Solaxy (SOLX) Price Increased 5% in the Last 24 Hours to Trade at $0.001658

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The price of Story (CRYPTO: STORY) increased by 5% in the last 24 hours to trade at $5.06 as of 4:30 a.m. ET Monday. It had also seen its trading volume skyrocket by 53% to $158.76 million.

Story IP became the top trending cryptocurrency on CoinMarketCap (CRYPTO: CMC) after its price pumped by 7%, reaching the height of $5.428 a few hours prior to the time of writing. However, since then, its value dropped slightly, leaving it about 5% higher than yesterday.

Still, given the fact that the token’s price surged when most other cryptocurrencies were dropping, its rise to the #1 spot on the list of trending cryptos does not come as a surprise.

Story Price Prediction

While it saw a sharp price increase in the last 24 hours, the STORY price has since also seen a rather sharp decline. The token’s Bollinger bands show a pattern where they expand as the price dips, and then narrow down when they stabilize. The last 9 hours alone have seen the pattern repeated two times, and in the next few hours, it might happen again.

However, it is also possible for a recovery to take place, in which case the pattern would be interrupted in the hours to come.

The project’s Relative Strength Index (RSI) value reached the overbought zone when its price reached its peak, and as traders decided to take profit and sell, the RSI quickly spiraled down from over 70 to just above 40.

In the late hours of Sunday, the RSI fluctuated between 40 and 60, only to then sink to the oversold zone at the start of Monday. After this dip, traders started buying again, albeit hesitantly. Still, it was enough to push the RSI back to 50, from where it dropped to 33 again.

Its behavior suggests that fluctuations are getting sharper again, which could lead to a sharp recovery, as traders are seemingly becoming more active. Furthermore, sharp price drops such as the one seen in the last several hours are typically followed by sharp recoveries, so this too could be expected.

Promising Alternative To Story

With the Story price currently on the decline, traders looking for opportunities could turn to promising new projects like Solaxy (SOLX).

This is one of the most successful ICOs on Solana (CRYPTO: SOL) now, and also its first-ever Layer-2 project. Solaxy was created as a scalability solution for the SOL network, which has been suffering from congestion issues following a large increase in activity and traffic on Solana’s blockchain.

This came due to the growing meme coin sector and an increase in usage of DeFi protocols, dApps, NFTs, and various other crypto products. And, while Solana was created to offer faster speeds and lower fees than Ethereum (CRYPTO: ETH), its main competitor, its scalability failed to meet the demand.

In response, the SOL network started seeing transaction failures during busy periods, which reduced its reliability. Now, Solaxy hopes to reduce the impact on the network by offering limitless scalability, which could allow Solana’s network to reach its full potential. Not only that, but it will also do the same for Ethereum, as it will run in both networks simultaneously, acting as a bridge between them along the way.

This is why the Solaxy ICO became one of the biggest in Solana’s history, raising over $25.69 million as of March 10, and closing in on $26 million raised. Right now, its native token, SOLX, sells for only $0.001658 apiece, and if you buy it now, you can immediately stake it for 125% APY.

Meanwhile, crypto YouTuber ClayBro recently speculated that Solana’s adoption could increase thanks to the crypto summit, which could also lead to increased activity of SOLX, and a potential surge in the token’s price once it goes live.