After the market-wide downturn this week, most cryptocurrencies have seen months of gains erased, with Bitcoin (BTC) falling to $82,000 yesterday and Solana (SOL) dropping below the $150 mark for the first time since November 2024.
With $700 billion erased from the crypto market cap over the past 30 days, many investors are turning away from established coins and focusing on tokens that are still in their presale phase. Thanks to increasing investor attention, the Solaxy (SOLX) presale has now hit the $25 million mark.
The project revolves around the upcoming Solaxy Layer 2 blockchain for Solana, which aims to help Solana’s mainnet deal with its congestion issues by improving its transaction speeds. As SOL shows the potential to recover, Solaxy could be entering the market at a perfect moment, leaving investors with limited time to secure their share of SOLX at a lower entry point.
With Chain Metrics in Freefall, Solana Edges Closer to Breaking Key Support Levels
Solana entered 2025 with a bang, reaching an all-time high (ATH) of $294.33 on January 19th, recording on-chain volumes of over $97 billion throughout late January. However, the chain saw a constant decline since, dropping to $19 billion volume last week, according to DefiLlama data.
Additionally, Solana reached a record Total Value Locked (TVL) of $12.19 billion in the same period, which dropped to $7.4 billion since.
While Solana’s ecosystem thrived following the launch of Official Trump (TRUMP) in the second half of January, the launch of Libra (LIBRA) had the opposite effect.
Libra entered the market in February and quickly reached a market cap of over $4 billion, which was wiped from the market in what some experts believe was the “biggest rug pull in history.”
Javier Milei just DESTROYED the memecoin market:
Hours ago, Argentinian President Milei launched a memecoin, $LIBRA, for “the growth of their economy.”
Within 5 hours, over -$4.4 BILLION of market cap was erased.
Is this the biggest rug pull in history?
(a thread) pic.twitter.com/t4T69r851d
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Following the scandal surrounding LIBRA, Solana-based meme coins, which were valued at $25 billion in January, saw a steep decline that led to their total market cap of $8.5 billion today.
With the Fear and Greed Index currently at 20, signaling the market is in extreme fear territory, and Solana’s rapid decline over the past two months, investors are reducing their participation in Solana’s ecosystem.
This loss of momentum is now spilling over into SOL’s price action, putting the token under threat of further downward pressure, which could intensify if it can’t pass resistance at $150.
SOL Could Rally Over the Upcoming Months Reaching $300 by 2026
Today, SOL is priced at $147, following a 25% drop over the past 30 days. However, with its Relative Strength Index (RSI) recently indicating that it was oversold, it stands a chance to make short-term gains that could propel it to recover.
Plus, its long/short ratio of 3.54 over the past 24 hours shows that most traders are confident in its potential to rebound, with just 22% of the traders shorting the token.
Although crypto expert Meta Gorgonite believes SOL will continue dropping to the $125 mark, he expects the token to find support and start rebounding.
Personally think $SOL will bottom out at $125 for this cycle.
For me that’s the exact turning point and its higher from there anything lower than that and I’m out. pic.twitter.com/48xhGEB4ax
— Meta Gorgonite (@MetaGorgonite) February 25, 2025
The expert believes SOL’s rally to $300 will begin in mid-March, anticipating a soar to $200 by the end of May. Sheldon the Sniper, a crypto analyst, has a similar view, expecting SOL to reach $300 by 2026 if it manages to stay above $111 during the dip.
Solana’s expected upward movement in mid-March would perfectly coincide with Solaxy’s first DEX listings, as the token could launch on March 15th, according to Coinsniper data.
Solaxy Raises Over $25M for First Solana Layer-2
Currently, Solaxy costs $0.001654 each, but the ICO’s dynamic pricing model will see its per-token price reach $0.00169 by the end of the presale, with the next price increase scheduled for later this week.
Investors can purchase the token using ETH, SOL, USDT, or a credit or debit card via the presale website. Alternatively, the token is available via Best Wallet’s Upcoming Tokens section, which lets you pay using BNB.
Launched in early December, Solaxy already amassed a significant following of over 79,000 supporters across X (Twitter) and Telegram, as 15% of its total token supply fuels its marketing efforts.
Another 10% of the supply is reserved for liquidity, reducing the risk of a rug pull and lowering slippage. Plus, the project’s smart contract has been audited by Coinsult, which found no issues in its code.
Meme coin expert Austin Hilton believes SOLX’s ambitious goal to improve Solana’s scalability could help it explode on launch, as Solana could see increased investor activity once it starts rebounding.
The expert highlighted that investors can maximize their investment by staking SOLX, as the project currently offers a generous 164% staking APY. He urges his audience to enter the presale while the per-token price is low and the staking rewards high, as the APY will diminish as more tokens are staked.
