Solana Price Prediction: SOL Drops 4% As This New Layer-2 Meme Coin ICO Surpasses $5.8 Million

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The Solana worth dropped greater than 4% within the final 24 hours to commerce at $188.45 as of 9:53 p.m. EST as traders lower their publicity to the altcoin.

With this latest drop within the SOL worth, the altcoin has nudged its weekly and month-to-month performances deeper into the pink zone.

Solana Worth Resting On A Help Stage

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

The Solana worth is resting on a assist at $187.35 following a rejection from a resistance at $198.38 within the final 48 hours, in accordance with GeckoTerminal knowledge. Ought to the altcoin fall beneath $187.35 inside the subsequent 12 hours, it may very well be vulnerable to plunging to the subsequent technical security internet at $174.47.

Nonetheless, the Solana worth sustaining a place above $187.35 for the subsequent 12 hours may deliver an finish to the crypto’s worth drop. On this extra bullish case, SOL may attempt to break above the aforementioned $198.38 resistance stage once more. A profitable breach of this barrier may then give the Solana worth the muse wanted to rise to as excessive as $211.26 within the quick time period.

Patrons Could Quickly Take Management Of The Solana Worth

From a technical standpoint, indicators on SOL’s 4-hour chart recommend patrons are slowly beginning to re-enter the altcoin’s order books. Extra particularly, the Shifting Common Convergence Divergence (MACD) and the Relative Energy Index (RSI) level to a possible bullish reversal of SOL’s damaging development.

In the previous couple of hours, RSI readings have risen. Though the most recent studying remains to be beneath 50 to point bearish energy, the optimistic slope of the RSI line suggests this won’t be the case for for much longer.

Moreover, the MACD line is slowly beginning to rise towards the MACD Sign line. Merchants usually see this narrowing margin with the MACD line positioned beneath the MACD Sign line as a sign that an asset’s bearish momentum is cooling down. A affirmation of a bullish turnaround may very well be if the MACD line crosses above the MACD Sign line.

As bulls try and regain management of the Solana worth, the presale for a brand new layer-2 meme coin by the identify of Solaxy (SOLX) is quickly approaching the $6 million mark.

This robust ICO efficiency comes amid a sequence of bullish predictions made on SOLX by specialists who anticipate nice issues within the undertaking’s future. Amongst them is an analyst from the 99Bitcoins YouTube channel. In a latest video for the channel’s greater than 719K subscribers, the analyst stated SOLX has the potential to soar 100X after its launch.

The First Solana Layer-2 Venture

The Solana blockchain has change into the popular community for meme coin builders this yr on account of its lightning speeds and extremely low transaction charges. Nonetheless, the meme coin hype in latest months has examined the computational capabilities of the favored chain, leading to outage.

If one thing doesn’t change quickly, Solana may face yet one more outage, particularly with the hypothesis {that a} meme coin supercycle may ensue in 2025. That is the place Solaxy, the primary Solana-focused layer-2 undertaking, is available in. With its native layer-2 blockchain, the undertaking goals to supply some much-needed technical reduction to the Solana community.

Solaxy’s SOLX token may also be deployed on the Ethereum community. With this multi-chain presence, Solaxy will join two of probably the most distinguished blockchains within the Web3 area to create one tremendous ecosystem.

Buyers Flock To SOLX’s Ongoing Presale

With the bullish predictions by a number of specialists and the undertaking’s mission to scale the Solana community, it’s no marvel it didn’t take lengthy for an investor frenzy to erupt round Solaxy’s ongoing ICO.

Inside simply 3 days of the presale going dwell, the meme coin was in a position to pull in $1 million. This momentum has since continued, with Solaxy’s ICO surpassing the $5.8 million mark within the final 24 hours.

Buyers who need to get in on this floor stage of the undertaking can achieve this by buying SOLX by way of the straightforward purchase widget embedded on the undertaking’s web site. At present promoting for $0.00158, SOLX may be purchased with both ETH, USDT, BNB or financial institution card. As soon as bought, the tokens can then be staked for a 687% APY.

Patrons who need to lock in the most effective fee will need to act quick, as a result of SOLX’s worth is scheduled to extend with every subsequent stage of its ICO. The subsequent worth hike will occur within the subsequent few hours.

Buy SOLX right here earlier than its subsequent worth enhance.