As SUI Rallies and Bitcoin Recovers, Attention Turns Toward Solaxy

The crypto market continues to hint at a transition point. While Bitcoin recently dropped to a May low of $93,600 before recovering above $94,000

As SUI’s rally fizzles and attention shifts from May’s lows, attention is turning toward Solaxy – an altcoin poised to ride the next wave by solving Solana’s growing pains.

Bitcoin (BTC) price dropped to a May low of $93,600 on Wednesday before recovering to trade above $94,000. The cryptocurrency’s price action came as no surprise to some in the industry, especially after recent reports claimed that BTC’s hash rate had dropped to its lowest level since 2021.

The world’s leading cryptocurrency’s price had been struggling to break out of a key resistance zone and showed signs of weakness as it dropped to lows of $93,388 on Wednesday. The recent price action also came after data from Glassnode showed that Bitcoin’s Relative Strength Index (RSI) had dropped to its lowest level since March 2023.

Despite the recent price drops, Bitcoin’s price was still up more than 100% since the beginning of the year and it had managed to recover some of its recent losses.

The drops in Bitcoin’s price also came as SUI’s 50% rally on the monthly chart extended with an impressive 8% gain on Wednesday. The recent breakout from larger-cap alts was usually an early sign of an altcoin season.

As Bitcoin’s price usually consolidated near local highs, capital would begin flowing into alternative tokens with higher upside potential. With SUI’s surge coming alongside TAO’s 6% rise and green candles across ETH, SOL and DOGE, that process may already be unfolding.

The Fear and Greed Index also climbed to 48 on Wednesday, while trading volumes in the ETH/BTC and SOL/USDT pairs had risen by double digits. The increase in trading volumes suggested a renewed wave of investor optimism that could push markets into a sustained bullish phase if key resistance levels were broken.

From SUI To SOL: The Search For Scalable, Functional Altcoins

SUI’s strong performance also highlighted a deeper trend – investors were looking for altcoins that combined good fundamentals with usable infrastructure.

The narrative around the deep web token was heating up quickly as it threatened to become the best-performing major cryptocurrency of 2024. After a strong rally in March and April, the token’s price had surged by 50% over the last month.

But despite its recent price gains, SUI still had a long way to go to reach its all-time high of $1.03, which it hit in March 2021.

The recent surges in SUI’s price came as developers confirmed that a critical zero-day exploit on April 16 had allowed attackers to mint and withdraw tokens from other users’ wallets.

The breach, which occurred on the Solana chain, was patched quickly by blockchain engineers. However, it exposed some of the scalability and security challenges that had lingered within the network for years.

The upcoming Firedancer upgrade would fix those limitations with a new validator client from Jump Crypto, capable of processing over one million transactions per second. Experts argued that Firedancer alone wouldn’t be enough and that real client diversity and reliability upgrades would need to come from outside the core Solana protocol.

That’s exactly where Solaxy came into the picture.

Solaxy Picks Up Where Solana Leaves Off

Solaxy (SOLX), the first Layer 2 protocol for the Solana ecosystem, was stepping up as a natural response to the limitations recently brought to light. It was built to solve some of Solana’s most pressing issues – congestion, delayed transactions and network outages – by introducing off-chain execution and transaction bundling.

By acting as a scalable infrastructure layer on top of Solana, Solaxy would boost performance and offer redundancy and decentralisation where Solana’s core architecture currently lacked. It wasn’t about replacing Solana – it was about fortifying it.

JOIN THE SOLAXY PRESALE BEFORE THE FINAL STAGE PRICE INCREASE

Investor interest also reflected that promise. Solaxy’s presale had already raised over $33.5 million and a dynamic APY of 120%. The current token price was $0.001716 with further stages – and price rises – still to come.

Why The Market May Rotate From SUI To SOLX

In many previous altcoin cycles, early winners like SUI were followed by structurally important tokens that solved deeper ecosystem problems. Solaxy’s timing couldn’t be better.

As attention pivoted toward network efficiency, reliability and scalability, SOLX offered exactly what traders were seeking: a way to play Solana’s upside without exposure to its known flaws.

Just as SUI’s momentum was fuelled by its real-world use case and developer traction, Solaxy benefitted from solving a very visible need. It was