Solana's price dropped by 2% over the past 24 hours regardless of the potential SOL ETF. Let's explore the main factors surrounding Solana's market developments.
Current Solana Price Situation
Solana's price is currently supported at $195.19 according to GeckoTerminal data. Breaking below this level could result in a decline to $161.77, but an upward rebound towards $221.69 is also possible.
Technical Analysis: A Sign to Rise?
Technical indicators for SOLX suggest potential for upward movement. The MACD line is approaching a crossover with the MACD Signal line, which could be interpreted as a sign of a new upward trend. Meanwhile, the Relative Strength Index (RSI) below 50 indicates potential for a buyer's advantage soon.
Solaxy: First Layer-2 Project for Solana
Solaxy offers a solution to reduce Solana's network load by processing transactions on its layer-2, enhancing speed and reducing fees. This is crucial to prevent computational strain, especially given the growing popularity of meme coins.
Despite the recent drop in Solana's price, technical indicators and innovative projects like Solaxy suggest potential growth for the cryptocurrency in the future.
