Solana Price Pumps 12% as Whales Inject $6 Billion – Is the Bear Market Over?

The Solana price has risen back to $129 today, marking a 12% recovery since hitting a seven-day low of $115 on Tuesday.

SOL does remain down by 12% in a week and by 37% in the past month, yet its trading volume has risen to more than $6 billion in the past 24 hours, suggesting that traders are buying the dip.

What’s particularly bullish is that the coin’s technical indicators have bottomed out in recent days, signalling that a breakout could be beginning.

And when combined with the possible softening of recent tariffs, Solana’s ever-strong fundamentals point to a very positive long-term price prediction.

Solana Price Pumps 12% as Whales Inject $6 Billion – Is the Bear Market Over?

SOL’s one-day chart shows that the coin is regaining strength after a long post-Inauguration Day decline, with a rebound just having begun.

Of particular interest is the fact that the coin’s 30-day average (orange) fell below the 200-day (blue) at the start of the month, providing a clear indication that the Solana price is very close to a bottom.

The coin’s RSI (purple) also creates this impression, having fallen to 20 at the end of February and having begun to bounce upwards.

When you combine these two indicators with an increase in the alt’s trading volume today, it would seem that it has fallen far enough, and that traders are now increasingly buying the dip.

Indeed, the past few days have seen some significant Solana purchases, with one whale buying 1 million SOL (worth about $147 million) on Kraken.

As such, we can expect the Solana price to continue its recovery over the next few days and weeks, especially if the macroeconomic situation stabilizes.

For instance, the past day has seen US President Donald Trump climb down on his threat to impose 50% tariffs on Canadian steel and aluminum, a sign that his administration is willing to negotiate further on any remaining tariffs.

Markets have also calmed down after the FTX estate unlocked around 11.2 million SOL, with fears of a massive and immediate dump turning out to be largely unfounded.

That there hasn’t been a huge selloff has calmed the market, and given Solana’s strong fundamentals, we should see its price gradually recover in the coming weeks.

The Solana price could reach $150 by the end of the month, before returning to $250 by H2.

A New Layer-Two Network for Solana

Solana remains one of the most bullish major tokens in the market, but there are currently a wealth of newer coins which have the potential to rise exponentially this year.

This includes several presale coins, which can often surge when they list on the market for the first time, particularly if they’ve had a strong raise.

And probably the strongest raise right now belongs to Solaxy (SOLX), a new layer-two network for Solana that has already attracted just over $25.9 million in its ongoing token sale.

As an L2 network, Solaxy will help Solana users avoid failed transactions, outages and congestion, while also providing them with lower fees and faster transaction speeds.

While Solana has become more stable since 2022 (when it suffered a wave of outages), dropped transactions and temporary outages do continue to occasionally impact its network during peak traffic.

This creates a space for a layer-two solution such as Solaxy, which will also offer instant bridging between itself and Solana, while compatibility with other chains will come post-launch.

And what’s particularly bullish about native token SOLX is that it’s the only way to pay for Solaxy’s transaction fees, meaning that demand for the token could be huge.

Investors can join the coin’s sale by going to its official website, where SOLX is available at $0.00166.

This price will rise later today, while it will continue to rise for the duration of the presale, so new investors should act sooner rather than later.

The post Solana Price Pumps 12% as Whales Inject $6 Billion – Is the Bear Market Over? appeared first on Cryptonews.

News – Read More