Solana Price Drops 7% As Analysts Say This Layer 2 Might 100X

The Solana price plummeted 7% in the past 24 hours to trade at $160.89 as of 02:25 a.m. EST on trading volume that skyrocketed 60% to $3.2 billion.

This drop in the SOL price comes after ZachXBT disclosed that a specific entity was laundering money for the Bybit hack incident by issuing and trading meme coins on Pump.fun.

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

According to Wu Blockchain, the Bybit exploiter, identified by address 5STkQy…95T7Cq, transferred 60 SOL to 9Gu8v6…aAdqWS. This second address then launched a token called QinShihuang (500000), which traded over $26 million.

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

— Wu Blockchain (@WuBlockchain) February 23, 2025

Solana Price Bearish – Potential Reversal Or Further Decline?

The SOL price has recently been in a corrective phase after a strong bullish rally. Based on the visible Elliott Wave structure in the chart, SOL appears to be completing the fourth wave of a five-wave impulse pattern.

The Solana price is currently testing a critical support zone around $150–$160, where previous corrections have found stability, according to data from GeckoTerminal.

The support zone is aligned with the 200-day Simple Moving Average (SMA), reinforcing the likelihood of a potential bounce. Additionally, the pattern suggests a potential wave 5 upward movement if support holds. Moreover, the 50-day SMA, currently at $207.53, significantly above the Solana price, indicates that the recent downturn has broken below short-term trend support.

The Relative Strength Index (RSI) is at 31.10, approaching oversold territory (below 30), which often precedes a reversal. However, the RSI alone does not confirm a bounce, but it signals that bearish momentum might be losing strength.

SOL Price Prediction

If the price of SOL maintains support around $150–$160, it could initiate a wave 5 rally, targeting $250–$275 in the coming weeks. A reclaim of the 200-day SMA ($184.37) as support would be a strong bullish confirmation.

Conversely, if support fails, the Solana price could decline further, potentially testing $130 or lower before finding new demand.

Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.

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

Solana is best known for its high-speed and low-cost transactions, which has led to a massive meme coin frenzy over the past few years.

Due to this traction, Solana has often experienced network outages and transaction failures, the latest being during the TRUMP and MELANIA coin launches last month. These issues are a major headache for DeFi users, NFT enthusiasts, and meme coin traders.

The Solaxy crypto project is a layer-2 scaling solution developed for the Solana blockchain. It aims to enhance decentralized applications (dApps), reduce transaction speeds, slash network costs, and improve scalability. The SOLX token serves as the core of the ecosystem.

🚨 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

Investors are buying into this idea, with the project’s total presale raise already standing at over $23.2 million.

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 the project’s SOLX token a huge annual yield of 175%.

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001644 each using BNB, ETH, USDT, or a bank card.

Buy SOLX here before a price hike in less than 10 hours to secure the best deal.

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