Solana price rises 8% as Tier 2 ICO eyes $11M

Solana’s price has pumped more than 8% in the last 24 hours to trade at $202.74 as of 9:59 PM EST as investors buy into the altcoin.

The recent increase in SOL price was enough to push the cryptocurrency’s weekly performance out of the red zone. As such, Solana’s price is now up over 3% on the 7-day time frame.

Solana price eyes resistance at $210.85

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

the Solana price breach Resistance level was at $198.30 in the last couple of hours, and is now rising towards the next major mark at $210.85. With enough support from the bulls, the cryptocurrency may be able to flip this next barrier into support and possibly rise to as high as $226.55 in the short term.

On the other hand, failure of SOL to close the 4-hour candle above $210.85 in the next 12 hours could end the bullish movement of the cryptocurrency. In this alternative case, traders may start making profits. This potential selling volume could then lead to Solana price testing the recently achieved support of $198.20. Continued selling pressure could lead to a drop to $186.92.

Technical indicators warn that Solana price may correct soon

Looking at the indicators on the 4-hour chart of SOL, there are early technical signals that suggest that Solana price will decline over the next 2 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate that Solana price may undergo a correction soon.

The MACD line started to decline to the MACD signal line. This narrow gap between the two technical indicators can ultimately be interpreted as a signal that SOL’s positive momentum is beginning to subside. If this trend continues, Sol It may soon enter a new downward cycle.

At the same time, RSI readings have also started to decline, which could serve as a warning of declining purchasing power. While the latest reading of the indicator is bullish above the neutral 50 mark, the negative slope of the RSI line indicates that there could be a downward shift in strength soon in favor of sellers.

As SOL technicians warn that a patch may be imminent, a pre-sale of the new Solana Layer-2 token Sollax (Solex) He earns about $11 million. Popular YouTube channel 99Bitcoins recently told its over 721,000 subscribers that the new token has the potential to rise 100x after its launch.

A new project aims to make Solana more scalable

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

This popularity has now led to computational pressure on the blockchain, with new tokens being launched on a daily basis. Furthermore, the expected 2025 meme supercycle could lead to another outage in the Solana network if something doesn’t change soon. This is where Solaxy comes in, with its original series and layer 2 expansion technology.

By running in parallel with Solana, the project will reduce the transaction workload on the blockchain. It will also boost Solana network speeds, while at the same time lowering already low blockchain fees to make Solana a super-performance and cost-effective chain.

After successfully scaling Solana, Solaxy will shift its focus to its broader mission of connecting Solana with Ethereum. By connecting two prominent chains in the market, Solaxy will open up a new and improved Web3 ecosystem that leverages Ethereum’s strong security infrastructure and the thriving DeFi scene with Solana’s speed and low fees.

Investors are betting big on the future of SOLX

Solaxy has already raised more than $10.5 million through an ongoing presale, indicating significant investor 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 largest chains on the market, it’s easy to see why investors are excited about Solaxy.

Anyone wishing to learn about the project at this early stage can do so using the simple purchasing tool included on the project website. SOLX is sold for $0.001602 and can be purchased using cryptocurrency or bank card. Once purchased, tokens can then be staked for a competitive APY of 332% as well.

Buy and stake SOLX here before the price increases scheduled in 34 hours.

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