Solana Price Prediction: As SOL Jumps 2%, Investors Flock To The Viral Solaxy Presale With Just 5 Days Left

The Solana price jumped 2% in the last 24 hours to trade at $164.17 as of 10:41 p.m. EST as investors start to accumulate the altcoin.

With the recent gain, the SOL price has added to its positive weekly performance. As a result, the crypto is up more than 4% on the longer-term 7-day time frame.

Solana Price In A Positive Daily Sequence And Now Eyes A Major Resistance

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price has been in a positive sequence over the past few days, closing each daily candle higher than the previous one, data from GeckoTerminal shows. Now, the altcoin is attempting to flip the major resistance level at $166.23 into support. 

Should the crypto clear that technical barrier within the next 24-48 hours, it could continue to climb in the short term. Traders might subsequently target the $190.06 resistance level.

However, a wave of profit taking activity could hit Solana’s charts if SOL is rejected by the $166.23 mark. In this alternative scenario, the Solana price might drop towards the nearest support, which lies at $140.46.

Technicals Suggest The Solana Price Could Keep Climbing

From a technical point of view, bulls seem to have an advantage over bears, with both momentum and strength in their favor. 

The Moving Average Convergence Divergence (MACD) indicator is on the verge of triggering a major bullish technical flag, as the MACD line tries to cross above the MACD Signal line. The prior breaking above the latter could indicate that the Solana price has entered a new bullish cycle. This could prompt more traders to go long on SOL, which could push its price higher.

Relative Strength Index (RSI) readings have also risen over the past few days, which is a classic indication of growing buyer strength. While the latest reading below 50 is bearish, the positive slope of the RSI line suggests buyers are close to taking complete control of the Solana price.

With momentum on their side and buyer strength growing, bulls might have the power needed to push the Solana price above $166.23 in the next 24 hours. 

While the Solana price is on the verge of entering a bullish cycle, investors are piling into the presale for Solaxy (SOLX) with just 5 days left. Popular YouTube channel 99Bitcoins, which has over 723K subscribers, says SOLX has the potential to soar 100X after its launch.

Solana To Get Its First Layer-2 Solution Soon

Solaxy is the first layer-2 scaling solution for the SOL blockchain, which tends to struggle during periods of peak traffic time such as when there is a meme coin frenzy. In the past, users have reported delayed and sometimes even failed transactions during these high-traffic times.

To increase Solana’s speeds and help the popular layer-1 network scale, Solaxy will shift the blockchain’s transaction processing workload off of the mainnet. On its native sidechain, Solaxy will process and bundle transactions, and only call on Solana for final validation. This will ease the stress on Solana’s infrastructure, while also increasing Solana’s transaction throughput.

In addition to scaling Solana, Solaxy will also bridge the network with Ethereum through bridging technology. By connecting these two blockchain powerhouses, Solaxy will give developers a scalable, secure, and fast platform to build the next big innovation in the Web3 space. 

Solaxy’s team has already launched several of their products even while the SOLX token is still in presale. So far, the team has deployed its testnet, the testnet’s block explorer, the Solaxy bridge on the test net, and their own token launchpad.

The team has also continued to optimize their products ahead of SOLX’s highly-anticipated launch. Most recently, Solaxy announced a partnership with Hyperlane as well to make their bridge operate more seamlessly.

Time Is Running Out For Investors To Get In On SOLX At Presale Prices

Solaxy has posted one of the strongest presale showings of the year, having raised more than $46.9 million in early-stage funding so far. With just days left until the project goes live, time is running out for investors to get in at this early stage.

Anyone looking to buy can join whales, who recently started scooping up the token, and acquire SOLX via the simple buy widget embedded on the project’s website. Selling for $0.001752, SOLX can be bought with either crypto or bank card. Once purchased, the tokens can also be staked for an 86% APY.

Interested investors will want to buy before the presale ends in around 5 days.

Visit the Solaxy website.

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