Solaxy (SOLX) Pushes Past the $15 Million Mark as It Builds a Layer-2 Blockchain to Boost Solana's Network

Solana’s (SOL) push past the $150 mark in late April has helped Raydium (RAY) and Jupiter (JUP) achieve impressive growth, highlighting investor interest in Solana’s ecosystem. Meanwhile, a new entrant called Solaxy (SOLX) is making waves with its Layer-2 addition to the Solana network and over $32.6 million raised through its ongoing presale. But will Solana-based tokens continue to show strength as we enter into May?

Both Raydium and Jupiter appear poised for further gains this summer as Solana is setting the stage for a stellar second quarter.

While both Raydium and Jupiter have encountered a steady decline since January, led by Solana’s downturn that saw its price dip from $256.07 on January 26th to $96.92 in early April, both tokens are now making a recovery.

This sets the stage for further gains throughout Q2 2025, especially with both tokens setting the foundation for sustained growth.

Raydium, Solana’s most popular automated market maker (AMM) and one of its largest decentralized exchanges (DEXs), is a key infrastructure piece in Solana’s ecosystem. Its integration with other Solana-based protocols and ongoing feature rollouts cement its role as a cornerstone of Solana’s on-chain activity.

Boasting a massive growth of 61.18% between the 1st of April and May, Raydium sent a shockwave through the market with the recent launch of its LaunchLab, a token launchpad that makes it easier than ever to create and deploy tokens on the Raydium platform.

With LaunchLab’s cumulative volume already surpassing $100 million, RAY achieved impressive results thanks to the boost in visibility, and crypto expert Shelby is expecting it to only keep soaring from here.

The expert credits the token’s technical strength for setting the stage for a potential rally towards $3.7 before July. This would place the token above its 200-day Simple Moving Average (SMA) of $3.59, often a bullish signal for long-term growth.

However, in the short term, the token faces resistance at its 50-day SMA of $3, which could be a make-or-break level for RAY’s price action in May.

Jupiter is also quickly becoming a force to be reckoned with as Solana’s largest DEX aggregator that provides the best prices by routing trades through multiple DEXs, including Raydium. Offering advanced trading features and a user-friendly interface, Jupiter is equally attractive to retail and institutional traders.

While its gains of 13.07% over the past 30 days aren’t as impressive as Raydium’s, technical analyst AMCrypto believes JUP is about to breakout of its long-term descending channel.

Expecting it to stabilize above the $0.5 mark, fueled by renewed investor interest in Solana’s ecosystem, the analyst anticipates a 30% surge for the token during May.

The token’s technical indicators support the bullish sentiment, as JUP’s long/short ratio soared to 1.75 on May 1st, indicating that the majority of traders believe in its short-term growth potential.

Additionally, the token’s growth throughout April positioned it above its 50-day SMA of $0.46, while its Relative Strength Index (RSI) of 56.92 indicates there’s plenty of room for growth before it reaches overbought territory.

Solaxy Aims to Capitalise on Solana’s DeFi Momentum

With its upcoming token launchpad and cross-chain swaps between Ethereum, Solana, and Base, Solaxy’s ecosystem is taking inspiration from both Raydium and Jupiter and aims to streamline token creation while allowing investors and developers to tap into Ethereum’s massive liquidity.

The Solaxy ecosystem will also boast a Layer 2 blockchain for Solana that aims to enhance the mainnet’s scalability by processing bundled transactions off-chain.

Its introduction could resolve Solana’s notorious congestion issues, which surface during high-traffic hours and often lead to failed or slow transactions. With the Layer 2 blockchain’s development in full swing, Solaxy’s developers recently released a testnet version of the ecosystem’s block explorer.

The implementation of Solaxy’s Layer 2 solution may result in faster transactions and lower gas fees, which has experts from 99Bitcoins excited about its launch.

Highlighting the impressive performance of Solana and tokens belonging to its ecosystem, as well as the Crypto Fear & Greed Index’s return