- Solstice introduced SLX staking and stSLX, offering a 20% base APY backed by Treasury.
- The price of SLX is witnessing a short-term recovery in forming a bullish pattern on the daily charts.
- The traditional toxic level shows $0.261 and $0.3 as resistance for SLX, while potential support is $0.190 and $0.157.
SLX, Solstice’s supporting token, has risen nearly 15% ahead of Wednesday’s US market hours to trade at $0.221. The main contributor to this increase is the recent establishment of the token and simultaneous listings on major crypto exchanges. The value of money increased significantly, as the system downloaded this new tool, allowing users to deposit SLX tokens and receive stSLX, and offering a starting yield of 20% APY.
Solstice Increases SLX Utility with stSLX Staking at 20% Base APY
Solstice is Solana-native DeFi protocol which functions as an On-chain Yield Layer. It makes complex production processes easier to understand and accessible to retailers and organizations, and it also provides team productivity.
Its main features include USX, a fully developed stablecoin supported 1:1 by USD/USDT with Chainlink’s real-time proof of value, and YieldVault, which offers independent delta-free solutions. USX is used as the settlement token, and users’ deposits are converted into a secure managed environment with YieldVault.
On May 25, the protocol launched its authority with the necessary token SLX on major platforms, including Bitget and Kraken, as well as logging in. Binance Alpha and the new MEXC zone. However, the Solstice team has seen a strong return from the community due to its sales and consistent pricing.
The Solstice Foundation has categorically denied the claims related to this, explaining that the wallet in question belongs to a legitimate market maker who cares about money and price stability. That said, the protocol grew rapidly and recently exceeded $500 million in TVL.
Recently to announceSolistice also launched its main SLX tool, where users can stake the stSLX token, receiving an initial reward of 20% per year from the project’s database.
This incentive plan is expected to strengthen SLX by promoting long-term performance, reducing inventory and sales, while increasing token demand and demand through basic benefits such as floor access, instant discounts, credit features, and future controls.
If this feature becomes popular among users, more SLX tokens will be locked in the vault, removing the pressure to sell on the open market.
Rising Wedge Drives Temporary Recovery at Solstice Price
Since its inception on May 25, Solstice has been trading at around $0.2 on the psychic level. This instability is a high quality post-TGE as the token is still pending between the first sellers who get it through the airdrop and the new buyers from the new exchange list.
An in-depth analysis of the hourly chart can reveal potential short-term trends for the SLX price. As shown in the chart below, the price of the kobiri is diverging between the two trend lines of the rising trend.
These two methods act as resistance and support for the Solstice SLX13.26% money, driving slowly but steadily. After the initial volatility is over, the altcoin may test the price drop on either side of the wedge.
A possible breakout from the resistance movement at $0.24 could accelerate the buying pressure and put the price recovery at $0.261, followed by $0.3.
In fact, if the sellers are forced to break below the price below $0.21, the price of the currency may look for the next support at $0.190 and $0.157.
