$SOL at Crucial Support Level as Price Nears $100; $GFOX Stage 8 Nearly Sold Out

Solana ($SOL) is one of the cryptocurrencies that became popular amidst the NFT and DeFi community frenzy in 2021. $SOL skyrocketed in value and price in Q4 2021, so much so that investors could have considered it a pacesetter. However, in 2022, $SOL suffered directly from the collapse of FTX, and two years later, the coin is still nowhere near its all-time high. W

hile $SOL has been struggling this past week to remain at $100, memecoins like $GFOX have been in the spotlight with impressive offers and prices.

The Latest Market Updates on $SOL

According to the founders of Solana, Anatoly Yakovenko and Raj Gokal, the project’s proposal started in 2017. While the design commenced in 2018, the project was officially launched in March 2020. The network became popular because of its similarity to the Etherum network. However, Solana was designed as a cheaper alternative with a proof-of-history consensus.

Based on the network’s offerings, Solana became popular alongside NFTs in August 2021. The network became investors’ go-to platform for cheap transfers and transactions. Hence, $SOL, being the network’s native token, was the ultimate legal tender for fees and staking. The token was also valuable on DeFi platforms and NFT marketplaces. 

While $SOL’s price today, February 23, 2024, at $102.42 is over 100% less than its all-time high on November 6, 2021, at $259.96, Solana investors are more concerned about the coin’s ability to maintain a price above $100. With the coin losing almost 10% of its price the previous week, investors are particularly apprehensive, with charts showing a downside target of $80. 

Analysts have speculated that a number of factors could be responsible for $SOL’s current price. Some analysts opine that general crypto market sentiment and recent volatility may have influenced investors confidence in the coin and, thus, its staggering performance. Others have proposed that the performance of new cryptocurrencies with new utilities has overshadowed $SOL’s 2021 popularity and its record breaking price.

With memecoins like $GFOX leading the pack of new and improved cryptocurrencies at affordable prices, the market doesn’t look too good for $SOL. This is why more and more investors are buying GFOX now that it’s still in its presale phase.

$GFOX Heading to Stage 9

Galaxy Fox is a relatively new project since it was launched in 2023. The coin has, however, taken memecoins and play-to-earn (P2E) gaming features to the next level.

With the P2E game, players can earn GFOX tokens. The entertaining Web 3 game rewards players for their skills. The top 20% of its players are also rewarded with gifts they can exchange for GFOX tokens.

The network also rewards early investors, as token holders are entitled to passive income for staking $GFOX. They will also be entitled to the 3000 NFTs that the network is proposing to make available to only token holders. These NFTs are expected to have in-game advantages and grant holders access to exclusive events.

To maintain its value and growing price, the Galaxy Fix network has adopted deflationary tokenomics. This method of token burning and transaction taxes will reduce the availability of GFOx tokens and subsequently increase their demand and price.

Galaxy Fix is a community-friendly platform; its integrated network of users across social media platforms is increasing by the day. The network maintains the community by devoting a percentage of its transaction fees to the community’s needs. The community is equally devoted to the growth of tokens, hence the growing hype about them across social media.

With over 90% of Stage 8 sales, GFOX is heading to Stage 9. With its current price of $0.002178 per token, early investors will make massive profits from the platform’s launch on DEX. 

Analysts have predicted that GFOX has a potential 100x increase in price. Having crossed the $3.5 million sales mark in a few months, the token could hit $5 million by Q2 2024. This explains why it is currently one of the most popular memecoins in the crypto market.

 Join The GFox Presale

Final Thoughts

Current market trends have revealed one of 2021’s most popular cryptocurrencies, $SOL, is on the brink of a short-term bearish trend. With current market sentiments, it’s highly possible the token could fall below the $100 level, and see an additional 20% drop from there. 

On the other hand, Galaxy Fox, a newcomer with innovative features like play-to-earn gaming and community-driven initiatives, has taken the limelight as 2024’s top memecoin. As its price continues to climb, analysts have predicted a potential 100x profit for early investors. Now is about the best time to join Galaxy Fox’s community and invest in $GFOX.

Learn more about $GFOX here:

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