After the market-wide downturn this week, most cryptocurrencies have seen months of good points erased, with Bitcoin (BTC) falling to $82,000 yesterday and Solana (SOL) dropping beneath the $150 mark for the primary time since November 2024.
With $700 billion erased from the crypto market cap over the previous 30 days, many buyers are turning away from established cash and specializing in tokens which are nonetheless of their presale part. Due to rising investor consideration, the Solaxy (SOLX) presale has now hit the $25 million mark.
The challenge revolves across the upcoming Solaxy Layer 2 blockchain for Solana, which goals to assist Solana’s mainnet cope with its congestion points by enhancing its transaction speeds. As SOL exhibits the potential to get better, Solaxy may very well be getting into the market at an ideal second, leaving buyers with restricted time to safe their share of SOLX at a decrease entry level.
With Chain Metrics in Freefall, Solana Edges Nearer to Breaking Key Help Ranges
Solana entered 2025 with a bang, reaching an all-time excessive (ATH) of $294.33 on January nineteenth, recording on-chain volumes of over $97 billion all through late January. Nonetheless, the chain noticed a continuing decline since, dropping to $19 billion quantity final week, in keeping with DefiLlama knowledge.
Moreover, Solana reached a file Whole Worth Locked (TVL) of $12.19 billion in the identical interval, which dropped to $7.4 billion since.
Whereas Solana’s ecosystem thrived following the launch of Official Trump (TRUMP) within the second half of January, the launch of Libra (LIBRA) had the other impact.
Libra entered the market in February and shortly reached a market cap of over $4 billion, which was wiped from the market in what some specialists imagine was the “largest rug pull in historical past.”
Javier Milei simply DESTROYED the memecoin market:
Hours in the past, Argentinian President Milei launched a memecoin, $LIBRA, for “the expansion of their economic system.”
Inside 5 hours, over -$4.4 BILLION of market cap was erased.
Is that this the largest rug pull in historical past?
(a thread) pic.twitter.com/t4T69r851d
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Following the scandal surrounding LIBRA, Solana-based meme cash, which had been valued at $25 billion in January, noticed a steep decline that led to their whole market cap of $8.5 billion right now.
With the Worry and Greed Index at present at 20, signaling the market is in excessive concern territory, and Solana’s speedy decline over the previous two months, buyers are lowering their participation in Solana’s ecosystem.
This lack of momentum is now spilling over into SOL’s worth motion, placing the token below menace of additional downward strain, which might intensify if it could’t move resistance at $150.
SOL May Rally Over the Upcoming Months Reaching $300 by 2026
Right now, SOL is priced at $147, following a 25% drop over the previous 30 days. Nonetheless, with its Relative Power Index (RSI) just lately indicating that it was oversold, it stands an opportunity to make short-term good points that would propel it to get better.
Plus, its lengthy/quick ratio of three.54 over the previous 24 hours exhibits that the majority merchants are assured in its potential to rebound, with simply 22% of the merchants shorting the token.
Though crypto professional Meta Gorgonite believes SOL will proceed dropping to the $125 mark, he expects the token to search out assist and begin rebounding.
Personally assume $SOL will backside out at $125 for this cycle.
For me that’s the precise turning level and its increased from there something decrease than that and I’m out. pic.twitter.com/48xhGEB4ax
— Meta Gorgonite (@MetaGorgonite) February 25, 2025
The professional believes SOL’s rally to $300 will start in mid-March, anticipating a soar to $200 by the top of Might. Sheldon the Sniper, a crypto analyst, has an identical view, anticipating SOL to succeed in $300 by 2026 if it manages to remain above $111 in the course of the dip.
Solana’s anticipated upward motion in mid-March would completely coincide with Solaxy’s first DEX listings, because the token might launch on March fifteenth, in keeping with Coinsniper knowledge.
Solaxy Raises Over $25M for First Solana Layer-2
At the moment, Solaxy prices $0.001654 every, however the ICO’s dynamic pricing mannequin will see its per-token worth attain $0.00169 by the top of the presale, with the following worth enhance scheduled for later this week.
Traders should buy the token utilizing ETH, SOL, USDT, or a credit score or debit card through the presale web site. Alternatively, the token is obtainable through Finest Pockets’s Upcoming Tokens part, which helps you to pay utilizing BNB.
Launched in early December, Solaxy already amassed a major following of over 79,000 supporters throughout X (Twitter) and Telegram, as 15% of its whole token provide fuels its advertising efforts.
One other 10% of the availability is reserved for liquidity, lowering the chance of a rug pull and reducing slippage. Plus, the challenge’s good contract has been audited by Coinsult, which discovered no points in its code.
Meme coin professional Austin Hilton believes SOLX’s bold purpose to enhance Solana’s scalability might assist it explode on launch, as Solana might see elevated investor exercise as soon as it begins rebounding.
The professional highlighted that buyers can maximize their funding by staking SOLX, because the challenge at present affords a beneficiant 164% staking APY. He urges his viewers to enter the presale whereas the per-token worth is low and the staking rewards excessive, because the APY will diminish as extra tokens are staked.
