Solana's SOL Plunges, Presale Tokens Gain Traction

Solana, the high-speed blockchain platform, has been making waves in the crypto market, with its native token SOL experiencing significant price fluctuations. After a strong start to the year, SOL reached an all-time high of $294.33 on January 19th, but has since faced a steady decline, dropping below the $150 mark for the first time since November 2024.

The market-wide downturn has erased over $700 billion from the crypto market cap in the past 30 days, with Bitcoin (BTC) falling to $82,000. This has led many investors to turn their attention to tokens still in their presale phase, such as Solaxy (SOLX). The Solaxy presale has now hit the $25 million mark, attracting increasing investor attention.

Solaxy is a project focused on the upcoming Solaxy Layer 2 blockchain for Solana, aiming to address the mainnet's congestion issues by improving transaction speeds. As SOL shows potential for recovery, Solaxy could be entering the market at an opportune moment, giving investors a chance to secure their share of SOLX at a lower entry point.

Solana's ecosystem has seen both growth and setbacks in recent months. While the launch of Official Trump (TRUMP) in late January boosted the ecosystem, the introduction of Libra (LIBRA) in February had the opposite effect. The Libra memecoin quickly reached a market cap of over $4 billion but was later wiped from the market, leading some experts to label it the "biggest rug pull in history."

The scandal surrounding LIBRA has led to a steep decline in Solana-based meme coins, which were valued at $25 billion in January but now have a total market cap of $8.5 billion. The Fear and Greed Index currently stands at 20, indicating extreme fear in the market, and Solana's rapid decline over the past two months has resulted in reduced investor participation in its ecosystem.

Despite the recent downturn, some experts believe SOL could rally over the upcoming months, reaching $300 by 2026. Meta Gorgonite, a crypto expert, expects SOL to find support at the $125 mark and start rebounding, with a potential soar to $200 by the end of May.