SOLX Price Soars 19% as Investors Rush to Buy the Crypto

The Pi Network price is attempting to overcome a resistance level at $0.7590. Should it break above this technical obstacle and close a 4-hour candle higher than this mark within the next 12 hours, it could have the foundation needed to rise to as high as $0.8350 in the short term.

The Pi Network (PI) price surged 19% in the last 24 hours to trade at $0.7343 by 7:37 a.m. EST on Wednesday. The crypto is now attempting to break above a key resistance level at $0.7590.

If the technical indicator holds and the Pi Network price closes a 4-hour candle higher than this mark in the next 12 hours, it could have the foundation needed to rise to as high as $0.8350 in the short term.

However, a rejection from the $0.7590 level could lead to a more bearish scenario playing out for the Pi Network price. Traders might then start to push the PI Coin price down to the nearest support level at $0.6607.

Continued pressure from sellers if the altcoin falls to this technical safety net could expose the crypto to the risk of falling to the next key support at $0.6032.

Technicals Indicate Pi Network Price Rally Might Be Nearing Its End

From a technical standpoint, indicators on the 4-hour chart suggest the Pi Network price might continue to rise in the coming few hours. However, there are also early warning signs that show the altcoin’s bullish momentum may be starting to stall.

In the last few hours, the MACD line has started to level off above the MACD Signal line. While the current alignment of the two technical indicators with regards to each other is bullish, the MACD line stalling could be the early start of an upcoming bearish trend reversal. Should the gap between the two lines start to shrink, it could confirm a negative shift in momentum.

Meanwhile, the RSI is positioned bullishly above its SMA on the 4-hour chart, signaling buyers have a slight upper hand over sellers. However, the current RSI reading above 70 warns PI Coin is overbought on the 4-hour chart.

That is usually seen as a sell signal, because it suggests a crypto’s downside potential is greater than its upside potential. The negative slope of the RSI line warns that some traders have already started to decrease their exposure to the altcoin in response to the signal.

As the Pi Network price tries to clear a major resistance, investors are also buying into the presale for Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the crypto could soar 100X after its official launch.

Solana To Get Its Biggest Upgrade Yet

Solaxy is the first layer-2 scaling solution for the Solana blockchain, and aims to address the high levels of congestion on the network while simultaneously increasing the layer-1’s overall efficiency.

One of the ways Solaxy will do that is by processing and bundling SOL transactions off of the Solana mainnet. After grouping transactions, it will submit the batches of transactions to the layer-1 backend for final validation and record keeping.

This method of processing transactions is the same as the approach used by ETH-based solutions such as Arbitrum and Optimism.

Another way Solaxy will help Solana scale is by bridging the blockchain with the Ethereum network. By connecting two of the most prominent blockchains in the Web3 space, Solaxy will create a new platform with high speeds, low fees, and deep liquidity. SOLX will then be positioned as a primary transaction layer on this new platform, giving it high levels of utility.

The Solaxy team has been hard at work, and have recently launched their testnet and an associated block explorer. Ever since then, the team has also made a series of optimizations to the testnet.

In the latest dev update, the team said they have optimized their chain’s rollup mechanisms, fixed user interface issues, enhanced their test suite, as well as implemented changes that will speed up node syncing on restarts.

Solaxy Presale Tops $34M After Whale Buy

Investors have poured more than $34 million into the project’s ongoing ICO. The impressive raise comes after a whale recently made a $200K buy.

Interested investors can acquire SOLX for $0.001718 apiece through the widget embedded on the project’s website using either crypto or bank card. Tokens can also be staked for a 117% annual return.

Buyers looking to lock in the best deal will want to buy before the next presale price hike in less than 5 hours.

Check out SOLX.