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Solana's Price Climb: SOL Gains 6% in a Week, However, Some Experts See Potential for a 10X Return in a Presale Token from the Layer-2 Sector

Solana's value surged by 6% within the past week, leading some experts to speculate it could be the next cryptocurrency to generate a 10-fold increase in value. A promising layer-2 presale token is under scrutiny as a potential contender in the multiplication stakes.

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Solana's price saw a 6% surge over the past week, leading some experts to speculate that this...
Solana's price saw a 6% surge over the past week, leading some experts to speculate that this presale token from the layer-2 network could potentially become the next cryptocurrency to skyrocket (10X).

Solana's Price Climb: SOL Gains 6% in a Week, However, Some Experts See Potential for a 10X Return in a Presale Token from the Layer-2 Sector

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After a weekly gain of 6%, Solana's price is currently trading at $172.65, despite a minor 1% drop in the past 24 hours. Some traders are cashing in their profits, but keep an eye on the Solana price as it could see further fluctuations.

The altcoin has experienced quite the run lately, rising by an impressive 36% in just the past 30 days. But as with any cryptocurrency, the ride can be unpredictable.

Solana Price Holds Steady But Potential Dips Ahead

Daily chart for SOL/USD (Source: GeckoTerminal)

The Solana price has been holding steady between $158.30 and $185.59 in recent days, thanks to some strong market support. However, the past 24 hours have seen the altcoin start to drop closer to the lower end of its range.

But don't worry too much - if SOL falls below $158.30 within the next few days, it might test its next support at $138.45. But never fear, if investors view the current price as a great buying opportunity, we might see SOL rise and flip the resistance level at $184.34 into support, leading to a potential $212.87 price increase in the following couple of days.

Bears on the Hunt for Solana Price

On the technical side, some indicators on the daily chart are pointing toward a bearish trend for the Solana price in the coming 24 hours. Investors should pay heed to the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which are both showing signs of cooling bullish momentum.

That's because the MACD line has been closing in on the MACD Signal line for the past couple of days, which is a classic warning sign of weakening bull pressure. If the MACD line dips below the Signal line within the next 48 hours, it could hint at a negative short-term cycle for the Solana price.

Meanwhile, RSI readings have also been dropping from the high 70s to the low 60s in the last 24 hours. This slight decline suggests a decrease in buyer strength, although the current reading still remains above 50, which favors the bulls. The recent drop in the RSI, combined with the risk of a bearish MACD crossover, suggests sellers could soon seize control of the Solana price.

SOL Holders Jumping on Solaxy (SOLX) Presale

With all this Solana drama going on, some folks are turning their attention to the presale for Solaxy (SOLX). It's being touted that SOLX has the potential to skyrocket by up to 10X after its launch, according to 99Bitcoins, a popular YouTube channel with over 725K subscribers.

Solana was initially launched as a faster and cheaper alternative to Ethereum, and while it's still able to process more transactions at lower costs than its competitor, the network has been battling with high levels of congestion caused by recent meme coin hype.

Solaxy is the first layer-2 scaling solution designed specifically for Solana, aiming to address network congestion issues and prevent another solana network outage. The project will use protocols called rollups to bundle transactions off of the Solana mainnet for faster validation and record-keeping.

Investors are already pouring money into the Solaxy presale, with more than $36.4 million having been invested so far since whales jumped on board. To get in on the action, simply head over to the Solaxy website and use the embedded widget to buy SOLX with either crypto or a bank card. Then, visit the staking page on the website and lock up your tokens to start earning high APY rewards.

Hurry, though, because the Solaxy presale price increase is expected in around 34 hours!

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In light of the Solana price holding steady but potential dips ahead, it's important for investors seeking technological advancements to closely monitor the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators. A bearish trend could be imminent if the MACD line crosses below the Signal line within the next 48 hours, or if the RSI continues to drop, indicating decreased buyer strength.

On the other hand, for those keen on more investment opportunities beyond Solana, the Solaxy (SOLX) presale is gathering attention, with some analysts forecasting a potential 10X increase after its launch. Investors can take advantage by visiting the Solaxy website and buying SOLX tokens before the presale price increase in around 34 hours.

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