Solana News: Solaxy Layer-2 Solution Aims to Catalyze Solana’s Return to $200 After Raising $26M in Presale

Can Solaxy Layer-2 Push Solana to $200? Viral Crypto Presale Raises $26M

Solana has been struggling lately, but the launch of Solaxy (SOLX), a Layer-2 solution built to tackle Solana’s scalability issues, could be the catalyst for its return to $200. Solaxy has drawn massive attention from investors and has raised over $26 million in its presale. Meanwhile, Solana hit a seven-month low earlier this week and has only managed a slight rebound to $125, with no real sign of bullish momentum. Bears are still in control, and traders are wondering what could spark the next rally.

Solana Cup and Handle Pattern Hints at Major Price Surge

Solana (SOL), the sixth-largest cryptocurrency by market capitalization, is showing signs of forming a cup and handle pattern. This bullish technical formation suggests an upward breakout that could push Solana’s price to new levels. Analysts predict Solana could reach $3,800 if the pattern is confirmed. Currently, SOL is trading at $125 after a recent price decline of 1.39%. However, recent market movements and technical indicators present both Optimism and caution for traders and investors.

Solana Poised To Reach $3,800, Analyst Predicts

Solana (SOL) price is setting up for a major breakout to a new all-time high. According to a widely followed independent technical analyst, the Ethereum killer is forming a near perfect cup-and-handle pattern with a price target of around $3,800. Solana is currently over 55% below its all-time high of $293.31, reached on January 19. However, analyst Ali Martinez has suggested that the altcoin is on the brink of a sharp rise. Martinez noted that the sixth-largest crypto by market cap might be shaping up into a textbook cup-and-handle pattern on its weekly chart.

Solana (SOL) Rises 9% as Market Recovers

Solana (SOL) has gone up by 9.2% in the past 24 hours as the crypto market continues to recover from last week’s dramatic sell-off. Similarly, other assets in the top 10, like Bitcoin (BTC), Ethereum (ETH), and XRP, are experiencing gains of 4.5%, 4.3%, and 2.4%, respectively. Trading volumes for SOL have been relatively steady, dropping by 1.6% to $3 billion. LINK and HYPE emerged as the biggest winners today with gains of 12.2% and 13.2%, respectively, following positive project-specific announcements.