Solana Price Plunges 7% As Traders Shift To This New SOL Token

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The Solana price plunged 7% in the past 24 hours to trade at $183.50 as of 8:13 p.m. EST on trading volume that slumped 42% to $6.9 billion, according to CoinGecko.

Solana On A Bearish Trend

The SOL/USDT chart on a 12-hour timeframe shows that the Solana price initially exhibited an uptrend, as seen by a series of higher highs and higher lows that peaked around its all-time high of $264.35 level. However, after reaching this high, the price began a clear downtrend, marked by consistent lower highs and lower lows.

One notable feature is the Fair Value Gap (FVG) marked in red, indicating a potential liquidity zone around $155–$165. The Solana price is currently retracing toward this zone, which could act as support, offering buyers a potential area of interest.

Additionally, the price of Solana has recently broken below both the 50-day and 200-day Simple Moving Averages (SMAs), a bearish signal that suggests further downside momentum in the short to medium term.

The Relative Strength Index (RSI) is at 35, nearing oversold territory (below 30). This suggests that while the market is bearish, it may be approaching a point where sellers are exhausted, increasing the likelihood of a short-term relief rally or consolidation.

Solana Price Chart

SOL/USDT Chart Analysis (Source: Tradingview)

Solana Price Prediction

The general Solana price outlook shows that the asset is currently on a bearish trend, with the bears capitalizing on the formation of the rounding top pattern. The pullback to the FVG aligns with a typical corrective structure following a steep downtrend, indicating that the market might seek to fill this gap before finding significant directional strength. If the bears continue pushing the Solana price down, SOL could retrace to the $155 zone.

However, if the Solana price fails to hold the FVG as support, the bearish trend could deepen, with the next target around $151, based on the distance covered by the rounding top pattern.

A bounce from this level could lead to a relief rally, targeting resistance levels near $186 or the 200-day SMA around $190.

As the Solana price plummets, investors are still buying the new Solana meme coin Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 719K subscribers, says might soar 100x after launch.

The Best Alternative To Solana

Branded as the first Solana Layer-2 solution, Solaxy (SOLX) has already secured over $4.2 million in its presale.

Despite Solana delivering an impressive performance in 2024, issues like spam transactions and network congestion are still rampant. Enter Solaxy, which promises significant performance, scalability, and customization improvements.

Solaxy combines the power of Solana with innovative rollup architecture to enhance the user experience for both developers and end-users.

🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.

Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

The native token of the Solaxy network, $SOLX, is multi-chain, so it pulls activity and buyers from both the Ethereum and Solana chains and provides a path of entry into both blockchain ecosystems.

By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 1,143%.

Investors interested in joining the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001574 each using BNB, ETH, USDT, or bank card.

Buy before a price hike in about 10 hours to secure the best deal.

Visit SOLX here.

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