Solana Price Dips 2% As This SOL L2 ICO Heads For $20 Million

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The Solana price dipped over 2% in the last 24 hours to trade at $196.35 as of 9:54 p.m. EST as investors decrease their exposure to the altcoin.

The drop in the SOL price comes even after asset manager Franklin Templeton registered a trust in Delaware tied to a proposed spot Solana ETF (exchange-traded fund). This indicates that it may soon look to launch the fund in the US.

Solana Price Resting On Support

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price is resting on the support at $195.19, GeckoTerminal data shows. Should the altcoin drop below this technical safety net within the next 8 hours, it could stand the risk of plunging to the subsequent support at $161.77.

On the other hand, traders identifying SOL’s current price as a buy opportunity could lead to a rebound. In this alternative case, the Solana price might try to flip the resistance level at $221.69 into support. A daily candle close above this barrier could then lead to a climb to as high as $259.72 in the short term.

Technicals Suggest The Solana Price Might Rise Soon

From a technical standpoint, indicators on SOLX’s daily chart suggest the crypto might start to climb soon.

A major bullish technical flag is on the verge of being triggered by the Moving Average Convergence Divergence (MACD), as the MACD line rises towards the MACD Signal line. Should the MACD cross above the Signal line in the coming 24 hours, traders might interpret this as a sign that the Solana price has entered a new positive trend.

Meanwhile, the Relative Strength Index (RSI) is hovering in the low 40s. While the current reading below the neutral 50 mark suggests sellers have the upper hand, it also indicates that SOL’s upside potential is greater than its downside potential.

Traders might act on the signal presented by the RSI and start to go long on SOL if there is a bullish confirmation. They might wait for the MACD line to cross above the MACD Signal line.

As SOL tries to recover, investors continue to pour capital into the Solana layer-2 project Solaxy (SOLX). According to 99Bitcoins, a popular crypto channel on YouTube with over 724K subscribers, SOLX could soar 100X after its launch.

The First Layer-2 Project For The Solana Mainnet

Solana has come under computational stress and is having its infrastructure tested by the hype around SOL-based meme coins. As the popularity around these lighthearted tokens continues to surge, the Solana mainnet stands the risk of another outage if something does not change soon.

This is where Solaxy, the first layer-2 scaling project focused on the Solana network, comes in. With its native sidechain, Solaxy aims to reduce the transactional workload on the Solana layer-1.

The project achieves this by processing Solana’s transactions off of the main chain on its native layer-2 network, bundling the transactions, and then sending them to the Solana layer-1 for verification. This approach increases the transactional throughput of the Solana blockchain, subsequently upping speeds while also slashing network transaction fees.

Solaxy tweet

Another way Solaxy will scale Solana is by bridging it with the Ethereum network. By combining two of the most prominent blockchains in the crypto space, Solaxy will unlock a super Web3 ecosystem that is capable of meeting the growing demands of decentralized application and meme coin developers.

Solaxy Presale Heads For $20 Million

Solaxy has been a hit with early-stage investors, as evident by the more than $19.8 million the project has raised through its ongoing presale so far. This buying frenzy is likely to continue given the 206% APY on offer to anyone who buys and stakes SOLX during this ICO phase.

To get in on these rewards, investors first need to purchase the token through the simple buy widget embedded on the project’s website. Selling for $0.001632, SOLX can be bought with both crypto and bank card.

After acquiring SOLX tokens, investors will then just need to navigate to the staking page on the website and lock up their tokens to unlock access to the high passive crypto rewards.

Buy and stake SOLX here before the next presale price hike in 28 hours.

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