. This is where Solaxy comes in.

Solaxy aims to restore the Solana network to its former glory and eliminate congestion on the blockchain by introducing the first-ever layer-2 scaling solution for the Solana ecosystem. The project will use an approach to transaction processing seen with Ethereum through Arbitrum and Optimism.

The process will involve bundling SOL transactions off of the mainnet, and then sending the transactions to the Solana chain for final validation. This method has already been proven as a successful way to scale a public layer-1 blockchain, and will help Solana reach new heights in the Web3 space.

Solana’s largest fan channels are already covering Solaxy ahead of its launch.

With an ambitious transaction per second (TPS) goal of 10,000, Solaxy’s team has very quickly deployed their testnet and testnet explorer, giving the Web3 community a glimpse into the raw power their network will have.

Solaxy Presale Has Gone Parabolic

Solary has raised over $31.2 million through its presale so far, signaling strong market demand for the project.

Interested investors can participate in the ICO and purchase SOLX for $0.01702 using either crypto or a bank card. After buying, investors can also put their tokens to work through Solaxy’s presale staking pool for a 129% annual return.