- Solana’s price hovers around key support at $195.19, with potential for a rebound if bullish signals from the MACD and RSI hold.
- Meanwhile, Solaxy (SOLX), Solana’s first layer-2 project, nears a $20 million presale, promising to boost network efficiency and scalability.
Solana (SOL) has been making waves in the crypto world. Despite recent price drops, investors are keeping a close eye on its future. Franklin Templeton’s registration of a Solana Trust in Delaware could be the first step toward launching a Solana ETF. Meanwhile, a new Solana-focused layer-2 project, Solaxy (SOLX), is gaining traction, heading for a massive $20 million presale milestone.
Solana Price Faces Key Support Level
Solana’s price has dipped over 2% in the last 24 hours, currently resting at $196.35. The key support level stands at $195.19. If SOL fails to hold this support, a further drop to $161.77 could be on the cards.
On the flip side, if traders see this dip as a buying opportunity, SOL could bounce back. A move above $221.69 could trigger a bullish rally, pushing the price toward $259.72 in the short term.
Technical Indicators Signal a Possible Rebound
Technical analysis suggests Solana may be gearing up for a price recovery. The MACD indicator is close to a bullish crossover. If the MACD line moves above the signal line, traders could take it as a confirmation of an uptrend.
Additionally, the RSI is in the low 40s. This indicates that while sellers are in control, there is strong upside potential. If the RSI starts moving upward, it could trigger more buying pressure.
Solaxy (SOLX): The First Solana Layer-2 Solution
Solana has been facing network congestion due to the increasing popularity of meme coins. To address this, Solaxy (SOLX) has emerged as the first-ever layer-2 scaling solution for the Solana network.
Solaxy works by processing transactions off-chain and bundling them before sending them back to the Solana mainnet. This approach reduces congestion, increases transaction speed, and lowers fees.
Another key feature of Solaxy is its Ethereum bridge. By connecting Solana and Ethereum, the project aims to create a super Web3 ecosystem, opening doors for developers and investors alike.
Solaxy Presale Nears $20 Million
Investor interest in Solaxy is soaring. The project has already raised over $19.8 million in its presale. With a 206% APY staking reward, early buyers are rushing in before the next price hike.
Currently, SOLX tokens are available at $0.001632. Investors can buy them via crypto or bank card, then stake their holdings for passive rewards.
What’s Next for SOL?
With Franklin Templeton’s Solana Trust registration, the possibility of a Solana ETF in the U.S. is growing. If approved, this could drive massive institutional investment into SOL.
Meanwhile, Solaxy’s scaling solution could enhance the network’s performance, making it more attractive for developers and investors.
In the short term, SOL’s price action depends on whether it holds the $195.19 support level. If buyers step in, the next leg up could be on the horizon. Otherwise, a dip to $161.77 remains a risk.
Will Solana reclaim its bullish momentum? The coming days will be crucial for the altcoin’s next big move.
