The Solana (SOL) price is up 19% in the last week despite a 2% drop in the last 24 hours to trade at $171.41 as of 4:30 a.m. EST on trading volume that went down 2% to $89.03 billion.

The Solana price dropped by 2% in the last 24 hours to trade at $171.41 as of 4:30 a.m. EST. It is still up 19% over the last week.

The strong weekly performance by the SOL price comes as Solana prepares to host an event called Accelerate, where business, policymakers, and crypto leaders will come together to further the development of blockchain in America. The event will take place in New York City between May 19 and 23.

Solana price prediction: Is there more downside in store for the crypto?

The Solana price was rejected from the resistance at $180. It then dropped to $170, only to start a recovery which already brought it to $171.41 at the time of writing, and will likely push the altcoin slightly higher.

The SOL price chart very closely resembles Bitcoin's, suggesting that Solana is following the larger cryptocurrency's lead. Much like Solana, which failed to go beyond $180, Bitcoin also got rejected from a resistance at $105k, which caused it to dip to $102.69k.

Solana has seen a somewhat larger dip, however, indicating greater volatility. The width of SOL's Bollinger Bands suggests the same.

The bands have been significantly wider since the price dropped and started fluctuating up and down, which could be a bullish signal.

SOL/USDT chart analysis (Source: TradingView)

Solana's Relative Strength Index (RSI) has also seen strong activity in the last two days, spending most of May 12 fluctuating between the neutral value of 50 and the overbought zone. Later in the day, the RSI dropped to the oversold zone as traders took profit, causing the metric and the price to drop.

Since then, the metric has been fluctuating between 30 and 60, and even at the time of writing, it sits at 60, showing signs that it might be ready to head further up. If so, the price will likely make a recovery, but a resistance at $175 currently stands in its way.

Promising alternative to Solana as new project raises $35 million

While Solana is struggling to recover, the first-ever SOL Layer-2 project, Solaxy (SOLX), is flourishing.

Solaxy is a new crypto project developed in Solana's ecosystem, and will act as a scalability solution. It is built to future-proof the network and redefine Solana's capabilities.

The project was started to help Solana with its scalability issues, which have started to become rather disruptive.

Solana was created as a faster, cheaper, and more scalable network than Ethereum, and while it achieved this goal, the amount of activity on the network has exceeded its capabilities. The rise of the meme coin sector, GameFi, and AI agents, coupled with the massive amounts of traffic coming from DeFi, dApps, and NFTs, caused the blockchain to experience overwhelmingly high levels of congestion.

With the extreme congestion, it wasn't long before transactions started failing. Solaxy aims to use its Layer-2 technology to offer infinite scalability and unlock Solana's true potential.

Brace for interstellar travel! 🛸

34 Million Raised! 🔥pic.twitter.com/bW1wHrZtZY

— SOLAXY (@SOLAXYTOKEN) May 9, 2025

Solaxy's services are in such high demand that investors have already poured over $35 million into its presale over the last five months. Best of all, the ICO is still ongoing, meaning that investors still have a chance to join and buy SOLX while its price is only $0.001722.

Doing so could be a major opportunity, as experts like ClayBro, a crypto YouTuber with over 136k subscribers, compared buying SOLX to making an early Shiba Inu purchase.

Interested investors will want to buy before a presale price hike in around 5 hours.

Check out SOLX.

Related Articles:

Join Our Telegram channel to stay up to date on breaking news coverage