Solana Experiences a 53% Increase Over 30 Days Amidst Altcoin Boom - Could Solaxy's $34.6 Million ICO Be the Instigating Factor?
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As Solana ($SOL) experienced a 21% surge in the last week, stirring altcoin season discussions, all eyes are on Solaxy ($SOLX). Following a record-breaking ICO that raised over $34.6 million, Solaxy might just be the driving force behind Solana's growth.
In the last month, Solana climbed a whopping 53%, trading around $176. This impressive rally has reignited talk on an incoming altcoin season, with Solana stealing the spotlight. However, the true catalyst for this upward trend hasn't fully materialized yet.
That catalyst is Solaxy, the first-ever Layer-2 built on Solana. With the funding it has already amassed, investors clearly see Solaxy as the long-awaited upgrade Solana needed, potentially resolving transaction failures, congestion, and reliability issues that held Solana back in the past.
As of now, $SOLX is trading at $0.001722, but this price won't last long, with the presale only operating for the next 32 hours. If the tokens sell out, the presale will end early. Post-presale, the only way to get in is through exchanges, likely at a higher price.
Solana is poised to drive the altcoin season. Solaxy could be the one to fuel the charge.
Cryptocurrencies on the Rise: Bitcoin Surpasses $100K, and Altcoins Follow Suite
Bitcoin ($BTC) is surging towards its all-time high of $110,000, currently trading around $105,000. Bitcoin's recent climb over the six-figure mark signifies another major milestone in its journey.
Much of this increased momentum comes from a shift in the broader economic environment, with investors now using Bitcoin as a hedge against stagflation. Big institutions are also eagerly piling into the "digital gold" coin.
The latest push to record levels was ignited by a series of bullish geopolitical events during the weekend. A post by former president Donald Trump on Truth Social hinted at potential negotiations between the U.S. and China in Switzerland, raising hopes for improved relations between the two largest economies worldwide.
With Bitcoin nearing six figures, altcoins are following the trend. Ethereum ($ETH) crossed the $2,000 threshold for the first time since late March, while $SOL scaled to $175—a level last seen in early March. The synchronized rally has sparked discussions about the possibility of an upcoming altcoin season.
In the past, capital has typically rotated into altcoins following the peak of Bitcoin. Given the favorable macroeconomic conditions, such as the tariff pause and rising geopolitical optimism, capital is moving away from Bitcoin, the safe bet, and into riskier assets.
Further evidence comes from the ETH/BTC ratio recovering from mult year lows and the Altcoin Season Index (ACSI) by CoinMarketCap reaching 43, meaning 43 of the top 100 altcoins have performed better than Bitcoin. For an official altcoin season to commence, the ACSI needs to reach 75. As conversations about an altcoin season heat up, it's looking increasingly likely by the day.
Source: TradingView
Solana Geared Up for Altseason Due to Bullish Developments
Solana is considered one of the top candidates to lead this potential altcoin season thanks to the flurry of positive developments surrounding the network in recent times.
Solana has been seeing a spike in institutional investment, with numerous ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital filed with the Securities and Exchange Commission this February. Analysts predict an 90% chance of approvals for these applications.
Just last week, Solana secured an additional $12 million long-term investment from DeFi Development Corp. (previously Janover). The investment also includes the acquisition of a Solana validator operation, which manages an average delegated stake of approximately 500,000 SOL (around $75 million).
The total value locked (TVL) in DeFi on Solana is soaring rapidly, moving towards its all-time high of $11.8 billion, with current figures standing at $9.34 billion, according to DeFi Llama. Moreover, the stablecoin market cap for Solana skyrocketed past $13 billion last week, demonstrating an increasing DeFi strength.
Even though Ethereum currently leads in overall market cap and dominance, its dominance could be challenged by Solana. Since late April, Solana has outpaced Ethereum in daily active users and transaction volume—and this trend started as far back as March. Solana has processed over 1.49 billion transactions, with 105 million active addresses, compared to Ethereum's 6.6 million addresses and just over 35 million transactions during the same period.
Solana's first Layer-2 scaling solution, Solaxy, might be the X-factor that kickstarts Solana's altcoin season and settles the debate on whether Solana is the superior blockchain compared to Ethereum.
Solaxy: The Chain Changer for Solana
Solaxy is the upgrades many Solana investors believe will not only help Solana lead the altcoin season rally but finally put to rest the debate about which blockchain is more potent: Solana or Ethereum.
Solana's capability to process significantly more transactions compared to Ethereum's fans' dreams makes it more practical for high-performance use cases that demand speed and efficiency. However, repeated instances of network congestion and outages have hindered Solana's adoption and trust among users and developers. Solaxy aims to change all that.
As Solana's first Layer-2, Solaxy isn't just a solution for Solana—it's an enhancement. Constructed to work alongside the mainnet, Solaxy offers a second, super-fast engine that can process transactions in parallel during high congestion. This results in network speeds that remain lightning-fast and transaction fees that remain dirt cheap, even during times of heavy traffic.
Key Upgrades Bring Solaxy a Step Closer to Prime Time
Recently, Solaxy's development team has made significant progress showing their readiness for Solana's Layer-2 solution to go live:
🚀 Solaxy Development Update! 🚀Behind the scenes, the Solaxy team has been cooking up tremendous strides to push the project forward:🔄 Improved node performance🎯 Updated key dependencies for faster node syncing🕰️ Faster restarts and smoother database schema changes🐛 More reliable test environment leading to fewer bugs and inconsistencies🎨 Polished UI, refining the flickering block time issue on the interface
And soon, the Solaxy Testnet's next phase goes live, including the release of its bridge—giving users an initial glimpse of what Layer-2 can achieve.
Step by step, Solaxy is setting the stage for a faster, scalable Solana ecosystem.
Get Ready for Solana's Future: Join Solaxy Now
To take part, simply visit the Solaxy Website and connect your wallet.
Purchased SOLX tokens can be staked immediately, earning dynamic 116% APY adjustable based on pool participation.
For the best experience, we recommend using Best Wallet—it provides comprehensive visibility of your SOLX holdings before launch, plus seamless multi-chain support for both Ethereum and Solana.
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In the dynamic realm of finance and technology, discussions about the upcoming altcoin season have been ignited, with Bitcoin surpassing $100K and altcoins following suit. While Bitcoin is nearing its all-time high of $110,000, altcoins like Solana ($SOL) and Ethereum ($ETH) are also gaining ground, with Solana scaling to $175. This synchronized rally has sparked conversations about Solaxy ($SOLX), a potential driving force behind Solana's growth and the X-factor for Solana's altcoin season. To stay informed about Solaxy and the latest news in the altcoin world, join our Telegram community.
