The global cryptocurrency market is currently in a bullish phase, with a 1.68% rise, increasing its total market capitalization to $3.69 trillion. Amid this surge, Solana (SOL) defied the trend with a sharp drop which pulled the price back down to $232.77. It has since stabilized at around $253.98, showing a daily loss of over 10%.
Despite this setback, Solana has risen more than 45% over the past week, starting at $175.86 and steadily climbing. The drop in price can be partly due to the broader crypto market downturn.
Another factor contributing to this dip is the influx of meme coins introduced by the Trump family, which stressed the Solana network, leading to transaction issues and slow processing times across the ecosystem. This congestion had a negative impact on SOL’s price.
$MELANIA Launch and $TRUMP Decline Sparks $SOL Dip and Network Disruption
https://dexscreener.com/solana/a8nphpcjqtqhdquk35uj9hy2ysgxfkczgunwvkd3k7vc
Donald Trump’s official meme coin, $TRUMP, saw a sharp decline late Sunday, dropping 32% to $45 after reaching a peak of $77 earlier in the day.
This drop coincided with a surprise announcement from Melania Trump’s social media accounts, which promoted a new Solana-based token called $MELANIA
The token skyrocketed by over 16,000% to $8.79 in just 24 hours, according to DEX Screener data. The sudden popularity of the new token caused $TRUMP to fall by about 40%, as traders shifted focus to the emerging contender.
The intense trading activity caused congestion on the Solana network, with users reporting delays and transaction failures across several Solana-based applications, including the Phantom Wallet.
Notably, these events come during the lead-up to President-elect Donald Trump’s inauguration, a time of heightened activity and speculation in the crypto world.
Solana Price Prediction: Solana Remains Bullish
Solana’s current market trajectory reflects a cautious interplay between bearish correction and potential bullish recovery. SOL is undergoing a downside correction in its four-hour trading window, trading 16.78% below its recently achieved all-time high.
However, if momentum shifts, there is room for optimism. Solana’s price could test the nearby resistance level at $246.88, which, if breached, might reignite bullish sentiment. This could push the asset above the $250 mark, paving the way for a potential climb toward its all-time high.
https://www.coingecko.com/en/coins/solana
From a technical perspective, indicators present mixed signals. The Moving Average Convergence Divergence (MACD) line has dipped below the signal line, pointing to a downtrend and a potential sell signal in the near term.
Conversely, the Chaikin Money Flow (CMF) indicator is at 0.04, indicating moderate buying pressure and a positive money flow into the asset. Meanwhile, the Relative Strength Index (RSI) stands at 55.58, suggesting a neutral market sentiment with room for price movement in either direction
As Solana navigates these dynamics, investors are closely watching the $240.63 support and $246.88 resistance levels as key indicators of its next move.
Solaxy ($SOLX) Solves Solana Network Congestion Problems – Next SOL Token to Explode?
Solaxy ($SOLX), Solana’s first-ever Layer-2 solution, aims to resolve problems like network congestion, failed transactions, and scalability concerns.
This project offers developers a platform to build decentralized applications (dApps) and launch new tokens that leverage Solana’s Layer-1 capabilities while offering enhanced performance.
While Solana has already seen a surge in meme coin launches through platforms like Pump.fun, Solaxy promises a smoother, faster experience, particularly for meme coin developers and traders.
Launched on December 14, 2024, Solaxy’s presale phase has been highly successful, raising over $12 million in a short period.
Early adopters of the $SOLX token are incentivized with staking opportunities that offer an attractive 708% annual percentage yield (APY). With over 3.7 billion $SOLX tokens staked, investor confidence continues to grow.
Currently priced at $0.001608 per token, $SOLX presents an opportunity for investors looking for growth. As the presale is set to conclude by the end of Q1 this year, investors are encouraged to participate before this window of opportunity closes.
If Solaxy can fulfill its promise of improving Solana’s ecosystem, it could significantly boost Solana’s network capabilities and drive further adoption of $SOLX.
