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

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The Solana price dropped more than 4% in the last 24 hours to trade at $188.45 as of 9:53 p.m. EST as investors decrease their exposure to the altcoin.

With this recent drop in the SOL price, the altcoin has nudged its weekly and monthly performances deeper into the red zone.

Solana Price Resting On A Support Level

SOL Chart Image

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

The Solana price is resting on a support at $187.35 following a rejection from a resistance at $198.38 in the last 48 hours, according to GeckoTerminal data. Should the altcoin fall below $187.35 within the next 12 hours, it could be at risk of plunging to the next technical safety net at $174.47.

However, the Solana price maintaining a position above $187.35 for the next 12 hours could bring an end to the crypto’s price drop. In this more bullish case, SOL might try to break above the aforementioned $198.38 resistance level again. A successful breach of this barrier could then give the Solana price the foundation needed to rise to as high as $211.26 in the short term.

Buyers May Soon Take Control Of The Solana Price

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

In the last few hours, RSI readings have risen. Although the latest reading is still below 50 to indicate bearish strength, the positive slope of the RSI line suggests this might not be the case for much longer.

Additionally, the MACD line is slowly starting to rise toward the MACD Signal line. Traders often see this narrowing margin with the MACD line positioned below the MACD Signal line as an indication that an asset’s bearish momentum is cooling down. A confirmation of a bullish turnaround could be if the MACD line crosses above the MACD Signal line.

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

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

The First Solana Layer-2 Project

The Solana blockchain has become the preferred network for meme coin developers this year due to its lightning speeds and ultra low transaction fees. However, the meme coin hype in recent months has tested the computational capabilities of the popular chain, resulting in outage.

If something doesn’t change soon, Solana could face yet another outage, especially with the speculation that a meme coin supercycle might ensue in 2025. This is where Solaxy, the first Solana-focused layer-2 project, comes in. With its native layer-2 blockchain, the project aims to provide some 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 prominent blockchains in the Web3 space to create one super ecosystem.

Investors Flock To SOLX’s Ongoing Presale

With the bullish predictions by multiple experts and the project’s mission to scale the Solana network, it’s no wonder it did not take long for an investor frenzy to erupt around Solaxy’s ongoing ICO.

Solaxy tweet

Within just 3 days of the presale going live, the meme coin was able to pull 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 want to get in on this ground stage of the project can do so by acquiring SOLX via the simple buy widget embedded on the project’s website. Currently selling for $0.00158, SOLX can be bought with either ETH, USDT, BNB or bank card. Once purchased, the tokens can then be staked for a 687% APY.

Buyers who want to lock in the best rate will want to act fast, because SOLX’s price is scheduled to increase with each subsequent stage of its ICO. The next price hike will happen in the next few hours.

Purchase SOLX here before its next price increase.

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