Libra Price Crashes 77% As Traders Buy This Solana ICO

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The Libra price has crashed 77% in the last 24 hours to trade at $0.01891 as of 11:30 a.m. EST, driven by a 70% increase in trading volume to 1.59 billion.

The LIBRA coin was initially endorsed in a now-deleted Tweet by Argentina’s President Javier Milei and exploded after listing. It was purportedly launched to help the nation’s economy grow and fund small businesses.

But when it crashed, Milei withdrew his support. That prompted allegations on X of a rug pull.

Javier Milei just DESTROYED the memecoin market:

Hours ago, Argentinian President Milei launched a memecoin, $LIBRA, for “the growth of their economy.”

Within 5 hours, over -$4.4 BILLION of market cap was erased.

Is this the biggest rug pull in history?

(a thread) pic.twitter.com/t4T69r851d

— The Kobeissi Letter (@KobeissiLetter) February 15, 2025

Libra Price Sees Extreme Volatility, Crashes After Sharp Breakout

The LIBRA/USD experienced a dramatic price surge and collapse within a short time frame, highlighting extreme market volatility. The price initially skyrocketed above $4.00, fueled by what appeared to be strong buying momentum and possible speculative trading.

However, the breakout was short-lived, as a wave of liquidations quickly reversed the gains, leading to an aggressive sell-off. The price plummeted, erasing nearly all the upside movement, and now trades around $0.1620, a level that appears to be acting as major support.

Massive Liquidations Drive Sudden Price Collapse

The rapid increase in price may have been driven by traders attempting to capitalize on a bullish breakout, possibly due to a news event, liquidity injection, or speculative interest.

However, as the price surged, over-leveraged positions likely triggered forced liquidations, creating a cascade of selling pressure. With limited buy orders at higher levels, the price collapsed almost as quickly as it rose, reflecting an unstable market structure with low liquidity.

Currently, the price has stabilized around $0.1620, with a session low of $0.1562, marking an important support zone. This area is crucial for the short-term outlook. If it holds, there could be a potential reversal, attracting buyers looking to enter at oversold levels. If the support fails, however, the price could continue its downward trajectory in search of new liquidity zones.

Libra price

LIBRAUSD Analysis Source: Dextools.io

Despite the sharp decline, technical indicators suggest that a recovery could be on the horizon. The MACD (Moving Average Convergence Divergence) is at -0.5159, reflecting continued bearish momentum. However, if the MACD line begins curving upward, it could indicate a trend reversal. More significantly,

The Relative Strength Index (RSI) is at 15.83, which is deep in oversold territory. An RSI below 30 suggests that an asset is undervalued and may be due for a rebound, meaning traders could start buying in anticipation of a price recovery.

What’s Next For LIBRA?

With such extreme volatility, traders should exercise caution, as price action remains highly unpredictable. If the $0.16 support level holds, LIBRA/USD could see a bounce, potentially reclaiming key resistance levels. However, if this level fails, further downside movement is possible, potentially dragging the price lower before finding stable ground.

Traders should watch for any signs of renewed buying pressure or fundamental catalysts that could drive the next major move. Given the recent extreme price swings, LIBRA/USD is likely to remain highly volatile in the short term.

Solana Layer-2 Presale Soars Past $21 Million – Next Crypto To Explode?

As Libra price continues to dump, the Solana layer-2 meme coin Solaxy (SOLX) continues to pump, surging past the $21 million milestone in its presale.

The project comes at the right time for the Solana network, which is facing high congestion caused by the rising demand for SOL-based meme coins. This has heavily strained the mainnet and put its layer 1 at risk of delays and potential outages.

The benefits of Solaxy can really bring a tear to your eye…$SOLX hits hard! 🛸🪐 pic.twitter.com/yqIjimnys9

— SOLAXY Help Team 𝕏 (@SOLAXYTOKEN_HT) February 7, 2025

Using its layer-2 sidechain, Solaxy will ease this burden by processing transactions off-chain, bundling them, and then submitting them to Solana’s layer-1 for validation. This approach boosts network efficiency, reduces transaction fees, and increases throughput, positioning Solaxy as a promising scaling solution for Solana.

An analyst from 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, predicts that the SOLX token could potentially surge 100x when it launches.