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The Jupiter price plunged over 8% in the last 24 hours to trade at $0.7769 as of 10:45 p.m. EST as investors dump their holdings in the crypto on the market.
This recent drop in the JUP price has pushed the altcoin’s weekly performance into the red zone as well.
Jupiter Price Forms A Bearish Channel
4-hour chart for JUP/USD (Source: GeckoTerminal)
The Jupiter price printed a series of lower lows and lower highs over the last couple of days, resulting in the formation of a descending channel on the 4-hour chart, according to GeckoTerminal. Should the altcoin continue to trade within this negative channel for the next 24 hours, JUP might drop below the $0.7913 support and fall to as low as $0.6885.
On the other hand, the Jupiter price breaking out above the upper boundary of the descending channel in the next 8 hours could invalidate the bearish thesis. In this more bullish scenario, the crypto might try to flip the $0.8770 resistance into support. A 4-hour candle close above this price point could then give the Jupiter price the foundation needed to rise to $0.9499.
Technicals Warn The Jupiter Price Might Keep Falling
From a technical standpoint, indicators on JUP’s 4-hour chart suggest the crypto might continue falling in the next few hours. More specifically, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators on the 4-hour chart show that bears are still in control of the Jupiter price.
Over the past 48 hours, RSI readings have plunged from the low 70s to 30. Traders often interpret declining RSI values as an indication of dwindling buyer strength. Although the RSI has started to level off in the last couple of hours, the negative slope of the RSI line warns that sellers might continue to accumulate strength against sellers and force JUP’s price down.
The MACD line is also positioned below the MACD Signal line, an alignment that suggests the Jupiter price is currently in a negative trend. Recently, the MACD Histogram, which shows the gap between the MACD and MACD Signal lines, has started to level off. However, traders might want to wait for the MACD Histogram to turn more positive before entering into a long position.
As the Jupiter price remains at the mercy of sellers, the presale for new Solana layer-2 meme coin Solaxy (SOLX) is closing on $22 million. According to 99Bitcoins, a popular crypto YouTube channel with over 725K subscribers, SOLX has the potential to surge 100X at launch.
The First Layer-2 Scaling Project Focused On Solana
Solaxy is a new layer-2 scaling project, and is the first project of its kind to focus on the lightning-quick Solana mainnet. Over the last few months, an investor frenzy has erupted around SOL-based meme coins, which has led to overwhelming traffic and high levels of congestion on the Solana layer-1 blockchain.
If something does not change soon, Solana stands the risk of suffering another outage if the hype around meme coins persists. This is where Solaxy, with its native sidechain and scaling technologies, comes in.
Similar to how Arbitrum and Optimism run in parallel to the Ethereum network and help it scale, Solaxy will provide the Solana blockchain with some much-needed additional computational resources.
The project will use rollups to process SOL transactions off of the Solana mainnet, bundle the transactions and then submit the batches of transactions to the Solana layer-1 for final validation. This is a scaling approach that has already been proven successful by Arbitrum and Optimism within the Ethereum ecosystem.
By taking over a chunk of Solana’s transaction workload, Solaxy will free up space on the popular layer-1 network. This will not only reduce congestion levels, but will also increase processing speeds as well as slash network fees on the Solana chain.
What sets Solaxy apart from other layer-2 projects is its mission to bridge Solana with Ethereum. This connection will lead to the creation of a super Web3 ecosystem that combines the strengths of two of the most prominent blockchains currently in the market. Solaxy’s SOLX will likely then become a primary transaction layer between the two blockchain powerhouses.
Investors Bet Big On SOLX’s Future
Solaxy has already managed to raise over $21.9 million through its presale, signaling strong investor confidence in the project’s future.
Interested investors that want to position themselves ahead of the project’s public market debut can acquire some SOLX tokens through the simple buy widget embedded on the project’s website. Selling for $0.001638, SOLX can be bought with either crypto or bank card. Investors can also stake SOLX during its ICO stage for a 185% APY.
Buy SOLX here before a presale price hike in 17 hours.
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