Solana's Price Surges by 6%, Defying SEC's Delay in Grayscale Solana ETF Approval, Amidst Solaxy Presale Aiming for $36 Million Funding
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The price of Solana, affectionately known as SOL, skyrocketed an impressive 6% in the last 24 hours, trading at a hefty $181.66 as of 4:47 a.m. EST on a dramatic 12% surge in trading volume, reaching $6.8 billion.
Despite this success, the U.S. Securities and Exchange Commission (SEC) has delayed a decision on Grayscale's ETF proposals for both Solana and Litecoin[1][2]. Rest assured, the SEC is simply taking time to gather input on these proposals, highlighting their commitment to procedural transparency[2].
🚨UPDATE: 🇺🇸SEC has delayed the @Grayscale Spot Solana ETF. 👉 tweet
Solana Breaking Barriers
The daily chart of SOL reveals a powerful bullish streak that's been brewing since mid-April 2025. After hitting a low near $96 in early March, SOL has been steadily climbing, creating a dependable pattern of higher highs and higher lows[3]. As we speak, the Solana price is testing a significant resistance zone near $185, which conveniently lines up with the 200-day Simple Moving Average (SMA) at $181.28, as per data from GeckoTerminal[3].
SOL has easily surpassed the 50-day SMA ($139.64) with immense force, and is now wrestling to reclaim the 200-day SMA support[3].
Fibonacci retracement levels, drawn from the $240 high to the $96 low, indicate that the price of SOL has breached the 0.618 level ($164.31), which typically marks a strong reversal point. SOL is now challenging the 0.786 level at $185[3].
Meanwhile, the Relative Strength Index (RSI) stands at 71.97, suggesting that SOL is more than a tad overbought. This might signify that bullish momentum is strong, but it also hints at the possibility of a short-term pullback, as traders start to offload their SOL[3].
The MACD (Moving Average Convergence Divergence) continues to thrive in bullish territory. The blue MACD line (11.01) soars high over the orange signal line (8.23), and both lines are on an upward trajectory, confirming continued bullish momentum[3].
SOL/USD Chart Analysis (Source: GeckoTerminal)
SOL Predictions
According to the SOL/USDT chart analysis, the sentiment for the SOL price remains predominantly bullish in the short-to-medium term[3].
If the Solana price manages to close and hold above the 200-day SMA and the crucial resistance at $185, it could set off a chain reaction toward the 0.27 and 0.618 Fibonacci extensions at $209 and $240, respectively[3].
However, beware: the overbought RSI could signal a brief consolidation or correction for the SOL price[3]. In such a scenario, key support can be found around $164 (0.618 Fib level) and $151 (0.382 Fib level)[3]. If the price drops below these levels, it may test the bullish thesis and bring focus back to the 50-day SMA near $139[3].
In the meantime, investors are flocking to the presale for the new Solana project, Solaxy (SOLX)[4]. Renowned YouTube channel 99Bitcoins, with an impressive 725K subscribers, thinks this crypto has the potential to swell tenfold post-launch[4].
Solaxy Presale Closing On $36 Million - Set For 10X Moonshot?
Solaxy is a Layer-2 scaling solution tailored for the Solana blockchain[4][5]. It boosts Solana's scalability by shuffling transactions off-chain to prevent congestion and reduce transaction fees[5]. To accomplish this, Solaxy introduces a native sidechain that employs rollups to bundle transactions before settling them on the primary Solana chain[5].
This model has already managed to scale a blockchain through platforms such as Arbitrum and Optimism[5].
Once launched, Solaxy will provide a platform for developers to construct decentralized applications or to debut new tokens without hindering Solana's Layer-1 capabilities[4].
The presale has already accumulated over $35.52 million and over $500k in the last 24 hours, making it one of the year's largest token sales[4].
Keep those SOLX dreams alive... or we won't tell🤫 👉tweet
- Official Solaxy Twitter
Investors eager to participate in the presale can visit the official Solaxy website to purchase SOLX tokens for $0.001724 each using BNB, ETH, USDT, or a bank card[4].
Solaxy also offers token holders a hefty annual yield of 113% when staking SOLX[4].
Hurry up and grab SOLX before the next presale rate hike, which is expected within about 31 hours, to lock in the best deal[4].
Dive into Solaxy via the official website.
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- The rise in Solana's price could attract more investors seeking profitable opportunities in technology-driven finance, potentially influencing the Solana-focused presale for Solaxy.
- While awaiting a decision from the SEC on Grayscale's ETF proposals for Solana and Litecoin, many investors may choose to invest directly in Solana or Solana-related projects like Solaxy, boosting the technology sector.
