Solana Worth Drops 7% As Analysts Say This Layer 2 May 100X

The Solana worth plummeted 7% prior to now 24 hours to commerce at $160.89 as of 02:25 a.m. EST on buying and selling quantity that skyrocketed 60% to $3.2 billion.

This drop within the SOL worth comes after ZachXBT disclosed {that a} particular entity was laundering cash for the Bybit hack incident by issuing and buying and selling meme cash on Pump.enjoyable.

“On Feb 22 the attacker acquired $1.08M from the Bybit hack to 0x363908df2b0890e7e5c1e403935133094287d7d1 who bridged USDC to Solana,” ZachXBT wrote in in a Feb. 23 Telegram put up.

In line with Wu Blockchain, the Bybit exploiter, recognized by handle 5STkQy…95T7Cq, transferred 60 SOL to 9Gu8v6…aAdqWS. This second handle then launched a token referred to as QinShihuang (500000), which traded over $26 million.

Bybit Exploiter is laundering cash by issuing Meme tokens on pump enjoyable. Bybit Exploiter: 5STkQy…95T7Cq transferred 60 SOL to 9Gu8v6…aAdqWS, who then launched a token referred to as QinShihuang (500000), which has traded over $26 million. https://t.co/MYHInW4v3Z

— Wu Blockchain (@WuBlockchain) February 23, 2025

Solana Worth Bearish – Potential Reversal Or Additional Decline?

The SOL worth has lately been in a corrective part after a powerful bullish rally. Primarily based on the seen Elliott Wave construction within the chart, SOL seems to be finishing the fourth wave of a five-wave impulse sample.

The Solana worth is presently testing a vital help zone round $150–$160, the place earlier corrections have discovered stability, in keeping with information from GeckoTerminal.

The help zone is aligned with the 200-day Easy Shifting Common (SMA), reinforcing the probability of a possible bounce. Moreover, the sample suggests a possible wave 5 upward motion if help holds. Furthermore, the 50-day SMA, presently at $207.53, considerably above the Solana worth, signifies that the current downturn has damaged beneath short-term pattern help.

The Relative Energy Index (RSI) is at 31.10, approaching oversold territory (beneath 30), which regularly precedes a reversal. Nonetheless, the RSI alone doesn’t verify a bounce, but it surely indicators that bearish momentum may be shedding energy.

SOL Worth Prediction

If the value of SOL maintains help round $150–$160, it might provoke a wave 5 rally, concentrating on $250–$275 within the coming weeks. A reclaim of the 200-day SMA ($184.37) as help can be a powerful bullish affirmation.

Conversely, if help fails, the Solana worth might decline additional, doubtlessly testing $130 or decrease earlier than discovering new demand.

In the meantime, buyers are shopping for a brand new Solana meme coin referred to as Solaxy (SOLX), which well-liked YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.

Solaxy Presale Raises Over $23.2 Million – Subsequent 100X Crypto?

Solana is greatest recognized for its high-speed and low-cost transactions, which has led to an enormous meme coin frenzy over the previous few years.

Because of this traction, Solana has typically skilled community outages and transaction failures, the most recent being throughout the TRUMP and MELANIA coin launches final month. These points are a serious headache for DeFi customers, NFT lovers, and meme coin merchants.

The Solaxy crypto challenge is a layer-2 scaling answer developed for the Solana blockchain. It goals to boost decentralized functions (dApps), scale back transaction speeds, slash community prices, and enhance scalability. The SOLX token serves because the core of the ecosystem.

🚨 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 by limiting congestion, decreasing failed transactions, and bettering scalability on SOL.… pic.twitter.com/satNF6zFNF

— Finest Pockets (@BestWalletHQ) December 17, 2024

Traders are shopping for into this concept, with the challenge’s whole presale elevate already standing at over $23.2 million.

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

Solaxy additionally presents holders who stake the challenge’s SOLX token an enormous annual yield of 175%.

Traders curious about collaborating within the presale can go to the official Solaxy web site to purchase SOLX tokens for $0.001644 every utilizing BNB, ETH, USDT, or a financial institution card.

Purchase SOLX right here earlier than a worth hike in lower than 10 hours to safe the very best deal.

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