Ethereum Price Surges 4%, But Traders Buy This Solana Layer-2 For 100X Potential

The Ethereum price surged 4% in the last 24 hours to trade at $2,628.77 as of 6:28 a.m. EST as traders go long on the crypto.

The recent gain by the ETH price has added to the altcoin’s positive performance with the crypto soaring more than 12% and 66% during the past week and month, respectively.

Ethereum Price Hovering Around A Major Resistance Level

Daily chart for ETH/USD (Source: TradingView)

The Ethereum price is oscillating around a major resistance level at $2,578.66. Should the altcoin leader clear this technical barrier in the next 24 hours, it could have a solid foundation to rise off from and might end up soaring to as high as $2,951.51 in the short term.

However, bears defending the $2,578.66 mark could lead to a drop toward the immediate support level at $2,193.79. If the Ethereum price falls to this point and traders continue to exert sell pressure on the crypto’s price, then ETH could be at risk of falling all the way down to $1,857.03.

Technicals Suggest The Ethereum Price Could Go Either Way In The Next 24 Hours

From a technical standpoint, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the Ethereum price could go either way in the next 24 hours.

That’s after the MACD line started to drop towards the MACD Signal line and the RSI line began falling down to its Simple Moving Average (SMA) on the daily chart over the past couple of days. 

The shrinking gap between the MACD and MACD Signal lines warns ETH’s bullish momentum might be cooling off. If the margin between the two lines continues to shrink, it might result in a bearish crossover, which could confirm the Ethereum price has entered a negative trend. 

Until then, the current alignment of the MACD and Signal lines is bullish. This means that buyers could still push the Ethereum price up higher in the next 24 hours.

Meanwhile, the current RSI reading in the mid 70s suggests both that the Ethereum price is in overbought territory and that bulls are currently in control. If traders react to the overextended conditions, it could result in some sell pressure and a correction for ETH.

While RSI readings did drop in the last 48 hours, indicating decreasing buyer strength, the RSI line did rebound above its SMA recently. This could signal that bulls have re-entered ETH’s charts. 

With technical indicators sending mixed signals, traders might want to see how ETH reacts around the $2,578.66 mark in the next 24-48 hours before making their next move.

As ETH traders wait to see what the altcoin will do next, investors are piling into the Solaxy (SOLX) presale, which is one of the most successful of the year.

According to popular YouTube channel 99Bitcoins, which has over 724K subscribers, SOLX has the potential to soar 100X after its launch.

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The First Scaling Solution For Solana Will Enter The Market Soon

Solaxy aims to address the high levels of congestion on Solana that has led to some users on the network reporting delayed, and sometimes even failed, transactions.

To ease the workload on the popular layer-1 blockchain, Solaxy will process and bundle transactions off of the SOL mainnet. It will then only call on Solana for final transaction validation and record keeping.

That approach to processing transactions has been proven as a much more optimal method by other layer-2 solutions such as Arbitrum and Optimism within the Ethereum ecosystem. 

Not only will Solaxy help Solana scale, it will also bridge the network with Ethereum.

This will create a connection between two of the most prominent networks in the Web3 space, and will give decentralized app and meme coin developers a way to simultaneously tap into Solana’s speeds and low costs while also taking advantage of Ethereum’s robust security.

Solaxy Presale Goes Parabolic

Solaxy’s presale is pulling investors in at a rapid pace, and has already raised over $36.5 million. 

The inflows have been helped by a flurry of dev updates from the Solaxy team, including the launched of a testnet and block explorer, as well as the Solaxy Bridge.

Delivering what they promised while the project is still in presale is a strong sign of the team’s commitment, and is something that has investors excited about SOLX.

Anyone who wants to participate in the ICO can buy SOLX for $0.001726 apiece using either crypto or bank card. 

Interested investors will want to buy before the next price hike in a fraction more than 1 day.

Check out SOLX.

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