Should You Buy Solana? SOL Pumps 45% as Solaxy Raises $12M
Solana ($SOL) has been a big beneficiary, reaching an all-time high (ATH) on Sunday and rising over 45% in a week.
Donald Trump has kickstarted a new bull run on the Solana blockchain by launching OFFICIAL TRUMP ($TRUMP).
The positive momentum has also spread to new project Solaxy, which is building the first Solana Layer-2 solution.
Trump Family Tokens Bullish For Solana
According to analysts, Donald Trump’s decision to launch his meme coin on Solana is significantly bullish for the ecosystem, underlining its improved transactional capabilities and active user base compared to other chains.
Due to Trump’s high-profile status, his OFFICIAL TRUMP token launch made headlines in leading media outlets worldwide.
This, coupled with the timing of his inauguration just days after, has culminated into the significant adoption of the Solana blockchain.
Data from The Block shows a 6x increase in active users on the Solana blockchain from five days before to the day OFFICIAL TRUMP launched.oh interesting, $trump just onboarded all retail participants in one move to the solana blockchain
— Witius Maximus 🤠 𝕏 (@sumfattytuna) January 18, 2025
yeah, moon that.
Then, with the addition of Melania Meme ($MELANIA), created by Melania Trump, the network is now seeing record transactional activity, over 2x more than the previous high set in 2024.
With on-chain activity at a fever pitch, it makes sense that the price of $SOL could soar in the coming weeks. But what do the charts say?Solana DEX volumes are not just at an ATH — they have shattered the previous ATHs by over 2x
— mert | helius.dev (@0xMert_) January 19, 2025
and not just a Solana record, but the highest DEX volumes for any chain
has even surpassed some tradfi stock exchanges
the financial system is moving onchain before our eyes, pretty… pic.twitter.com/QSBaGcMBbz
Trader Spots $SOL Breakout Pattern
Prominent analyst TraderSZ suggests Solana is primed for further gains ahead.
After breaking its ATH on Sunday, $SOL now trades at $271. Earlier today, it retested the previous ATH set in 2021.
According to TraderSZ’s price chart, this merely marks a cooling off and redistribution phase ahead of the next leg, which will catapult $SOL to highs of $389.
Given that $SOL is currently trading within a 10% range of its 2021 ATH, it would not be unreasonable to expect a large upswing in the coming days, buoyed by the momentum of entering price discovery.
But while $SOL looks bullish, the network showed cracks amidst the recent surge in activity. Reports swept X of traders who could not make transactions, causing some to make big losses.$SOL pic.twitter.com/RUZr4YPovQ
— TraderSZ (@trader1sz) January 20, 2025
Phantom Wallet acknowledged this and said it was dealing with 8 million requests per minute, but it has since notified its audience that the situation is under control.
Nevertheless, this underlines Solana’s pressing congestion issue, which is why its first layer 2 blockchain, Solaxy, could be a better buy right now.Transactions are landing much smoother now and all systems should be back to normal.
— Phantom (@phantom) January 20, 2025
Despite all the challenges, our users swapped over $1.25B in volume and made 10M transactions today.
Huge thanks to the @0xMert_/@heliuslabs and @ethanyish/@AlliumLabs teams for helping us…
Solaxy is the Solana L2 Token Tipped for 100x Gains
Solaxy is the first-ever Solana layer 2 blockchain, tackling the network’s congestion issue, which it has faced for years.
The new layer 2 chain will process transactions in bundles rather than individually, which makes it more scalable. As such, transacting on Solaxy will be cheaper, faster, and more reliable.
Implementing a scalability solution is crucial for Solana’s continued growth – so the timing of Solaxy’s launch is perfect.
https://twitter.com/$SOLAXYTOKEN/status/1881002480563085408
The project is currently undergoing a presale, meaning investors can buy from the ground up. It has raised $12 million so far, showing strong demand among traders.
Investors can buy $SOLX for $0.001606, but this price will rise throughout the ICO. The next increase will occur in one day.
In addition to the incremental presale price increases, analysts believe a massive price hike will occur when $SOLX lists on exchanges, with demand toppling supply.
As to how far it could go, analyst Crypto June suggests that it could 100x in price.
While that may seem ambitious, the new liquidity drawn into the Solana ecosystem by tokens such as $TRUMP and $MELANIA means it should not be ruled out.
Prospective investors can buy $SOLX from the project’s presale website.
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