This week, Solana's price has decreased by over 6%, although it remains positive on a monthly scale. The current rate, at the time of writing, is $200.96.
Current Solana Price Dynamics
The Solana price has been declining throughout the week, losing over 6%. Nevertheless, in the monthly chart, the asset remains in the green with an over 7% increase.
Technical Analysis and Possible Trends
Solana is attempting to break out above a medium-term descending channel. If successful, the cryptocurrency could rise to the resistance level at $223.34 and further to $260.22. If current movements continue within the channel, support at the $194.53 level may be tested, and the decline could continue to $162.27.
Solaxy Development and its Impact on Solana
Solaxy is a new layer-2 project on the Solana blockchain. It increases throughput by processing transactions off-chain and aims to bridge Solana and Ethereum networks. The project has already raised over $19.5 million during its presale.
Solana continues to attract attention from users and investors despite short-term price fluctuations. Projects like Solaxy help to improve blockchain infrastructure and open new growth prospects.
