Solana Faces Pressure as New Layer-2 Meme Coin ICO Surpasses $5.8 Million

Highlights

• Solana (SOL) price drops 4%, facing a potential decline if support level breaks.
• Solaxy’s ICO surpasses $5.8 million amid strong bullish forecasts for its SOLX token.
• Solana blockchain's scalability challenges highlight the need for solutions like Solaxy.

Solana Price Struggles as New ICO Stirs Investor Interest in Solaxy

The price of Solana (SOL) has experienced a setback, dropping more than 4% over the last 24 hours, with its current price hovering around $188.45 as of 9:53 p.m. EST. This decline has pushed the altcoin’s weekly and monthly performance deeper into the red zone, signaling a period of uncertainty for SOL holders.

Solana Faces Critical Support Test

As it stands, Solana is testing a crucial support level at $187.35 after being rejected at a resistance point of $198.38 within the past 48 hours, according to data from GeckoTerminal. Should the price fall below this support, Solana could be at risk of heading toward the next technical safety net at $174.47. However, if Solana maintains its position above $187.35 over the next 12 hours, there could be a chance for a rebound. A successful breach of $198.38 resistance would potentially pave the way for a short-term rise to $211.26.

Potential Bullish Reversal as Buyers Eye the Market

Technical indicators on Solana’s 4-hour chart suggest that buyers may soon regain control. The Relative Strength Index (RSI) has shown signs of improvement, rising from bearish levels, although it remains below the 50-mark. This indicates that the bearish pressure is slowly diminishing. Furthermore, the Moving Average Convergence Divergence (MACD) is beginning to show a narrowing gap with the MACD Signal line, which traders often view as a sign that bearish momentum is weakening. If the MACD line crosses above the signal line, it could indicate a potential bullish reversal for Solana’s price.

Solaxy ICO Gathers Momentum as Investors Turn Toward Layer-2 Solutions

As Solana grapples with price fluctuations, attention is shifting toward Solaxy (SOLX), a new layer-2 meme coin that has rapidly gained popularity. Solaxy aims to relieve pressure on the Solana blockchain by offering a native layer-2 blockchain, addressing scalability challenges that have plagued the network, particularly during periods of high demand driven by meme coin hype.

Solaxy’s ICO has experienced impressive success, surpassing $5.8 million within a short timeframe. The presale for the SOLX token has drawn significant interest from investors, with predictions that it could see a 100X return after its launch. Solaxy’s mission to scale Solana’s network while maintaining a low transaction cost has contributed to this investor frenzy, reflecting the rising demand for Solana-based solutions.

Solaxy’s Cross-Chain Presence: Bridging Solana and Ethereum

In addition to its focus on enhancing Solana’s scalability, Solaxy’s SOLX token will also be deployed on the Ethereum network. This dual-chain approach aims to connect two of the most prominent blockchains in the Web3 space, creating a unified ecosystem. This strategy positions Solaxy as a key player in bridging the gap between Solana and Ethereum, potentially enabling more robust decentralized applications (dApps) across both networks.

Solaxy’s ICO Continues to Surge

With its ICO surpassing $5.8 million and continued strong demand for SOLX tokens, the project shows no signs of slowing down. Investors can currently acquire SOLX tokens at $0.00158, with the price set to rise with each subsequent stage of the ICO. The presale has already raised millions, signaling strong investor confidence in the project’s potential to scale the Solana network.

For those seeking to participate, the ICO allows purchases via ETH, USDT, BNB, or bank cards, with the option to stake SOLX tokens for an annual percentage yield (APY) of 687%. As the ICO progresses, investors are eager to secure their positions before the next price hike.

A Tense Market With Promising Solutions

As Solana navigates through its current price struggles, the market is closely watching the developments surrounding Solaxy’s ICO. The rising demand for SOLX tokens suggests that there is substantial interest in solutions designed to enhance the scalability and efficiency of Solana’s blockchain. With the potential for a new layer-2 solution to address ongoing challenges, the future of Solana and its ecosystem remains uncertain but full of possibilities.