Solana’s SOL token dropped 5% in the last 24 hours, now priced at 190 USD, amidst a broader downturn in the crypto market affecting MAJOR cryptocurrencies like Bitcoin, Ethereum, and XRP. Traders take a cautious stance as trading volumes decline, signaling increased economic uncertainties. Solana’s recent drop also sees its trading metrics softening.

In contrast, the Layer-2 project Solaxy raised over 9 million USD in its ICO. Solaxy aims to solve Solana’s congestion issues with innovative features like transaction bundling. It plans to bridge Solana and Ethereum networks, fueling investor interest with fast-selling ICO stages. This development has remarked with mentions in crypto publications.