{"id":15578,"date":"2025-02-28T18:46:53","date_gmt":"2025-02-28T18:46:53","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15578"},"modified":"2025-02-28T18:46:53","modified_gmt":"2025-02-28T18:46:53","slug":"crypto-whales-appear-to-be-buying-solana-on-the-dip-what-about-solaxy","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15578","title":{"rendered":"Crypto Whales Appear to Be Buying Solana on the Dip, What About Solaxy?"},"content":{"rendered":"
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As the crypto markets dropped after Bybit\u2019s recovery from the largest crypto theft in history, sentiment has turned overwhelmingly bearish and caused major dips to continue through the following week.<\/p>\n

Bitcoin ($BTC) fell around -20% in the final week of February, while Ethereum ($ETH) was hit by drops totalling -26%. The price of Solana ($SOL) also took significant damage with a -25% move, contributing to a total of -57% from the L1 cryptocurrency\u2019s all-time high of almost $296, set on January 19.<\/p>\n

Amid the ongoing chaos, on-chain analysts have discovered major bullish whale activity surrounding the SOL cryptocurrency, highlighting the need for investors to look beyond red candles and focus on buying opportunities.<\/p>\n

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A whale bought 50,000 $SOL<\/a>($6.77M) at the bottom 7 hours ago.<\/p>\n

From November 20, 2024, to January 21, 2025, this whale sold 122,921 $SOL<\/a>($28.23M) at an average price of $230, and now he repurchased $SOL<\/a> at a lower price.https:\/\/t.co\/JM8OuP0AwZ<\/a> pic.twitter.com\/rmT2pXa4VI<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) February 27, 2025<\/a><\/p>\n<\/blockquote>\n

Meanwhile, Solana\u2019s first Layer 2, Solaxy ($SOLX)<\/a>, has also raised nearly $24 million in its presale \u2013 and continues to give Solana supporters many reasons to expect a bullish 2025.<\/p>\n

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Solana Dip Disguises Hidden Opportunities<\/h2>\n

During large market dips \u2013 especially those that can be considered \u201ccorrections,\u201d as they involve drops over 10% \u2013 panic and other negative emotions can easily cloud the judgement of even the most experienced investors.<\/p>\n

Seeing large red candles on a price chart can be fear-inducing, especially when they come in quick succession. When this happens, zooming out and examining higher time frames can help to provide a birds-eye view of an asset\u2019s price performance, and identify important levels to watch.<\/p>\n

In the case of Solana, the presence of extensive wicks on a large number of daily candles shows how volatile this cryptocurrency has been since Donald Trump won the US presidential election on November 5:<\/p>\n

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In fact, SOL has been so volatile that it\u2019s barely sustained a useful range or price trend for a meaningful period of time. Instead, SOL has generally stayed above $180 and below $260, with multiple extensions above and below those key levels \u2013 and an all-time high of nearly $296.<\/p>\n

This continuous state of instability and uncertainty indicates that Solana\u2019s price action is mainly driven by market sentiment \u2013 which keeps changing due to the Solana blockchain\u2019s scalability and reliability issues.<\/p>\n

Controversies surrounding the Solana meme coin community and launchpads like Pump.fun are also ongoing, creating even more fear around SOL\u2019s potential as a long-term investment. Pump.fun suspended its livestreaming service when meme coin creators started broadcasting harmful material to promote their tokens \u2013 and the entire platform was banned in the UK by the country\u2019s financial regulator.<\/p>\n

Above all else, Solana\u2019s biggest problems are failed transactions, network congestion, and the blockchain\u2019s general scalability limitations. At the time of writing, Solana whales are still buying the SOL dip (establishing key support above $120), and a solid rebound would help to establish higher lows and a new uptrend.<\/p>\n

For some savvier Solana watchers, however, the Solaxy ($SOLX)<\/a> Layer 2 scaling solution is a tasty SOL alternative right now.<\/p>\n

Solaxy Ready to Rescue Solana, ICO Nearing $24 Million<\/h2>\n

As noted above, Solana has not been able to create and sustain price trends or ranges that last long enough to enable high-probability price predictions \u2013 at least since November 2024. At the present time, bullish investors seem to have settled on $120 as a price level to front-run, creating sharp wicks and bounces that could lead to a new pump throughout March and April.<\/p>\n

This makes Solaxy ($SOLX)<\/a> arguably the most important part of the Solana ecosystem right now. As the very first Layer 2 (L2) solution for Solana, Solaxy aims to resolve some of the pain points that still restrict Solana builders and users from enjoying a consistently reliable Web3 experience. We\u2019ve seen how these problems are causing major instability in the price of SOL \u2013 but Solaxy\u2019s 2025 launch could set Solana on a bullish course for years to come.<\/p>\n<\/p>\n