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Andy Watson
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The Solana ecosystem is taking a beating, with most assets facing significant selling pressure. The SOL SOL $129.7 24h volatility: 0.3% Market cap: $66.81 B Vol. 24h: $3.89 B price fell below $150 as well and is poised to test the $117 support level.
However, smart money investors continue to bet on projects with long-term viability.
Solaxy (SOLX), the first prominent Solana layer-2 coin, has now raised $23 million in its presale and is adding a million every 5 days.
The project’s high upside potential, in-demand use cases and secondary review streams have resulted in strong demand from whales and retailers alike, making it one of the best cryptos to buy now.
Many early presale buyers are eyeing up to 50x returns from their investments.
Solana Price Dips, but Solaxy Remains in Demand
The Solana price continues its slow bleed towards $117. It is now down over 40% over the past month and momentarily fell below $150 on Monday.
Prominent crypto analyst Bluntz projects that SOL will eventually fall to $117 before seeing any sustained rally.
Most SOL-themed coins and meme tokens are also facing significant selling pressure. Official Trump, Donald Trump’s meme coin, finally fell below the $15 support level today. Fartcoin, AI16Z and WIF are down by double digits.
However, being in its presale, Solaxy is immune to the broader market bearishness. It continues to be in high demand and has raised over $23.3 million behind strong whale and retail interest.
Indeed, whales have been stacking $SOLX during its ICO. Just last month, a deep-pocketed investor purchased over $400k worth of Solaxy in 5 separate transactions.
Solaxy – the First Prominent Solana Layer-2 Coin
Solana has branded itself as a highly scalable blockchain. Its low trading costs and instant transaction finality have made it the hub for meme coins.
However, it has faced significant network congestion issues during periods of heavy traffic. Nearly 75% of non-vote SOL transactions were failing during last year’s meme coin mania. Despite blockchain upgrades then, the issue cropped up once again following Donald Trump’s meme coin launch.
While the idea of a Solana layer-2 was unnecessary in the past, it has now become a necessity. Solaxy, therefore, fills a gaping demand, which explains the strong demand for its native token.
Solaxy uses roll-up architecture, powered by zero-knowledge proofs to improve Solana’s scalability and network throughput. It is designed to bundle SOL transactions in batches, execute them off-chain and publish the state change on the mainnet.
As per the latest dev updates, the layer-2 chain is extremely close to going live. The state transition function and sequencer implementation are done, as is the integration with Celestia for data availability.
Solaxy’s zkVM – zero knowledge Virtual Machine – has also been integrated with the Solana Virtual Machine.
Solaxy is also partnering with Hyperlane to create a secure bridge between the Ethereum and Solana layer-1s, designed to offer the best of both ecosystems to users. The Solaxy ecosystem will be made increasingly interoperable as more and more chains are added to the bridge.
The Layer-2 chain is now in its testing phase and is expected to roll out soon.
With $SOLX at the core of such an ambitious project, it is no surprise that analysts consider it heavily undervalued and are calling it the best crypto to buy within the Solana ecosystem.
Is SOLX the Best Crypto to Buy in the Solana Ecosystem?
Despite its stellar presale performance, Solaxy is still a low-cap crypto asset. Experts believe that it is significantly undervalued, considering the billion-dollar valuations of Ethereum Layer-2s.
After all, experts believe the top isn’t in yet for Solana, despite the steep decline over the past month. Moreover, it will continue to remain a hub for meme coins and is expected to face significant network congestion.
In this regard, Solaxy is being viewed as a game-changer. Unsurprisingly, SOLX is being viewed as one of the best cryptos to buy within the Solana ecosystem.
Many of the early presale buyers are eyeing up to 100x returns from it. However, analysts believe it could still deliver up to 10x returns for investors buying SOLX today.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
