The Libra price plunged 77% in the past 24 hours and was trading at $0.01891 as of 11:30 a.m. ET, with trading volume increasing 70% to $1.59 billion.
The LIBRA coin, which initially gained endorsement in a now-deleted tweet from Argentine President Javier Milei and quickly gained momentum after its launch, was purportedly launched to help the country’s economic growth and fund small businesses.
But when it collapsed, Milley withdrew his support, prompting accusations of a “rug pull” on social media.
Javier Mile just destroyed the memecoin market:
Hours ago, Argentine President Milley launched a memecoin, $LIBRA, designed to “boost their economic growth.”
In 5 hours, more than $4.4 billion in market value was wiped out.
Is this the biggest rug pulling in history?
(A discussion) pic.twitter.com/t4T69r851d
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Libra price experienced extreme volatility, crashing after a sharp breakout
LIBRA/USD has experienced a dramatic price surge and collapse in a short period of time, highlighting the extreme volatility of the market. The price initially surged above $4.00, driven by strong buying momentum and possible speculative trading.
However, the breakout was short-lived as a wave of liquidations emerged, quickly reversing the gains, leading to an intense sell-off. The price plummeted, erasing nearly all of the gains, and is now trading around $0.1620, a level that appears to be acting as an important support level.
Mass liquidations lead to sudden price crashes
A rapid increase in price could be due to traders trying to take advantage of a bullish breakout, which could be due to a news event, an injection of liquidity, or speculative interest.
However, as prices rose, over-leveraged positions may have triggered forced liquidations, creating a cascading effect of selling pressure. Due to limited buy orders at higher levels, prices collapsed almost at the same speed as they rose, reflecting the unstable market structure and lack of liquidity.
Currently, the price has stabilized around $0.1620 with a low of $0.1562 marking an important support zone. This area is crucial for the short-term outlook. If the support holds, it may attract buyers who want to enter at oversold levels and reverse the trend. However, if the support fails, the price may continue to move downwards in search of new liquidity areas.
LIBRAUSD analysis source: Dextools.io
Despite the sharp decline, technical indicators suggest that recovery may be in sight. The MACD (Moving Average Convergence Divergence) is at -0.5159, reflecting continued bearish momentum. However, if the MACD line starts to curve upwards, it could indicate a trend reversal. More importantly, the Relative Strength Index (RSI) is at 15.83, deep in oversold territory. An RSI below 30 suggests that the asset is undervalued and could bounce back, which means traders may start buying in anticipation of a price recovery.
What is the future direction of LIBRA?
With such extreme volatility, traders should remain cautious as price action is highly unpredictable. If the $0.16 support level holds, LIBRA/USD could bounce back and retake the key resistance level. However, if this level fails, the potential for further downside exists, which could drag prices lower before finding stable support.
Traders should watch for any buying pressure or fundamental catalysts that could drive the next major move. Given the recent wild price swings, LIBRA/USD is likely to remain highly volatile in the near term.
Solana Layer-2 Presale Surpasses $21 Million – The Next Big Coin?
As the price of Libra continues to fall, Solana’s Layer-2 meme coin Solaxy (SOLX) continues to rise in its presale, surpassing the $21 million mark.
The project comes at a time when the Solana network is facing high congestion due to rising demand for the SOL-based meme coin. This has severely impacted the mainnet and put its Layer-1 at risk of delays and potential failures.
The benefits of Solaxy are really touching...$SOLX is gaining momentum! pic.twitter.com/yqIjimnys9
— SOLAXY HELP TEAM (@SOLAXYTOKEN_HT) February 7, 2025
Through its Layer-2 sidechain, Solaxy will reduce this burden by processing transactions off-chain, packaging them, and then submitting them to Solana's Layer-1 for verification. This approach improves network efficiency, reduces transaction fees, and increases throughput, making Solaxy a promising scaling solution for Solana.
An analyst from 99Bitcoins has predicted that the SOLX token could skyrocket 100x when it launches.
Investors seeking passive crypto rewards can also join Solaxy’s pre-sale staking program, offering annual returns of up to 196%.
Currently, SOLX is priced at $0.001636 and can be purchased using cryptocurrencies or bank cards through the purchase widget on the project’s website.
Those looking to get SOLX tokens at the lowest presale price should act quickly as the price will increase in a little over a day.
Buy SOLX tokens here.
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