Solana Price Prediction: SOL Plummets 16% In A Week As Investors Pivot To This $17 Million Layer-2 Crypto Presale Offering A 229% APY

The
Solana
price
plummeted
16%
in
the
last
week
and
7%
in
the
past
24
hours
to
trade
at
$197.44
as
of
11:18
p.m.
EST
on
trading
volume
that
skyrocketed
194%
to
$14
billion.

This
drop
in
the
SOL
price
comes
as
the
crypto
space
plunged
11%
in
the
last
24
hours
to
a
$3.1
trillion
market
capitalization,
with
Bitcoin
and
Ethereum
plunging
7%
and
20%,
respectively,
according
to


Coingecko

data.

Solana
Price
On
A
Bearish
Trend

The

SOL
price


chart
analysis
on
the
4-hour
timeframe
shows
a
significant
breakdown
from
a
falling
wedge
pattern
that
had
been
forming
over
the
past
few
days. 

This
pattern
initially
suggested
the
potential
for
a
breakout
in
either
direction,
but
the
market
chose
the
downside,
confirming
a
bearish
resolution.

The
breakdown
was
swift
and
decisive,
with
the
Solana
price
plunging
from
the
$220
level
to
a
low
near
$176
before
recovering
slightly
to
the
current
price
of
$197.44,
according
to


GeckoTerminal

data.
The
steep
sell-off
was
accompanied
by
a
sharp
increase
in
trading
volume,
indicating
strong
bearish
momentum.

Additionally,
the
breakdown
also
pushed
SOL
below
the
200-period
Simple
Moving
Average
(SMA)
on
the
4-hour
chart
at
$221.11,
which
had
been
acting
as
a
dynamic
support
level.
This
confirms
a
shift
in
market
sentiment
from
bullish
to
bearish.

Meanwhile,
the
50-period
SMA
at
$230.95
has
started
sloping
downward,
reflecting
short-term
weakness.

The
Relative
Strength
Index
(RSI)
is
currently
at
26.05,
which
is
in
oversold
territory
(<30).
This
indicates
that
the
recent
sell-off
was
extreme,
and
a
short-term
bounce
could
be
expected.
However,
in
strong
downtrends,
oversold
conditions
can
persist
for
an
extended
period.

Can
The
Solana
Price
Recover?

If
SOL
fails
to
reclaim
the
$221
–
$230
resistance
zone
(previous
support
levels
and
key
moving
averages),
it
could
continue
its
downtrend.
A
further
decline
towards
$180
and
potentially
$160
could
be
seen,
especially
if
selling
pressure
persists.

However,
given
the
oversold
RSI,
a
relief
bounce
is
possible.
If
SOL
can
reclaim
$221-$230,
it
might
attempt
to
recover
to
around
$250-$260.

Meanwhile,
investors
are
buying
into
a
new
layer-2
Solana
meme
coin
called


Solaxy
(SOLX).
According
to
99Bitcoins,
a
popular
crypto
YouTube
channel
with
over
724K
subscribers,
Solaxy
has
the
potential
to
soar
100X
post-launch.

Solaxy
Presale
Garners
Over
$17.6
Million
–
Best
Solana
Alternative?

Over
the
years,
Solana
has
struggled
with
too
many
transactions,
causing
slow
speeds
and
failed
transactions.
Solaxy,
the
first
layer-2
solution
on
Solana,
is
designed
to
fix
these
problems
and
improve
performance.

Instead
of
processing
each
transaction
individually,
Solaxy
groups
multiple
transactions
together
and
processes
them
in
batches.
This
results
in
the
consumption
of
fewer
resources,
resulting
in
faster
outputs.

????
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

Another
massive
utility
of
Solaxy
is
that
it
offers
the
best
of
both
Ethereum
and
Solana.
SOLX
merges
the
benefits
of
Ethereum’s
liquidity
and
growing
decentralized
finance
ecosystem
with
Solana’s
efficiency
and
speeds,
thereby
connecting
the
two
most
prominent
crypto
ecosystems
in
the
Web3
space.

The
Solaxy
presale
is
closing
in
on
the
$18
million
mark
in
a
little
over
one
month.

Investors
interested
in
participating
in
the
presale
can
visit
the
official
Solaxy
website
to
buy
SOLX
tokens
for
$0.001624
each
using
BNB,
ETH,
USDT,
or
a
bank
card.
The
project’s
staking
program
also
offers
token
holders
a
huge
229%
APY.

Buy
SOLX
here
before
a
price
hike
in
44
hours
to
secure
the
best
deal.

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