Solana Layer-2 ‘Solaxy’ is About to Smash $30 Million in Presale, Hinting at a SOL Comeback
The post Solana Layer-2 ‘Solaxy’ is About to Smash $30 Million in Presale, Hinting at a SOL Comeback appeared on BitcoinEthereumNews.com.
The ongoing market crash has taken most heavyweights with it, and Solana is no exception. SOL is undergoing a significant price decline, dropping below the $100 mark to reach a 14-month low. It has recorded a 20% fall on the monthly chart, raising concerns among investors and analysts alike. Technical Indicators Point to Oversold Conditions Solana’s Relative Strength Index (RSI) has entered the oversold territory. It suggests that SOL might be undervalued at current levels. Across various time frames, SOL demonstrates strong sell signals across various time frames, painting a bearish outlook. The SOL price is likely to dip below $100 again before finding stability as the broader market regains its foothold. Although most of the market is in a sea of red, Solana’s heavy reliance on meme coin activity has made its ecosystem susceptible to volatility. With the initial enthusiasm for Solana meme coins diminishing, the project is struggling to maintain its momentum. A decrease in developer engagement due to a lack of scalability compounds these challenges. That has resulted in frequent network congestion and a significant decrease in decentralized exchange (DEX) trading volumes. The prevailing negative sentiment in the market is obvious, yet a share of the SOL investor base remains resilient. They’re holding their positions, anticipating a market recovery, especially as Solana-based projects like Solaxy gain traction. While Solana’s recent price action reflects broader market volatility, Solaxy’s red-hot presale signals a comeback. The project is on its way to smash the $30 million milestone, despite the market downturn. A Layer-2 Solution for Solana Solaxy brings an innovative approach to solving Solana’s network. The Layer-2 solution sets out to improve transaction speeds and reduce costs, and the vision has resonated with the audience, as the presale numbers show. It highlights strong interest and confidence from the investor…
Filed under: News - @ April 13, 2025 6:29 pm