Solana (SOL), one of the top-performing altcoins in the crypto market, has seen a modest 2% gain over the past 24 hours, trading at $164.17. This recent upward movement adds to a weekly increase of more than 4%, signaling renewed investor interest in the network. Technical indicators point to a potential bullish breakout, while anticipation builds around Solaxy (SOLX), a new Layer-2 solution for Solana that is currently in offering .
Over the past few days, Solana has maintained a strong daily performance. According to data from GeckoTerminal, SOL has been closing each day higher than the previous, forming a positive sequence. The altcoin is now attempting to break through a major resistance level at $166.23.
If SOL manages to turn this resistance into support within the next 24–48 hours, the next price target could be $190.06. However, if the price faces rejection at $166.23, it may retrace toward the $140.46 support zone.
Several technical indicators suggest that bulls currently have the upper hand. The MACD (Moving Average Convergence Divergence) indicator is on the verge of a bullish crossover, where the MACD line moves above the signal line—a classic sign of upward price momentum.
Additionally, the Relative Strength Index (RSI) has been rising, indicating strengthening buyer interest. Although the RSI value remains below the neutral 50 level, the upward slope suggests that momentum could continue building in favor of bulls.
If these technical signals hold, Solana could break past the $166.23 resistance soon, entering a new bullish phase.
As Solana gains ground in the market, attention is shifting to Solaxy (SOLX), a new project that aims to solve some of the performance issues on the Solana blockchain. Solaxy is being developed as the first Layer-2 scaling solution for Solana, and its offering has already raised over $46.9 million.
With only five days remaining before the offering ends, investor interest is spiking. Many are buying SOLX at its current price of $0.001752, hoping to capitalize on the early-stage opportunity.
Solana, despite its strong performance, has struggled during periods of high traffic. During previous surges in activity—especially during token frenzies—users experienced network congestion and failed transactions.
Solaxy is designed to solve this. It works by offloading transaction processing to a sidechain, which then communicates with the main Solana blockchain for final settlement. This reduces congestion and improves transaction speed.
In addition to scalability, Solaxy is also bridging Solana with Ethereum, opening up cross-chain functionality and giving developers access to a wider Web3 ecosystem. This feature positions Solaxy as a key infrastructure project that could drive Solana’s long-term growth.
The Solaxy team has already made substantial progress. They’ve started their testnet, block explorer, cross-chain bridge, and token. Recently, Solaxy also reveal a partnership with Hyperlane to improve the bridge’s performance.
These developments indicate that the project is not just in theory—it’s already making real strides. This momentum is helping drive investor confidence, especially with the official token start just days away.
SOLX tokens can currently be purchased using crypto or fiat through the project’s website. Investors can also stake SOLX tokens at an attractive 86% APY. Notably, some large investors (“whales”) have already begun acquiring tokens, a sign that institutions and seasoned traders see long-term potential in the project.
With the offering set to end soon, many retail investors are looking to follow suit before the public start.
Solana’s price is showing signs of renewed bullish momentum, supported by favorable technical indicators and steady buying pressure. At the same time, the Solaxy offering is attracting widespread attention as it promises to address key scalability issues on the Solana network.
With Solana attempting to break above critical resistance levels and Solaxy nearing its offering deadline, both the token and the broader ecosystem are at a pivotal point. Investors are watching closely as the next few days could shape the future trajectory of both SOL and SOLX.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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