Solana Price Drops 4% As This ICO Heads Toward $6 Million

Solana’s price fell more than 4% in the past 24 hours to trade at $188.45 as of 9:53 p.m. EST, as investors reduce their exposure to the altcoin.

With this recent decline in SOL price, the altcoin has pushed its weekly and monthly performance deeper into the red zone.

Solana price rests on a support level

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

THE Solana price rests on support at $187.35 following the rejection of resistance at $198.38 over the past 48 hours, according to GeckoTerminal data. If the altcoin falls below $187.35 in the next 12 hours, it could risk a plunge towards the next technical safety net at $174.47.

However, Solana price sustaining above $187.35 over the next 12 hours could end the crypto price decline. In this more bullish case, SOL could attempt to break above the aforementioned $198.38 resistance level again. A successful breach of this barrier could then give the Solana the foundation price was expected to reach $211.26 in the short term.

Buyers May Soon Take Control of Solana Price

From a technical perspective, indicators on the 4-hour chart of SOL suggest that buyers are slowly starting to re-enter the altcoin’s order books. Specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicate a potential bullish reversal of SOL’s negative trend.

Over the past few hours, RSI readings have been increasing. Although the latest reading is still below 50, indicating bearish strength, the positive slope of the RSI line suggests that this may not be the case for much longer.

Additionally, the MACD line slowly begins to rise towards the MACD signal line. Traders often see this margin narrowing with the MACD line positioned below the MACD signal line as an indication that an asset’s bearish momentum is cooling. Confirmation of a bullish reversal could occur if the MACD line crosses above the MACD signal line.

As bulls attempt to regain control of Solana price, the pre-sale of a new layer 2 meme coin by the name of Solaxy (SOLX) is quickly approaching the $6 million mark.

This strong ICO performance comes amid a series of bullish predictions made on SOLX by experts who anticipate big things in the project’s future. Among them is an analyst from the 99Bitcoins YouTube channel. In a recent video aimed at the channel’s more than 719,000 subscribers, the analyst said SOLX has the potential to grow 100x after launch.

The first Solana Layer-2 project

The Solana blockchain has become the network of choice for meme coin developers this year due to its blazing speeds and ultra-low transaction fees. However, meme coin hype in recent months has strained the popular chain’s computational capabilities, leading to an outage.

If something doesn’t change soon, Solana could face another outage, especially with speculation that a coin supercycle could ensue in 2025. That’s where Solaxy, the first project from layer 2 focused on Solana. layer 2 blockchain, the project aims to provide much-needed technical relief to the Solana network.

Solaxy’s SOLX token will also be deployed on the Ethereum network. With this multi-chain presence, Solaxy will connect two of the most important blockchains in the Web3 space to create a super ecosystem.

Investors flock to ongoing SOLX presale

With bullish predictions from several experts and the project’s mission to scale the Solana network, it’s no wonder that it didn’t take long for an investor frenzy to erupt around the ICO in Solaxy course.

Just 3 days after the presale went live, the meme coin was able to bring in $1 million. This momentum has since continued, with Solaxy’s ICO surpassing the $5.8 million mark in the last 24 hours.

Investors who wish to participate in this fundamental stage of the project can do so by acquiring SOLX through the simple in-app purchase widget on the project website. Currently selling for $0.00158, SOLX can be purchased with ETH, USDT, BNB, or by credit card. Once purchased, tokens can then be staked for an APY of 687%.

Buyers who want to benefit from the best rate will need to act quickly, as SOLX’s price is expected to increase with each subsequent stage of its ICO. The next price increase will take place in the next few hours.

Buy SOLX here before its next price increase.

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