The crypto market continues to surprise investors, with Solana ($SOL) being the latest token to experience significant upside.
$SOL has soared 11% in the past week, putting the price just below the crucial $25 level.
However, $SOL isn’t the only cryptocurrency gaining ground – the new Web3 project Launchpad XYZ ($LPX) is also making waves as its presale phase hits the $1.2 million milestone.
Bulls Regain Control as $SOL Price Surges
Solana has posted a bullish close in six of the last seven days, showcasing a level of consistency not seen since mid-June.
After dropping 30% from July’s peak, $SOL has bounced back, with the bulls seemingly in control.
Price has climbed above the 20-day and 50-Day Exponential Moving Averages (EMAs) on the daily time frame, indicating that the short and medium-term trends have flipped bullish.
Additionally, data from CoinMarketCap shows that $375 million worth of $SOL was traded in the past 24 hours – making it the eighth largest cryptocurrency globally, as measured by trading volume.
This surge in trading activity shows that interest in Solana remains high among market participants.
Coupled with the positive sentiment in the crypto market as a whole, sentiment remains optimistic among many investors about $SOL’s growth trajectory for the remainder of 2023.
Solana’s Thriving NFT Sector Fuels Token Growth
One of the main factors contributing to Solana’s recent price rise is the platform’s expanding NFT capabilities.
Solana has become a go-to blockchain for launching new NFT collections, with data from CryptoSlam showing that it is now only behind Ethereum in terms of daily sales.
Over 890,000 NFT transactions occurred on Solana in the past 30 days, leading to a total sales volume of $75.4 million.
Leading projects like Gruuvies, Tensorians, and Solcasino.io have also chosen Solana due to its speed, low fees, and growing user base – and this influx of activity has prompted additional interest in the network.
Naturally, the more NFT activity on Solana, the higher the demand for $SOL, helping drive the token’s recent price increase.
As such, the thriving NFT sector on Solana looks poised to fuel further growth for $SOL in the second half of 2023.
Launchpad XYZ Presale Heating Up & Raises $1.2 Million Ahead of Exchange Listings
While Solana’s price keeps rising, another crypto asset gaining momentum is Launchpad XYZ ($LPX), which recently crossed $1.2 million raised in its ongoing presale.
This ambitious project aims to drive mainstream adoption of Web3 assets by simplifying access to cryptocurrencies, NFTs, blockchain gaming, and the metaverse.
During Launchpad XYZ’s ongoing presale, investors can purchase $LPX, the platform’s native token, for just $0.0445 ahead of the planned exchange listings for later this year.
Many believe this decision could prove fruitful, given the comprehensive nature of the Launchpad XYZ platform.
As outlined in the project’s whitepaper, Launchpad XYZ will offer an advanced trading terminal, trading signals, educational materials, and a “Launchpad Quotient” score for ranking digital assets.
The platform will even have an AI-powered assistant called “Apollo” that provides data-driven insights and setups from experienced traders.
There are also built-in incentives to hold $LPX tokens long-term, including discounted fees, NFT whitelist access, and exclusive entry to cryptocurrency presales.
Members of the Launchpad XYZ Telegram channel are also discussing the project’s roadmap, which notes plans for a decentralized exchange (DEX) and NFT directory.
With an experienced founding team and $1.2 million already raised, Launchpad XYZ looks like a project to watch closely ahead of its upcoming exchange listing.
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