Solana's Value Climbs 2%, Yet Interest Shifts to Solaxy's $33.5M Presale, Pursuing Anticipated 100-Fold Returns for Investors
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The Solana price soared 2% in the past day, trading at $147.60 as of 9:40 p.m. EST. The crypto market sees investors eagerly accumulating the altcoin.
With this recent growth, Solana successfully turns its weekly performance green.
The Solana Price in a Multi-Day Consolidation Phase
A look at the daily chart of SOL/USD reveals Solana has been in consolidation, trading in the range between $142.69 and $153.14 over the past few days, according to data from GeckoTerminal. This range-bound trading might be leading to a significant move for the crypto.
If the bullish momentum intensifies, Solana may aim to turn the resistance at $153.14 into support. The coin might then surge to $166.20 in the short term under such circumstances.
Conversely, a pessimistic forecast might see the Solana price dipping below the $142.69 support. Under such conditions, the altcoin could potentially slide down to $133.36.
Technical Analysis Predicts Further Gains for Solana
From a technical perspective, indicators on the daily chart hint at Solana continuing its upward trajectory in the next 24 hours. Specifically, short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) are exhibiting bullish signals.
The positioning of the 9 EMA over the 20 EMA is a bullish cue. Moreover, the shorter momentum indicator is serving as a dynamic support for the Solana price. The expanding gap between the 9 and 20 EMAs during the past 24 hours indicates building bullish momentum.
Investors are also jumping onto the Solaxy (SOLX) presale bandwagon, with a crypto YouTube channel, 99Bitcoins, predicting the crypto could surge 100X after its launch.
What is Solaxy and Its Aim?
Originally created as an affordable and swift alternative to Ethereum, Solana has been swamped by increased traffic due to its popularity. The congestion in the network has resulted in delayed and failed transactions on the Solana blockchain.
As more crypto projects join the SOL ecosystem, the congestion problem could intensify, leading to another network outage if changes are not made soon. Solaxy aims to address this issue.
Based on layer-2 technology, Solaxy processes and bundles transactions off the Solana mainnet, seeking final validation from the layer-1 blockchain. This method of transaction processing is similar to the one used by Arbitrum and Optimism in the Ethereum ecosystem and has proven to help a blockchain scale.
Positioned as the primary layer-2 scaling solution for the SOL ecosystem, Solaxy aspires to achieve 10,000 transactions per second in its blockchain. The team behind Solaxy recently announced the launch of their testnet and the blockchain explorer. In addition to facilitating Solana scaling, Solaxy also plans to bridge the blockchain with Ethereum, offering developers a more scalable and speedy platform for building cutting-edge applications.
Already attracting investors through its ongoing presale, Solaxy has already raised over $33.5 million in early-stage funding. The presale rewards include an attractive 120% APY for buyers staking their tokens. To acquire SOLX, investors can use the simple widget on the project's website with the option to pay using either crypto or bank card. Upon acquiring some SOLX, investors can then stake their tokens on the website for rewards.
However, interested investors should act swiftly, as SOLX's price will undergo multiple stages of increase as the presale progresses. The next price hike is scheduled within the next 15 hours.
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- Given the recent rise of Solana, it's likely that investors will continue to accumulate altcoins like Solana in the finance world, particularly as new investment opportunities like Solaxy emerge in the technology sector.
- The Solana price, currently trading at $147.60, has been in a multi-day consolidation phase, potentially leading to a significant move in either direction, with the short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) hinting at further gains for Solana in the next 24 hours.
- Solaxy, a layer-2 scaling solution for the Solana ecosystem, aims to address the congestion issue in the network by processing and bundling transactions off the mainnet, and plans to bridge the blockchain with Ethereum, offering developers a more scalable and speedy platform for building cutting-edge applications.
- As Solana demonstrates resilience and Solaxy promises to improve its scalability, investors interested in the crypto market might find it flashing opportunities for potential returns, especially as Solxy's presale progresses and the price is scheduled to increase within the next 15 hours.
