Solana's Price Soars by 2% Amidst a Frenzy of FOMO Surrounding the Solaxy Presale, with Just Under Two Weeks Remaining Before the Launch
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Solana's price has experienced a 2% surge in the past 24 hours, trading at $159.70 as of 12:24 a.m. EST on an impressive trading volume that surged 34% to $3.7 billion.
Solana's Bullish Tendencies Unveiled
Following its April plunge to $93, Solana's price has been in a phase of reversal, trading within a rising channel pattern. However, after touching the resistance around $187.73 (0 Fibonacci level), SOL underwent a correction below this channel, leading the price towards the 0.382 Fibonacci level ($152.95).
The Solana price is now aiming to initiate a bullish trend reversal above the 50-day Simple Moving Average (SMA), with the 200-day SMA now surpassing this level, suggesting it could be the immediate target as per GeckoTerminal data.
Meanwhile, the Relative Strength Index (RSI) is hovering around the neutral level at 45, but it's inching towards the 50 zone, a sign of mounting bullish pressure.
If the current bullish momentum continues, the Solana bulls could drive its price towards a complete bullish trend reversal, targeting the immediate resistance level at $187.73 on the 0 Fibonacci level and re-entering the rising channel.
On the contrary, if the bears excerpt more power, a bearish trend could still transpire, with the 0.618 Fibonacci level at $131.47 offering the next support level.
Community Goes Wild for Solaxy (SOLX) Presale!
With Solana acclaimed for its speed and affordability, handling thousands of transactions every second, the problem arises when too many people use it simultaneously, leading to network slowdowns or failures. To solve this issue, Solaxy has developed an exclusive layer-2 system.
The project intends to address Solana's congestion issues by implementing off-chain processing mechanisms similar to Ethereum's layer-2 solutions like Arbitrum and Optimism. So far, their model has proven successful.
Solaxy's system enhances efficiency by processing transactions off Solana's main chain, bundling them together, and submitting them to the mainnet for final verification.
The team recently launched their testnet and its blockchain explorer, paving the way for tracking transactions across Solaxy's layer-2 before bundling and submitting to Solana's mainnet. The Solaxy bridge on the testnet has also been rolled out, enabling Solaxy buyers to see how they will be able to bridge their ETH or SOL tokens to the Solaxy layer-2 network.
The Solaxy community is eagerly backing the project, with investors pouring over $43.5 million into the project's presale. To participate in the presale, interested investors can visit the official Solaxy website and buy SOLX tokens for $0.001744 each using BNB, ETH, USDT, or a bank card.
The presale also offers token holders an impressive 93% APY. Those looking to purchase SOLX at the best rate should act promptly, as the presale will end in approximately 13 days.
🚨 Solaxy's Testnet is here! Your first chance to experience speed, scale, and simplicity like never before. 🔥⚡️🔗 Connect via Backpack Wallet: https://t.co/FBrV3FohC8
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- Investors may find Solaxy (SOLX), a layer-2 system designed to address Solana's congestion issues, an intriguing opportunity for technology-driven investing in the realm of finance.
- As the Solana price fluctuates and aims to initiate a bullish trend reversal, it could potentially attract more financing and investments, especially if Solana re-enters its rising channel, creating a favorable environment for tech-focused investors.
