SOL Strategies Buys $18.25M in $SOL, Shares Jump 90%

SOL Strategies, a Canadian investment company focused on the Solana ecosystem, recently acquired 122,524 $SOL at an average price of $148.96, bringing the total purchase value to $18.25 million. This acquisition is part of the company’s $500 million convertible note facility with ATW Partners and aligns with SOL Strategies’ plans to expand its validator business. A validator is a blockchain participant that verifies and adds new transactions on the blockchain, and the more assets a participant ‘stakes,’ the more chances that it ‘validates’ the next block.

Institutional interest in $SOL has been growing, with SOL Strategies following in the footsteps of other major investors. DeFi Development Corp. has submitted an application to raise $1 billion through a fresh security issue, with plans to use the funds to purchase $SOL. SOL Strategies’ shares have jumped over 90% in the last two weeks, currently trading at around CA$2.6. These purchases directly strengthen SOL Strategies’ three-pillar strategy of enterprise-grade validators, strategic SOL holdings, and Solana technology innovation.

Solana has shown technical strength recently, rising around 50% after dipping past $100 during a sell-off and is now trading at $147. The bounce has occurred from the 200 EMA, which is a strong bullish indicator. Although far from its all-time high of $295, large institutional buying is a solid vote of confidence in the long-term viability of the project.

Solaxy ($SOLX) is a new cryptocurrency aiming to solve Solana’s congestion and scalability issues. Despite Solana’s increasing popularity, the blockchain network faces performance bottlenecks during heavy traffic. Solaxy plans to build the first-ever Layer 2 solution on Solana, offloading some transactions from the network’s mainnet onto a sidechain. This will reduce congestion and increase affordability without sacrificing the network’s security.

Solaxy’s presale has raised over $33.5 million in early investor funding, making it one of the best crypto presales on the market. According to the analyst's forecast, the token could explode nearly 12,000% and reach a high of $0.20 by the end of 2030. Solaxy is more than just a solution for Solana; it is a multi-chain token that can be used for high-frequency dApps, including platforms for meme coins and micro-transactions, gaming ecosystems, and custom financial applications.

Solaxy is currently in presale, with the token available for purchase at a low price of $0.001716. Investors interested in the project can find more information in its whitepaper and follow its X feed and Telegram channel for updates. However, it is important to note that both Solaxy and Solana could fall short of expectations due to the unpredictable and volatile nature of the crypto market. This article is not financial advice, and investors should conduct their own research before investing.