Will Solana L2 Solaxy Eclipse Pi Network?

Cryptocurrency enthusiasts are buzzing as the value of Pi Network's PI token surged by 15% within the last 24 hours, reaching a price point over $1.70 and rekindling debates

The value of Pi Network's (PI) token has surged by 15% in the last 24 hours, pushing it to a price point over $1.70 and sparking discussion about whether it could challenge Cardano's position in the crypto rankings.

As the community builds and exchange activity increases, some analysts are placing bets on which Layer 2 (L2) blockchain, Solaxy (SOLX) or another, could reach new highs in the second quarter.

Battle For Crypto Market Dominance Heats Up

The latest price movement has seen PI climb to the 11th-ranked cryptocurrency with a market capitalization of $12.4 billion. This marks a 38% recovery from recent lows.

Technical analysis shows that PI's price is following a strong uptrend, backed by a confluence of key support levels. Meanwhile, daily trading volumes have exploded to $960 million, a 131% increase.

However, despite this impressive growth trajectory, PI faces significant hurdles before it could realistically threaten Cardano's 8th position. ADA is currently valued at $25.2 billion.

This means that PI would need to more than double in value to approximately $3.57 per token to become competitive.

This challenge is further complicated by concerns about potential selling pressure as more PI tokens enter circulation over time.

Smartphone Mining Fuels Massive Global Community

PI's unique approach to cryptocurrency mining has enabled unprecedented accessibility compared to traditional mining methods.

It allows everyday smartphone users to participate without needing specialized equipment or technical expertise. This has enabled Pi Network to amass over 70 million users.

Many of them have been accumulating tokens for years before the recent mainnet launch. This strategy has proven particularly successful in regions where financial inclusion remains challenging.

Following Pi Network's open mainnet transition last month, previously mined tokens became tradable, kicking off the current wave of market activity.

The ecosystem is also expanding with new applications and an emerging peer-to-peer marketplace that could potentially enhance real-world utility and drive further adoption.

Will Solana L2 Solaxy Eclipse Pi Network?

Solaxy ($SOLX) will officially enter the market via exchange launches this year as the first Layer 2 solution for Solana.

The aim of Solaxy is to help alleviate the network congestion issues that can affect the L1 Solana blockchain, especially during high-traffic periods or periods of high demand.

It will add another layer of processing to the existing Solana infrastructure, making transactions cheaper, faster, and more reliable than those performed on Pi Network.

SOLX, the native cryptocurrency of Solaxy, will also serve as a core token for connecting Solana, Ethereum, and Solaxy. This combination will bring tremendous benefits to Web3 builders and users across various leading industry sectors.

These sectors include AI, Web3 gaming, meme coins, NFTs, and real-world asset (RWA) tokenization.

Currently available in presale with over $26 million raised, SOLX tokens are priced at $0.001662. For early participants, there’s an impressive dynamic APY of up to 156% p.a. through Solaxy's staking program.

Investors should be aware that the SOLX price will increase throughout the remaining stages of the presale, making earlier participation potentially more profitable.