Solana (SOL) Price Clinging to the $200 Support as Broader Crypto Market Correction Takes Hold

The Solana price plummeted more than 7% in the last 24 hours to trade at $200.74 as of 9:58 p.m. EST as investors dump their holdings in the crypto.

Investors are showing increasing interest in a new Solana layer-2 (SOL) project called Solaxy (SOLX) as a way to grow their portfolios amid a bearish market.

Despite the market downturn, several experts remain bullish on SOLX. An analyst from the 99Bitcoins YouTube channel, which has over 719K subscribers, is among them. The analyst predicted in a recent video that the new crypto may soar 100X after its official launch.

Solana has gained significant market traction in recent months thanks to its integration with the booming meme coin sector. However, the hype around these tokens is beginning to test the blockchain's computational limits. Solana may experience another outage if something doesn't change soon, especially with discussions of an impending meme coin supercycle.

Solaxy, with its native layer-2 network, is the first project to reduce the computational workload on the Solana blockchain. The project will unlock greater network speeds for the already-fast Solana while slashing transaction fees through its scaling technologies.

In addition to scaling the Solana blockchain, Solaxy will also attempt to become a bridge between Solana and Ethereum through its token's multi-chain presence.

If the project successfully connects the two top Blockchains in the Web3 ecosystem, it will create a new and improved ecosystem that combines Solana's speeds and low fees with Ethereum's robust infrastructure.

Investors are flocking to buy SOLX during its ongoing presale phase, which is evident by the over $9 million the project has raised to date. Given the bullish predictions from experts and its goal to scale Solana and connect the chain to Ethereum, it's clear why a buying frenzy has gripped the new project.

Another aspect that may be attracting investors is the 383% staking APY available to presale purchasers. Investors must first acquire SOLX through the simple buy widget on the project's website to be eligible for these benefits.

The crypto is available for purchase and sale for $0.001594 and can be paid for with either crypto or a bank card Once purchased, investors will then need to visit the staking page on the website and lock up their tokens for the passive rewards.

Purchase and stake SOLX here for the 383% APY.