Solana's Price Surges by 5%, Trending High on CoinMarketCap: Traders Invest Heavily in Solaxy Presale, Seeking 100X Growth Potential
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Solana (SOL) is on a roll! The digital asset has soared 5% in the past 24 hours, trading at a whopping $171.80 as of 10:01 p.m. EST. This impressive rise was accompanied by a surge in trading volume that jumped 16% to reach a staggering $8.5 billion.
This substantial increase catapulted SOL to become the No. 1 trending crypto on CoinMarketCap, and the blockchain's fully diluted valuation eclipsed $100 billion.
Solana is Stepping Up its Bullish Game
The Solana price action exhibits a powerful bullish trend continuing after breaking free from a prolonged consolidation phase. The SOL price pattern formed a rounded bottom, a characteristic often seen during accumulation and a shift from bearish to bullish sentiment. This rounded recovery closed above a key resistance zone around $143.50, a level that previously acted as a cap during multiple unsuccessful rally attempts.
Currently, SOL is trading at approximately $171.80, above the former resistance zone, which could now serve as support during potential pullbacks.
The 50-day Simple Moving Average (SMA), currently standing at $169.86, has been reclaimed with conviction, suggesting a shift in short-term to mid-term momentum.
Meanwhile, the 200-day SMA, which stands at $140.29, remains well below the current SOL price, reinforcing a bullish market structure.
Furthermore, the Relative Strength Index (RSI) sits at 59.36, reflecting burgeoning buyer strength without nearing overbought conditions. This signals that there is still room for further price growth before SOL becomes overbought.
SOL/USDT Chart Analysis (Tradingview)
A Potential 15% Upsurge for Solana
With a confirmed breakout from the rounded bottom pattern, support above the 50- and 200-day SMAs, and bullish RSI conditions, the technical setup suggests that the Solana price could inch toward the $199 region in the coming weeks, marking a 15% surge from the current price.
However, in the event of a pullback, the Solana price could undertake a brief retest of the breakout zone around $143.50.
As the Solana price soars, YouTube channel 99Bitcoins, boasting over 724k subscribers, sparks enthusiasm surrounding the Solana Layer-2 presale Solaxy (SOLX) that could surge 100x post-launch.
Solaxy Presale Closes at $35 Million - Could it be the Next 100X Crypto?
Though Solana has built a solid reputation for its high-speed transactions and minimal fees, the network has faced persistent obstacles, such as network congestion and occasional downtime.
Solaxy is designed to tackle these challenges and boost Solana's performance and scalability. The project is a Layer-2 protocol built upon Solana, specifically engineered to process transactions off-chain before committing them to the primary network. This design makes it particularly suitable for DeFi, NFT, and GameFi apps that require high transaction throughput.
By doing this, Solaxy minimizes the stress on Solana's mainnet.
Don't hesitate to ponder $SOLX at night...
We won't tell!🔥[SOLAXY Twitter] (https://twitter.com/SOLAXYTOKEN/status/1674660431638433792)
The project's staking program also offers token holders an enormous 117% annual yield. Investors have backed the project with a substantial $34.2 million in funding, establishing it as one of the most successful presales of the year.
Investors interested inhopping on the Solaxy presale can visit the official Solaxy website to buy SOLX tokens for $0.00172 each using BNB, ETH, USDT, or a bank card.
Grab your chance before the price jump in less than 24 hours to secure the best price!
Visit SOLX Here.
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In light of the impressive rise in Solana's price, investing in related technologies could be an intriguing opportunity. For instance, the Solaxy presale, a Layer-2 protocol designed to boost Solana's performance, has generated interest with its potential for a 100x surge post-launch.
Furthermore, in the realm of finance, understanding the trends and news surrounding these technologies, such as Solana and Solaxy, is crucial for making informed investing decisions. Joining Left field Discord will provide updates on these advancements in the crypto sector.
