Ethereum Price Recovers As This Solana L2 Token ICO Hits $10M

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The Ethereum worth surged 2.7% within the final 24 hours to commerce at $3,240 as of 04:34 a.m. EST on buying and selling quantity that skyrocketed 170% to $40.5 billion.

On January 13, Ethereum briefly dipped beneath the $3,000 mark, inflicting concern amongst traders. Nonetheless, the cryptocurrency has since rebounded, regaining its place above this important degree.

Ethereum Worth Goals For A Bullish Pattern Reversal

The ETH worth has been buying and selling inside a downtrend after failing to carry above key help ranges close to $3,300, as seen within the purple zone.

This breakdown was preceded by a “decrease excessive” formation, the place every peak in worth was decrease than the earlier one—indicative of waning bullish momentum. The breach of horizontal help round $3,200, pushed the worth to a latest low at $2,900, in response to information from GeckoTerminal.

A latest bounce from beneath $3,000 suggests some shopping for curiosity at this psychological degree, though the general development stays weak as the worth consolidates close to its earlier help, now appearing as resistance.

Because of the latest downtrend, the worth of ETH has fallen beneath each the 50-day and 200-day Easy Shifting Averages (SMAs), which now act as long-term resistance ranges at $3,336 and $3,504, respectively.

The Relative Power Index (RSI) is at present at 51, barely above the 50-midline degree. This means ETH has room for additional upside motion however could try consolidation or a weak bounce within the brief time period.

ETH/USD Chart Evaluation Supply: GeckoTerminal

ETH Worth Prediction

The latest breakdown and lack of sturdy bullish momentum recommend that the Ethereum worth could battle to reclaim $3,300 within the brief time period. If the worth fails to interrupt above this degree, it might retest $3,000 and even fall decrease towards the subsequent help at $2,800.

Conversely, with the RSI now climbing up above the 50-midline degree and ETH rising above the help degree round $3,200, the worth of Ethereum could proceed to get better, with the $3,504 degree, inside the 200-day SMA appearing as the subsequent goal.

In the meantime, traders are additionally shopping for a brand new Solana meme coin known as Solaxy (SOLX), which common YouTube channel 99Bitcoins, with over 721K subscribers, says has the potential to soar 100X post-launch.

Solaxy Raises Over $10.1 Million In Much less Than A Month

In lower than a month since its presale launched, Solaxy’s presale has surged previous the $10 million milestone as investor curiosity continues to surge.

Solaxy enhances Solana, a blockchain already identified for its quick transaction speeds and low prices. It builds on these strengths whereas addressing a few of Solana’s challenges, equivalent to community congestion, failed transactions, and the persistent scalability problem.

The venture’s resolution depends on three key options: off-chain processing to deal with the heavy work, transaction bundling to chop prices, and safe settlement again on the principle Solana chain.

🚨 Solaxy is now dwell in Upcoming Tokens! 🚨@SOLAXYTOKEN offers holders a chance to affix the first-ever Solana Layer 2 blockchain.

Solaxy is ready to boost blockchain innovation via limiting congestion, decreasing failed transactions, and enhancing scalability on SOL.… pic.twitter.com/satNF6zFNF

— Greatest Pockets (@BestWalletHQ) December 17, 2024

Furthermore, as soon as launched, Solaxy will present a platform the place builders can construct decentralized purposes or launch new tokens with out compromising (and presumably even enhancing) Solana’s Layer-1 capabilities.

Solaxy additionally provides holders who stake their SOLX tokens an enormous annual yield of 344%. Over 3.3 billion SOLX have been staked to this point.

Buyers taken with taking part within the presale can go to the official Solaxy web site to purchase SOLX tokens for $0.0016 every utilizing BNB, ETH, USDT, or a financial institution card.

Purchase earlier than a worth hike in about 27 hours to safe the most effective deal.

Go to the SOLX web site right here.