SolarX Price Soars 83% In a Week as Analysts Predict a Strong Rally – Is $0.1 Within The Reach?

Highlights:

• SolarX price pumps 83% in a week as trading volume explodes.
• SolarX introduces the world’s first eco-friendly cryptocurrency miner powered by solar energy. 
• Crypto enthusiasts say that SXCH is showing serious strength and is ready for another rally. 

SolarX price has soared 2% today, with SXCH/USD trading at $0.033. Its daily trading volume has exploded by over 819%, hitting $3.50 million, and its market cap has spiked to $1.86 million. This signals increased interest in the token as investor confidence bolsters. SXCH is now up 83% in a week and 220% in a month but down 72% in a year.

SolarX introduces the world’s first eco-friendly cryptocurrency miner powered by solar energy. Unlike traditional mining projects with high energy demands and environmental impact, SolarX uses renewable energy, making it a unique and sustainable option. At the heart of SolarX’s ecosystem is SXCH, the native token on its Layer 1 blockchain. Built as an ERC20/EVM-compatible fork from Ethereum, SXCH powers various applications on the SolarX platform. 

Meanwhile, a crypto enthusiast says via X that SXCH is showing serious strength and looks ready for another rally. 

$SXCH is showing serious strength and looks ready for another rally!

The team’s building on the SolarX mining app, and more devices are coming online every day.

This could go mainstream soon in the coming days. Grab some before everyone else does. https://t.co/dK9pnyGnEe pic.twitter.com/C2PwghA0Nl

— Crypto Zeinab (@CryptoZeinab) November 29, 2024

SolarX Statistical Data

Based on CoinmarketCap data:

• SXCH price now – $0.033
• Trading volume (24h) – $3.50 million
• Market cap – $1.86 million
• Total supply – 399.83 million
• Circulating supply – 54.97 million
• SXCH ranking – #1776

SolarX Price Pushes Into a Consolidation Phase

The SolarX price trades sideways today, oscillating between $0.029 and $0.041, pushing the token into a consolidation phase. This period may act as an accumulation phase, which may soon see the bulls initiate a strong upward leg.

The 50-day MA at $0.02 and the 200-day MA at $0.022 provide dynamic support in the market, reinforcing the bullish outlook. The Golden Cross in the market also cements the bullish grip, tilting the odds in favour of the bulls. 

On the other hand, the RSI sits at 51.88, suggesting some equilibrium prospects. This signals that the bulls and the bears are in a fierce tug-of-war, neither giving in. However, increased pressure in either direction would determine the movement of the SolarX price. In the meantime, the odds tend to lean towards the upside.

The Moving Average Convergence Divergence (MACD) introduces a bearish outlook, manifested by the MACD indicator crossing below the orange signal line. This suggests that the selling pressure exceeds the buying pressure, giving the bears the upper hand. The falling momentum also heads towards the negative territory, with the red histograms increasing in size. Traders are inclined to sell their SXCH tokens unless the MACD indicator changes.

SolarX Price Forecast

Based on the 4-hour chart outlook above, the SolarX price throws mixed reactions in the market. However, if the support levels at $0.022 and $0.027 hold, the bulls could rally, obliterating the $0.041 mark. In a highly bullish case, the SolarX price could reach $0.1. 

Conversely, if the bears capitalize on the falling MACD and the sell signal from the indicator, the price could plunge. The bears might chase the $0.027 support level in such a case.