Solana's price increases by 3% due to recent filings by Solana ETF issuers, simultaneously sparking investor interest in the Solaxy presale, which has only 2 days left.
Hop on our Telegram channel to catch the latest happenings in the crypto world!
Solana's price just saw a 3% increase in the last day, now trading at $146.71, as per the stats at 10:41 p.m. EST, on a trading volume that dropped by 9% to $5.13 billion.
This surge comes after seven different ETF applicants submitted S-1 statements to the US Securities and Exchange Commission (SEC). This news follows reports suggesting that Solana ETFs could receive approval as soon as within three weeks from now.
🔥 HOT NEWS: All Solana ETF issuers have amended S-1s, incorporating SEC's requested updates on in-kind redemptions and staking disclosures. Keep an eye out for potential early approvals on Solana ETFs, according to Bloomberg reports. 🔗
Solana's Correction - A Reverse on the Horizon?
Though the recent price hike seems positive, Solana's price is still experiencing a healthy correction. After testing the $187.85 (0 Fibonacci) level, Solana's price seems to be correcting in a healthy manner. The cryptocurrency is now moving towards the 0.5 Fibonacci level at $142, which could act as a shield against downward pressure.
The drop from the resistance level has pushed the price of Solana below the 50-day Simple Moving Average (SMA). However, Solana still trades well above the 200-day Simple Moving Average (SMA). This shows that the bulls still have some control.
Meanwhile, the Relative Strength Index (RSI) seems to be losing speed as it decreases, currently at 45, a sign that bears might be gaining control.
On the other hand, the Moving Average Convergence Divergence (MACD) remains in the positive zone, with the blue MACD line crossing above the orange signal line. However, the green bars on the histogram seem to be diminishing towards the zero line, which could be a sign that the pressure is weakening.
If the ongoing downtrend persists and Solana falls below the $142 level, the price may plummet to the 0.618 Fibonacci level at $131.72.
SOL/USD Chart Analysis (Tradingview)
However, if the healthy correction theory holds strong and the $142 level is saved, the bulls may use this as a foundation to spark a reversal, targeting a shot at $187.85 and following up with $243.
While investors are busy taking part in the presale for the new Solana layer-2 project Solaxy (SOLX), which has accumulated over $49.4 million to rank among the largest token sales of the year, popular YouTube channel 99Bitcoins, with over 723K subscribers, thinks SOLX has the potential to surge 100X post-launch.
Solaxy Presale Nears $50 Million - Time to Get In?
SOLX is the native token of Solana's first-ever Layer 2 (L2) solution and one of the most eagerly anticipated new cryptocurrencies.
Solana has become increasingly prone to congestion whenever there's an increase in network activity. Enter Solaxy. By constructing the first-ever Layer 2 on Solana, Solaxy aims to facilitate faster transactions while maintaining the network's security and efficiency.
Solaxy is planned to tackle Solana's congestion issues through features like transaction bundling and off-chain processing.
Although Solaxy is built for Solana, the project will first launch on Ethereum. The team has introduced a bridge to connect the two blockchain networks.
Recent updates include a Hyperlane partnership, enabling seamless interoperability between Solana and Ethereum, and a $62 million token burn (35 billion SOLX, representing 25% of the supply), which enhances scarcity.
🔥 $62M Worth of $SOLX Burned 🔥
We've just burned 35,046,000,000 $SOLX - worth over $62 million - in one of the most aggressive supply reductions in the space.
Watch it happen here: 🔗
It has also launched a testnet blockchain explorer and optimized rollup handling for improved efficiency.
By owning and holding SOLX, users can also earn passively through the platform's staking mechanism, providing an 83% annual yield.
Investors interested in participating in the presale can head to the official Solaxy website to buy SOLX tokens at the current price of $0.001758 each using BNB, ETH, USDT, or a bank card.
Act quickly, as the presale is about to wrap up in a couple of days.
Start Investing Now
Related Articles
- Final Senate Vote On GENIUS Act Looms
- Ethereum, Solana, Dogecoin Lead Losses After Israel Attacks Iran
- New Cryptocurrency Releases, Listings, & Presales Today
Top Wallet - Diversify Your Crypto Portfolio
Our Rating
- Easy to Use, Feature-Packed Crypto Wallet
- Get Priority Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now Available on App Store, Google Play
- Stake and Earn Native Token $BEST
- 250,000+ Monthly Active Users
Visit Here
Join Our Telegram channel to stay in the loop on breaking news coverage
In light of the ongoing cryptocurrency news, check out the latest updates on Solana ETFs and their potential early approvals, which could significantly impact the investing landscape in the finance sector. Moreover, a presale for the new Solana layer-2 project Solaxy (SOLX) is nearing $50 million, making it one of the largest token sales of the year. As Solaxy aims to resolve Solana's congestion issues, it's worth considering the potential investment opportunities in technology and finance that it represents.
