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

The Ethereum price surged 2.7% in the last 24 hours to trade at $3,240 as of 04:34 a.m. EST on trading volume that skyrocketed 170% to $40.5 billion.

On January 13, Ethereum briefly dipped below the $3,000 mark, causing concern among investors. However, the cryptocurrency has since rebounded, regaining its position above this critical level.

Ethereum Price Aims For A Bullish Trend Reversal

The ETH price has been trading within a downtrend after failing to hold above key support levels near $3,300, as seen in the purple zone.

This breakdown was preceded by a “lower high” formation, where each peak in price was lower than the previous one—indicative of waning bullish momentum. The breach of horizontal support around $3,200, pushed the price to a recent low at $2,900, according to data from GeckoTerminal.

A recent bounce from below $3,000 suggests some buying interest at this psychological level, although the overall trend remains weak as the price consolidates near its previous support, now acting as resistance.

As a result of the recent downtrend, the price of ETH has fallen below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as long-term resistance levels at $3,336 and $3,504, respectively.

The Relative Strength Index (RSI) is currently at 51, slightly above the 50-midline level. This suggests ETH has room for further upside movement but may attempt consolidation or a weak bounce in the short term.

ETH Price Prediction

The recent breakdown and lack of strong bullish momentum suggest that the Ethereum price may struggle to reclaim $3,300 in the short term. If the price fails to break above this level, it could retest $3,000 or even fall lower toward the next support at $2,800.

Conversely, with the RSI now climbing up above the 50-midline level and ETH rising above the support level around $3,200, the price of Ethereum may continue to recover, with the $3,504 level, within the 200-day SMA acting as the next target.

Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 721K subscribers, says has the potential to soar 100X post-launch.

Solaxy Raises Over $10.1 Million In Less Than A Month

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

Solaxy enhances Solana, a blockchain already known for its fast transaction speeds and low costs. It builds on these strengths while addressing some of Solana’s challenges, such as network congestion, failed transactions, and the persistent scalability issue.

The project’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.

🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.

Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer-1 capabilities. 

Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 344%. Over 3.3 billion SOLX have been staked so far.

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.0016 each using BNB, ETH, USDT, or a bank card.

Buy before a price hike in about 27 hours to secure the best deal.

Visit the SOLX website here.

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