Solana’s is going through a rough patch right now.
The SOL token has taken another hit, falling 5% in the past 24 hours to $190.
But there’s still one bright spot in the Solana ecosystem.
Solaxy, a new Layer-2 project, is generating serious buzz – with the project’s ICO pulling in over $9 million from early investors.
Solana Price Plummets – Is This the Start of a Deeper Correction?
Solana’s price has plummeted 15% since Monday, wiping out all the gains from the weekend’s rally.
SOL is now back where it was last Wednesday.
To make matters worse, the token closed below its 50-day exponential moving average (EMA).
And it looks like it’s heading for its third straight day in the red – something it hasn’t done since late November.
Things aren’t much better when looking at SOL’s stats.
Spot trading volumes have tanked 28% during this recent downturn, while open interest in SOL derivatives has also dipped.
This dip suggests traders may be taking a more cautious approach to Solana.
Taken together, the technical weakness and the drop in trading activity point to growing pessimism around the network and its native token.
Still, some traders believe this dip is just a natural correction.
After all, Solana had a strong start to the year, rallying in the first week of January and passing the $220 mark.
Crypto Market Sells Off as Bitcoin, Ethereum, & XRP All Fall
It’s not just Solana feeling the heat – the entire crypto market is going through a tricky period.
Bitcoin has slid almost 3% to $93,400, taking most major cryptocurrencies down with it.
Over the last 24 hours, the total crypto market has lost billions, dropping 2%.
Few tokens have escaped the sell-off.
Looking at the top altcoins, ETH, XRP and DOGE took big hits – only SUI has managed to post a small gain.
This market-wide dip seems to be linked to some gloomy economic data.
Recent employment figures and other indicators have investors rethinking their predictions about potential interest rate cuts this year.
This change in sentiment has hit the markets hard – and crypto is feeling the worst of it.
With both retail and institutional traders getting more cautious, it’s understandable that tokens like SOL are experiencing a sell-off.
But will this bearishness last?
Alex Kruger, a popular crypto analyst, believes many traders are “exhausted,” so the market could remain choppy for some time.
New Layer-2 Project Solaxy Raises $9.3M – Is This the Next Big Thing in the Solana Ecosystem?
Even with Solana struggling, a new Layer-2 project called Solaxy is gaining traction.
This project has now raised $9.3 million in ICO funding.
Early investors are scrambling to acquire SOLX tokens for $0.001594 before the price increases in the next phase.
But why all the excitement around this new cryptocurrency?
It’s all to do with Solaxy’s aim to tackle Solana’s ongoing congestion problems.
Solaxy does this through some innovative features, like transaction bundling and off-chain processing.
The result is a boost to Solana’s efficiency without affecting its speed.
According to the project’s whitepaper, Solaxy will launch on Ethereum first, even though it’s designed to work with Solana.
That’s because the team is building a bridge between the two blockchain networks.
Solaxy’s momentum is building fast.
Each ICO stage is selling out faster than the last, and several well-known crypto commentators have started to take notice of the project.
For example, Solaxy was recently featured in a video from NASS CRYPTO, who has over one million subscribers on YouTube.
Even top-tier crypto publications like Cointelegraph have mentioned Solaxy in articles.
So, while the broader market looks shaky, Solaxy’s ICO success shows that investors are still interested in projects that solve real problems.
It’s definitely one many will be watching in the coming weeks.
Visit Solaxy ICO
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