Solaxy (SOLX) Price Soars Over 61% In The Past Week, Despite Dropping 9% In The Last 24 Hours

The price of (TRUMP) dropped by 9% in the last 24 hours to trade at $13.74 as of 6:17 a.m. EST on Friday. The move came amid increasing fears of a selloff after a wallet linked to the token’s team moved a substantial amount of TRUMP to leading centralized exchanges.

On-chain data cited by Lookonchain in an April 29 X post shows the wallet deposited 1,346,000 TRUMP, valued at $19.58 million, to Binance (NASDAQ:6025), OKX and Bybit in the last 24 hours.

A wallet linked to the $TRUMP team deposited 1,346,000 $TRUMP($19.58M) into #Binance, #OKX, and #Bybit 9 hours ago.https://t.co/Mkk5VIjIFWpic.twitter.com/G4cuIBrQVq

— Lookonchain (@lookonchain) April 29, 2025

The move comes after the TRUMP token saw a massive 61% price surge over the past week.

The price of the meme coin is currently holding a support level at $13.49, according to data from GeckoTerminal. Should the bulls fail to defend this key point, TRUMP could drop to the next mark at $10.97 or even $8.96 if the sell-off continues.

However, a rebound from the $13.49 support could invalidate the bearish thesis. In a more bullish scenario, the TRUMP price might start to rise towards the closest resistance at $15.63. Overcoming this barrier could then clear the room for TRUMP to climb as high as $18.90 in the short term.

From a technical perspective, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the TRUMP price might continue to drop in the next 24 hours. There has also been an uptick in sell volume, adding further downside pressure on the meme coin’s price.

In the last 48 hours, the MACD line has started dropping towards the MACD Signal line. Traders might see this shrinking margin between the two technical indicators as a sign of diminishing bullish momentum. If the MACD line continues to fall towards the Signal line, it could lead to a bearish crossover that might be followed by a drop in the TRUMP price.

RSI readings have fallen over the past 48 hours, a classic sign of diminishing buyer strength. While the current reading above the neutral 50 mark is bullish, the negative slope of the RSI warns of an impending bearish shift in power in coming days. A confirmation of this will likely be if the RSI falls below 50, giving sellers an edge over buyers.

While the TRUMP price is clinging to support, investors are piling into the presale for a new Solana token called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, predicts SOLX could soar 100X after its launch.

Solana, which was initially launched as a faster and cheaper alternative to Ethereum is becoming highly congested following the recent hype around SOL-based meme coins. Even TRUMP, the US President’s meme coin, was launched to capitalize on this popularity. This is quickly overloading the network and almost led to another Solana blockchain outage.

To prevent further downtime for the popular Solana network, Solaxy will introduce proven layer-2 scaling technologies and its own sidechain to the SOL ecosystem. It will then process and bundle SOL transactions off of the mainnet, and only call the Solana blockchain for final transaction validation.

Solaxy’s method of processing transactions is similar to the one used by Arbitrum and Optimism within the Ethereum ecosystem. It is also made possible through efficient protocols called rollups.

Solaxy’s team have already deployed their super-fast testnet and its block explorer, giving the Web3 community a sneak peak at the raw power of the project’s technology. The team have also shared that they are aiming for 10,000 transactions per second (TPS), a milestone that if achieved will place Solaxy in the league of current, and possibly future, blockchain elites.

Investors are quickly piling into the project at the presale stage to get their hands on SOLX at the lowest price possible. So far, more than $32.2 million has been raised for the project.

Those interested in buying SOLX at this early stage can do so for $0.001708 apiece via the widget embedded on Solaxy’s website using either crypto or bank card.

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