Open CoinMarketCap, and you’ll see that prices are crashing today. This is because Trump has imposed tariffs on some of the US’ biggest trading partners.
Starting Tuesday, most goods coming from Mexico and Canada will cost 25% more, and 10% more from China. The move has sparked fears of a looming trade war, which would slow economic growth.
Solana is the worst-hit crypto inside the top 10, falling 7.9% in the past 24 hours.
However, as crypto majors crash, viral presale project Solaxy ($SOLX) is showing incredible defiance. It has cruised past the $17 million total raised milestone on Saturday, with over $400K generated in the past 24 hours.
Solaxy is building a Solana layer 2 to solve the congestion issue, which was once thought to be its kryptonite.
Currently, Solaxy can be bought for $0.001622, but this price will rise throughout the ICO, with the next increase in one day.
Solaxy’s L2 offers higher scalability than Solana
The Solaxy layer 2 blockchain leverages off-chain computation and transaction bundling technology to provide increased scalability compared to Solana.
This is important because Solana is unable to handle all transactions that flow through its network during peak activity. Most recently, this happened when Donald Trump launched his OFFICIAL TRUMP meme coin, causing a spike in trading activity and putting many transactions on hold.
We’re currently experiencing a massive surge of 8,000,000+ requests per minute. While we work to stabilize our platform, transactions may have trouble going through on the first try.
We appreciate your patience 🙏
— Phantom (@phantom) January 19, 2025
This year, Solana has significantly outperformed its biggest rival, Ethereum, primarily due to its increased scalability. With the help of the Solaxy layer 2 blockchain, Solana will be able to handle even more on-chain activity, strategically positioning it for long-term growth.
Using the Solaxy layer 2, you’ll get Solana’s security and permanency benefits while also enjoying lower fees, higher speeds, and increased reliability.
The Solaxy team released a technical update recently, announcing that they have successfully integrated the Solana virtual machine (SVM) inside the Solaxy rollup. Per the website, this update is “at the core of ensuring secure and correct state transitions” between Solana and Solaxy.
Smart contract audits and 232% staking APY
Although Solaxy remains in its presale, its early actions suggest that this could be one of the most promising cryptocurrencies on the market.
Beyond its technical implementations of SVM into its rollup, the project has successfully passed a smart contract audit from Coinsult, attesting that it is safe and secure.
It has also integrated a staking mechanism into its presale campaign so that investors can immediately begin generating passive income after contributing to the ICO. Currently, staking offers a 232% APY, but this will decrease as the staking pool grows.
These fundamentals are attracting a lot of attention. In addition to the project raising $17 million, Solaxy has garnered over 65K followers on its X account and 5K on its Telegram channel.
Consequently, top industry analysts are also taking notice. For instance, Umar Khan from 99Bitcoins recently said it could 100x in price. 99Bitcoins is a top crypto media outlet with 700K subscribers. This shows that Solaxy can draw interest at the highest levels.
Expert says Solana ETF coming in March, good news for Solaxy
Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted that several issuers have applied for Solana futures ETFs and suggested we could see them “on the market as early as mid-March.”
Prominent crypto trader Ali Martinez replied to Balchunas’ commentary, suggesting that this lays the way for parabolic SOL price growth in the coming months. According to Martinez, SOL could rally to a jaw-dropping $4,700.
#Solana $SOL ETF by March! https://t.co/tjMBRJMU3S pic.twitter.com/gS2mwFSKpg
— Ali (@ali_charts) January 22, 2025
Indeed, that’s an optimistic prediction, but even if Solana reached halfway to that, the floodgates are open for Solaxy to potentially achieve the 100x target set by 99Bitcoins analyst Umar Khan.
While Solana has struggled this week, Solaxy has smashed another presale milestone. So when Solana regains steam, we could see Solaxy thrive even more.
