Solana Price Jumps 8% as This Layer 2 ICO Eyes $11M

Solana price has climbed more than 8% in the past 24 hours to trade at $202.74 as of 9:59 p.m. EST as investors shift to the altcoin.

The recent rise in SOL price was enough to push the crypto’s weekly performance out of the red zone. As such, Solana price is now up over 3% over a 7-day period.

Solana Price eyes resistance at $210.85

4-hour chart for SOL/USD (Source: GeckoTerminal)

THE Solana The price broke the resistance level at $198.30 over the past few hours and is now increasing towards the next major mark at $210.85. With enough support from the bulls, the crypto may be able to turn this next barrier into support and potentially reach $226.55 in the near term.

On the other hand, failure of SOL to close a 4-hour candle above $210.85 over the next 12 hours could end the crypto’s bullish move. In this alternative case, traders could start making their profits. This potential selling volume could then cause Solana price to test the recently acquired support of $198.20. Continued selling pressure could lead to a fall to $186.92.

Technical Indicators Warn Solana Price May Correct Soon

Looking at the indicators on the 4-hour chart of SOL, there are early technical signs that suggest Solana price will pull back in the coming hours. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggest that Solana price may undergo a correction soon.

The MACD line begins to move down to the MACD Signal line. This reduced gap between the two technical indicators could end up being interpreted as an indication of a slowdown in SOL’s positive momentum. If this trend continues, GROUND could soon enter a new bearish cycle.

Meanwhile, the RSI readings have also started to decline, which could be a warning of a decrease in purchasing power. While the indicator’s latest reading is bullish above the neutral 50 mark, the negative slope of the RSI line suggests that there could soon be a bearish power shift that would favor sellers.

As SOL Techs Warn a Correction May Be Imminent, Presale of New Solana Layer 2 Token Solaxy (SOLX) billed about $11 million. Popular YouTube channel 99Bitcoins recently told its over 721,000 subscribers that the new token has the potential to grow 100 times after its launch.

A new project aimed at making Solana more scalable

Solana is one of the fastest blockchain networks in the Web3 space and is known for its lightning-fast speeds and low transaction fees. In recent months, the blockchain has welcomed a tsunami of new coins as developers sought to take advantage of everything Solana had to offer.

This popularity has now led to computational pressure on the blockchain, with new tokens launching daily. Additionally, the speculated coin supercycle of 2025 could lead to another Solana network outage if something does not change soon. This is where Solaxy comes in, with its native chain scaling and layer 2 technology.

By operating in parallel with Solana, the project will reduce the transactional workload of the blockchain. This will also increase the speed of Solana’s network, while simultaneously reducing the blockchain’s already low fees to make Solana a super-performing and profitable chain.

After successfully scaling Solana, Solaxy will focus on its broader mission of connecting Solana to Ethereum. By connecting the two largest chains on the market, Solaxy will unlock a new and improved Web3 ecosystem that leverages Ethereum’s robust security infrastructure and thriving DeFi landscape with Solana’s speed and low fees.

Investors are betting big on the future of SOLX

Solaxy has already raised over $10.5 million through its ongoing pre-sale, demonstrating investors’ high confidence in the project at this early stage. With 100X predictions from 99Bitcoins and others, as well as the project’s mission to connect two of the biggest chains on the market, it’s easy to see why investors are so excited about Solaxy.

Anyone wishing to become aware of the project at this early stage can do so using the simple in-app shopping widget on the project website. Sold for $0.001602, SOLX can be purchased with crypto or bank card. Once purchased, tokens can also be staked for a competitive APY of 332%.

Buy and stake on SOLX here ahead of a price increase expected in 34 hours.

Related articles:

Newest ICO Coin – Wall Street Pepe

• Audited by Coinsult
• Early Access Presale Cycle
• Private Trading Alpha for the Army $WEPE
• Staking Pool – High Dynamic APY