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The Brett price plummeted more than 8% in the last 24 hours to trade at $0.116 as of 10:03 a.m. EST as investors dump their holdings in the Base meme coin on the market.
The 24-hour loss suffered by the BRETT price pushed the crypto’s weekly performance deeper into the red zone. As a result, the meme coin is down more than 12% over the last 7 days.
Brett Price Approaching A Key Support
4-hour chart for BRETT/USD (Source: GeckoTerminal)
The Brett price has collapsed toward the support at $0.1123 in the last 24 hours, according to GeckoTerminal data. Should it break below this technical safety net in the coming 12 hours, the meme coin might stand the risk of plunging all the way down to $0.0898.
Conversely, BRETT maintaining a position above the $0.1123 support for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the crypto might begin to climb up to the closest resistance level at $0.1355. The Brett price has already tried to break above this barrier in the last 48 hours, but bears were able to defend the mark.
Nevertheless, the Brett price closing a 4-hour candle above $0.1355 could give the meme coin the foundation needed to rise to as high as $0.1632.
Bears Still Seem To Be In Control Of The Brett Price
From a technical standpoint, indicators on BRETT’s 4-hour chart warn the crypto’s price might keep dropping in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.
RSI readings have plummeted from above 60 to the low 30s over the last 48 hours, signaling strong seller strength. With the current negative slope of the RSI line, it seems bears have no intention of easing their pressure on the Brett price any time soon.
Along with the overwhelming seller strength, momentum is also working against bulls, as evidenced by the MACD line’s positioning below the MACD Signal line on the 4-hour chart. Recently, the former started to break below the latter as well, which could indicate that BRETT’s bearish momentum is starting to pick up steam.
Traders might be losing interest in BRETT, but the same cannot be said for a new Solana layer-2 meme coin by the name of Solaxy (SOLX). Recently, the project’s presale surpassed $7.1 million.
The heightened buying activity around Solaxy comes amid a series of bullish predictions by multiple crypto experts. Among them is an analyst from the prominent 99Bitcoins YouTube channel, with over 719K subscribers, who said that Solaxy could surge 100X after its official launch.
The First Solana Scaling Solution To Hit The Market
Solaxy is a pioneer in the fact that it is the first project that aims to scale the Solana network, which has recently come under computational stress due to the latest meme coin hype. With a meme coin super cycle predicted to take place next year, Solana will need all the help it can get.
Solaxy, with its native layer-2 chain, will alleviate the transaction processing workload meme coins are forcing on the Solana network. Not only will this open up some computing space for new tokens to be deployed on Solana, it will also increase the blockchain’s overall transaction throughout while simultaneously slashing network fees.
While the project’s initial focus will be to scale Solana, Solaxy’s potential extends far beyond just another Solana project. Its native SOLX token resides on Ethereum as well. This positions the project to become a gateway of sorts to a new and improved Web3 ecosystem that combines Ethereum’s robust infrastructure with Solana’s lightning speeds and low fees.
SOLX could therefore become the value transfer layer between two of the biggest blockchain networks in the crypto space.
High Staking Rewards Pull Investors In
Solaxy’s presale is off to a strong start as investors bet big on the project’s future. The buying frenzy that has seen the project raise over $7.1 million so far is likely to continue given the lucrative staking opportunity on offer to presale investors. Anyone who buys and stakes SOLX now will unlock a 537% APY.
To get in on these rewards, investors will first need to purchase the crypto through the simple buy widget embedded on the project’s website. Selling for $0.001586, SOLX can be bought using either ETH, USDT, BNB or bank card.
Once acquired, investors then need to navigate to the staking page on the website and lock up their tokens to start earning the passive rewards.
Purchase and stake SOLX here for the 537% APY.
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