{"id":8866,"date":"2025-02-06T21:25:11","date_gmt":"2025-02-06T21:25:11","guid":{"rendered":"https:\/\/icobench.com\/?p=8866"},"modified":"2025-02-06T21:25:11","modified_gmt":"2025-02-06T21:25:11","slug":"solana-struggles-to-stay-positive-in-2025-is-solaxy-the-best-crypto-to-buy-right-now","status":"publish","type":"post","link":"https:\/\/icobench.com\/news\/solana-struggles-to-stay-positive-in-2025-is-solaxy-the-best-crypto-to-buy-right-now","title":{"rendered":"Solana Struggles to Stay Positive in 2025 \u2013 Is Solaxy the Best Crypto to Buy Right Now?"},"content":{"rendered":"
The price of Solana ($SOL) is up by only 1% this year as the native asset of the smart contracts platform has struggled to stay positive despite the positive tailwind that it received after President Donald Trump chose its blockchain to mint his official meme coin.<\/p>\n
In the past 7 days, the token has faced significant selling pressure and dropped by 20.5% as the value of meme coins<\/a> experienced a huge decline.<\/p>\n This segment of the crypto market is particularly important for Solana as meme coin minting protocols like Pump.fun drive significant transaction volumes to the network. If interest in these digital assets scales down, it could prompt a decline in the price of $SOL.<\/p>\n Moreover, the launch of $TRUMP evidenced that the network still struggles to keep up during peak usage periods. The crypto exchange Coinbase was forced to issue an apology as thousands of Solana transactions experienced delays and so on.<\/p>\n To solve this issue, a group of developers has launched a layer-two scaling solution called Solaxy ($SOLX)<\/strong> that is designed to bundle transactions offline to alleviate the mainnet\u2019s burden.<\/p>\n Its presale event has been widely successful, as the protocol has already raised $18.4 million less than two months after its launch.<\/p>\n The price of Solana has been confined in a price channel since its January peak. However, the token experienced a decline after it failed to stay above the $270 level for multiple days.<\/p>\n Now, $SOL is rapidly approaching a key support area within the $170 and $175 levels<\/strong> that could serve as a floor for this pullback. In the traditional markets, a drop of this magnitude \u2013 35% below all-time highs \u2013 would be considered a crash.<\/p>\n <\/p>\n However, the crypto market tends to experience much more pronounced drops during bearish cycles.<\/p>\n The daily chart shows that the price is still standing a bit above the pre-election closing price. It would be hard to see the price falling below these levels as Trump\u2019s arrival to the presidency is one of the most bullish events that have occurred in the past year amid his pro-crypto agenda.<\/p>\nSolana Could Bounce After Touching the $170 Level<\/span><\/h2>\n