Solana is going from strength to strength – and it’s predicted to hit $250 in May.
Meanwhile, Solaxy, the world’s first Solana layer 2 blockchain, is tipped for even more gains as a prominent analyst eyes a 10x.
Solana Price Chart Hints at $250 Rally
A textbook cup-and-handle chart pattern signifies that Solana will rally toward its highs in May, according to Mister Crypto.
The analyst who boasts 138K followers on X recently shared a chart idea with his audience, anticipating a move toward the $250 mark due to a bullish chart pattern formation. From its current price of $147, this would result in a 70% gain.
But he doesn’t think the rally will end at $250; he anticipates it will extend well beyond its current $294 ATH, peaking at $1,000 this year.
With Solana priced at $147 today, hitting $1,000 might seem like a faraway dream. Yet, it hit $236 in 2021, so it’s not unreasonable to predict it will rally much higher this cycle, especially because of its increasingly central role in the crypto industry.
Solana Ecosystem is Booming
The Solana ecosystem is growing at rapidly. It was once a blockchain primarily known for NFTs, and more recently for meme coins. However, these non-serious use cases merely stress-tested the network and paved the way for more serious adoption.
The $11.5 trillion asset manager BlackRock moved its tokenized money market fund to the network in March, as did the $1.5 trillion asset manager Franklin Templeton in February.
SOL Strategies raised $500 million in convertible notes to buy $SOL last week, and Defi Development (JNVR) filed with the SEC to offer up to $1 billion of securities, and it plans to use some of those funds to buy $SOL.
Meanwhile, Solayer is pushing forth with scaling Solana using a side chain, and its price has rallied by 120% this month.
Solayer recently partnered with Solana ID, a project that connects people’s real-world identities to the Solana blockchain while maintaining privacy. This project unlocks a range of breakout use cases, adding even more firepower to the Solana ecosystem.
At the same time, Solaxy is building the world’s first Solana layer 2 blockchain and aims to deliver 10,000 transactions per second (TPS) once it goes live. The project is currently undergoing a presale, which experts believe could mark a lucrative opportunity for traders.
Top Analyst Says Solaxy to 10X After IEO
Solaxy will use rollup technology to offer heightened scalability compared to the Solana layer 1 blockchain. This will make transactions on the network cheaper, faster, and more reliable.
The ultimate goal of Solaxy is to eradicate Solana’s congestion issue. While Solana is highly scalable, the immense levels of demand it receives lead to longer wait times and transaction failures in periods of peak network activity.
This dampens the user experience while placing a bottleneck on ecosystem growth and user acquisition. Therefore, Solaxy’s scaling solution could prove crucial to Solana’s future.
As mentioned, another Solana scaling solution, Solayer, surged by 120% this month, reaching a market cap of $651 million.
This shows that there’s a real appetite for Solana scalability projects and also paints an exciting picture for Solaxy. The Solaxy presale has raised $32 million so far, reaffirming the market’s deep appetite.
However, Solaxy has a substantially lower market capitalization than both Solayer and Solana. This is why prominent analyst Jacob Bury believes the project could 10x and prove one of the best cryptos to buy now.
The Solaxy use case could change how users interact with Solana. So, with the $SOLX token available to buy in its early stages, there’s clearly substantial room for growth.
That said, price increases will occur throughout the ICO, so potential investors shouldn’t wait to get involved.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.