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Although Solana (SOL) returned to its September 2024 levels, erasing months of gains between November and February, the fifth-largest altcoin could be gearing up for another rebound in April.
Meanwhile, popular analyst Austin Hilton believes Solaxy (SOLX), a project that’s working on improving Solana’s scalability, is set to deliver big gains for early holders once its presale concludes, with over $28 million raised so far.
Solana Nears Critical Support Levels While ETF Optimism Fuels Bullish Sentiment
After climbing to its all-time high (ATH) of $294.33 on January 19th, Solana saw its price tank as congestion-related issues plagued its Layer 1. According to token terminal data, the sudden shift in market sentiment saw Solana give way to BNB as the chain with the most active daily users, but that might change if a Solana ETF is introduced this year.
Holder confidence in Solana’s ETF approval is growing, with Polymarket estimating an 83% probability of it happening by the end of 2025. If approved, the Solana ETF could attract institutional acquisition and potentially send Solana to a new ATH.
Despite the bullish sentiment surrounding Solana, charts analyst Mags believes traders should monitor the $117 level closely, identifying it as a key horizontal support that aligns with the 1.1618 Fibonacci retracement level, making it a “critical zone that must hold.”
The analyst believes SOL will face a further decline if it dips below $117 but expects the token to bounce to the $180 level first. With a long/short ratio of 3.54, meaning only 22.02% of traders are shorting the token, most traders are confident it will achieve short-term success.
Furthermore, the meme coin market is becoming increasingly popular, and SOL is one of the leading blockchains in meme coin development. With these factors behind it, Solana may be in for a rally in the coming months.
Climbing to the $180 mark could send SOL soaring further, as Mags believes it can reach $200 in July, mentioning that its current 14-day Relative Strength Index (RSI) of 43.67 leaves room for a continuation to a new ATH before the token enters overbought territory.
As Solana’s poor performance through February and March brought it to a pivotal point in early April, the upcoming launch of Solaxy represents excellent news for those in Solana’s ecosystem.
According to Austin Hilton, Solaxy, aiming to enhance Solana’s scalability with its upcoming Layer 2 blockchain, can outperform SOL once it hits the DEXs.
Solaxy Expected to Enter Market with a Bang with New Solana L2
With 30% of the total token supply fueling the development of Solaxy’s ecosystem, including its Layer 2 blockchain, Solaxy’s developers have already released several updates regarding its performance and goals.
The team behind Solaxy already revealed they’re working on a token launchpad and cross-chain transfers between Solana, Ethereum, and Base, with more “game-changing announcements” yet to be published.
However, Solana’s upcoming Layer 2 solution is the project’s crown jewel. It aims to relieve the burden on Solana’s main net during high-traffic hours by leveraging rollups.
With rollups, Solaxy bundles and processes transactions off-chain before settling them on Solana’s mainnet. This could result in faster transactions and lower gas fees while retaining Solana’s robust security.
Entering April with more than $28 million raised and enjoying the support of over 84,800 followers across its X (Twitter) and Telegram channels, Solaxy’s ICO could be coming to an end soon.
Austin Hilton believes the presale might close its doors to new holders once it reaches $30 million, advising his audience to start accumulating SOLX while it’s still on a discount. Currently, SOLX costs $0.001682 each, and traders can purchase it via the presale website or Best Wallet’s in-app “Upcoming Tokens” section.
The expert also pointed out that Solaxy offers a massive staking APY, currently at 141%, allowing early backers to more than double their token holdings long-term. Plus, the project’s smart contract has been audited by Coinsult, which found no critical threats to security.
Since Solaxy’s launch could coincide with a SOL price explosion, SOLX stands a solid chance to skyrocket on launch, making this the best time to enter the presale.
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