The price of Solana fell over 4% in the last 24 hours, reaching $188.45, as of 9:53 p.m. EST, following a reduction in investor exposure.
Solana Price Testing Support Level
According to GeckoTerminal data, the Solana price is fixed at the $187.35 support level after deviating from the $198.38 resistance in the last 48 hours. If the price does not hold at this level over the next 12 hours, it may fall to the next technical support at $174.47. However, if it holds above $187.35, this may put an end to the price decline and try to overcome the resistance of $198.38 again. Successfully overcoming this point may give Solana the opportunity to rise to $211.26 in the near future.
Buyers Look to Regain Control of Solana Price
Technically, SOL's 4-hour chart suggests buyers are starting to re-enter with MACD and RSI indicating a potential bullish reversal. Recent RSI readings have increased, hinting at possible bullish changes despite remaining below 50. The MACD line's gradual rise towards the MACD Signal line indicates a cooling bearish momentum. Concurrently, excitement surrounds the Solaxy (SOLX) presale.
The First Layer-2 Project on Solana Blockchain
Solana has become a favored network for meme coin developers due to rapid transaction speeds and low fees. However, the meme coin hype tests its computational capabilities, resulting in outages. Solaxy, the first Solana layer-2 project, aims to alleviate strain on the network and connect with Ethereum, creating a super ecosystem.
The recent drop in Solana's price has intensified interest in projects like Solaxy that aim to enhance the network's capabilities. By integrating with other key blockchains, Solaxy could play a crucial role in ensuring Solana's resilience and future evolution.
