Solana News: $SOL Climbs 9.3% as Solaxy Raises $27.69M in ICO

Solana ($SOL) has seen a significant price surge amidst broader crypto market relief, and its first Layer-2 chain, Solaxy ($SOLX), has successfully raised a substantial amount in its ICO presale.

Solana ($SOL) Climbs 9.3% and Solaxy Nears $28M in ICO

Solana ($SOL) climbed 9.3% in the past 24 hours amid broader crypto market relief following reports that U.S. President Donald Trump may implement more targeted tariffs. Additionally, Solana’s first Layer-2 chain, Solaxy ($SOLX), has raised $27.69 million in its presale as of Monday. Despite Solana founder Anatoly Yakovenko’s stance that Solana doesn’t require Layer-2 solutions, backers support Solaxy as a solution to address Solana’s ongoing congestion challenges and enhance decentralized finance.

Solana Co-Founder Challenges Need for Layer-2 Solutions

Anatoly Yakovenko, the co-founder of Solana [SOL], has challenged the industry’s belief in the necessity of layer-2 (L2) solutions for blockchain scalability. Yakovenko argues that layer-1 (L1) blockchains, such as Solana, can achieve superior speed, cost-efficiency, and security without relying on L2 solutions. His stance has sparked debate about blockchain development and questioned whether Solana’s high-performance architecture supports his perspective.

Solana (SOL) Price Prediction for March 24

Currently, Solana (SOL) is trading at $142.62, following a notable 9.09% increase over the last 24 hours. However, over the past 30 days, the price has experienced a 17.28% decline. These contrasting trends highlight short-term buying interest amid longer-term bearish pressure. Technical indicators, particularly moving averages, provide critical insights into the prevailing market momentum. On the 4-hour chart, the 50-period moving average has recently started to turn upward.

Solana (SOL) Gains Capped; Breaking $150 Resistance May Be Difficult

Solana started a recovery wave above the $132 resistance zone and is now consolidating. The SOL price might struggle to recover above the $150 resistance. It has climbed above the $130 and 100-hourly simple moving average, with a connecting bullish trend line forming at $134 on the hourly chart. However, the price faced resistance near $145 and started a downside correction.