The price of Solana is still trading below the $200 level as the token accumulates a 10.3% in the past 7 days.
The market has experienced broad weakness ahead of Donald Trump’s inaugural speech.
Analysts have named this phenomenon “the Trump dump” as investors’ excitement for the positive impact that the President elect will have in the crypto sector has been fully priced in already.
However, Solana supporters believe that the best is yet to come for the price of its native token $SOL as three major tailwinds could still play in favor of its growth in 2025.
The first of these factors is the potential approval of a Solana spot exchange-traded fund (ETF).
Bettors on Polymarket see a 74% chance that this vehicle will get the green light from the Securities and Exchange Commission (SEC) this year with the help of a pro-crypto Chairman.
In addition, the rising popularity of protocols like Pump.fun, which facilitate the process of creating and launching new meme coins could also pave the way for the network to experience higher transaction volumes in the future, which results in higher $SOL prices.
Finally, the Solana decentralized finance (DeFi) ecosystem is expanding rapidly. Protocols like Jupiter, Jito, and Raydium have managed to attract a combined total of $8 billion in assets and have expanded investors’ toolkit to generate additional returns on their $SOL holdings and exchange assets at a low cost.
Solana Price Action Remains Choppy After Last Week’s Bull Trap
On the technical side, the latest three-day pullback has pushed the price of $SOL into the descending channel’s body.
Last week’s uptick may now be interpreted as a bull trap that aimed to flush excess leverage and excitement from the market.
Today, the price is slightly recovering but is still trading below the upper bound of the price channel.
The Relative Strength Index (RSI) made a higher high and moved above the signal line last week, which is a positive signal that positive momentum is picking up.
Moving forward, the $175 level seems to be the most critical support to watch. The market may stay choppy for a few days until the next major headline comes out of the Trump administration or the U.S. Congress.
Traders should proceed with caution as this type of market can be quite treacherous and difficult to predict.
However, the winds are still favoring higher prices for Solana ($SOL) and cryptocurrencies as a whole in the future as regulators and lawmakers in the U.S. may now develop policies and legislation that support its growth and accelerate its adoption.
Solaxy Presale Nears $10M Raised with 24 Hours Left for Next Price Increase
The presale event of the most popular layer-two scaling solution in the Solana space, Solaxy ($SOLX), is still capturing investors’ attention as the developing team gears up for the protocol’s launch.
With $9.57 million already raised, Solaxy is securing the resources it needs to deploy and implement its solution to reduce the Solana mainnet’s congestion.
The huge popularity of the Solana network for the deployment of decentralized finance (DeFi) projects and the launch of thousands of meme coins have contributed to increase the network’s activity to the point of stretching its capacity.
Last December, the Solana blockchain’s success rate temporarily dropped below 85% while transaction costs increased significantly. Solaxy aims to decongest the mainnet by introducing an innovative mechanism involving the offline bundling of transactions to increase the network’s efficiency.
At its current price of $0.001596, $SOLX offers a great opportunity to investors to generate high returns once the asset is listed on exchanges. In addition, staking rewards stand at 366%.
To buy $SOLX, visit the Solaxy website and connect your wallet. You can swap ETH, USDT, or BNB tokens or use a bank card to complete the transaction.
Once the claim date is announced, the tokens will be deposited into your wallet and staking rewards will be accredited progressively.
The Solaxy project has been audited by Coinsult to ensure that its coding is error-free. With only 24 hours left until the next price increase, you still have the chance to invest in this crypto project at an attractive price.
