Solaxy Price Stalls Below 50 EMA as RSI Reflects Market Indecision
Solaxy, a Solana-based Layer-2 protocol, aims to boost transaction speeds above 10,000 TPS using rollups and zero-knowledge proofs. It offers a testnet, block explorer, Ethereum bridge and supports EVM-compatible dApps.
Core products include the Neptoon DEX and Igniter token-creation tool. Despite a Coinsult audit finding no vulnerabilities, the project faces transparency concerns after phishing scams on a fake airdrop site and unclear legal structure.
Technically, Solaxy trades under its 50-period exponential moving average (EMA) at $0.0003985 on the 4h chart, closing at $0.0003742. The Relative Strength Index (RSI) sits at 49.99, indicating neutral momentum and market indecision. Volume spikes remain weak on rallies, reinforcing the downtrend.
Traders should watch for a decisive break above the 50 EMA and RSI moving over 50 to signal a potential trend reversal.
Bearish
The article highlights Solaxy’s ongoing technical weakness with the token trading below its 50 EMA on the 4-hour chart and a neutral RSI near 50, suggesting a lack of bullish momentum. Historical patterns show that assets failing to reclaim EMA barriers often continue downtrends, as seen with other Layer-2 tokens after initial peaks. Weak volume on upward moves reinforces seller dominance. Despite the neutral RSI indicating possible stabilization, the absence of bullish divergence or significant buying interest points to continued pressure. In the short term, traders may see marginal bounces, but persistent resistance at $0.0003985 could trigger further declines. Long term, unless Solaxy breaks above the 50 EMA and sustains higher RSI readings, the bearish bias is likely to persist.