Solaxy has launched as a Layer‑2 protocol built on the Solana blockchain. It addresses transaction delays, network congestion, and increased fees that affect Solana during high-volume activity.
The network uses rollups and zero-knowledge proofs to group transactions off-chain. These are then verified and posted to the Solana mainnet. Developers say this method can push transaction speeds beyond 10,000 transactions per second. Solana typically handles 3,000–4,000 TPS.
Tools Support Solana and Ethereum Compatibility
Solaxy released a set of tools, including a testnet, block explorer, and a bridge that connects Solana with Ethereum. These features aim to support cross-chain transactions and application deployment across both ecosystems.
The platform also supports Solana’s virtual machine, letting developers migrate or replicate dApps without changing the codebase. It launched two core products: Neptoon, a decentralized exchange, and Igniter, a tool for creating meme tokens without programming knowledge.
A smart contract audit conducted by Coinsult found no vulnerabilities in the code that was made available. The full audit report has not been publicly released.
Scam Reports Involving Fake Airdrop Website
Reports emerged in mid-2025 about phishing campaigns using Solaxy’s branding. A fake domain—giftsolaxy[.]net—redirected users to sign malicious smart contract transactions disguised as a token airdrop. Security researchers said these contracts allowed attackers to drain user wallets once approved.
PCRisk.com published a warning about the malware, confirming the use of social engineering tactics and transaction spoofing techniques.
Posts on Reddit have labeled Solaxy a scam, citing ties to an entity called “web3payments.” Users claim the group previously launched presales without delivering a working product.
Commenters also criticized the project’s lack of identifiable team members, missing roadmap, and unclear legal structure. No formal responses or clarifications have been issued through Solaxy’s official channels.
Name Confusion and Legal Ambiguity
Some users confused Solaxy with other companies due to name similarities, leading to speculation about corporate backing. However, no verified information connects the project to any registered legal entity.
The project has not disclosed its headquarters, leadership, or jurisdiction. Its website and documents list no legal disclaimers or governance details, which has led to further doubt among observers.
Solaxy has released working tools, including a testnet and Ethereum–Solana bridge. These outputs indicate that development is underway. However, criticism remains focused on the lack of transparency around the team, corporate registration, and use of funds.
As the protocol moves toward a potential mainnet launch, community divisions are growing. Some users focus on the code and tools, while others highlight concerns over trust and security.
Solaxy Faces Resistance as Downtrend Extends on August 23
As of August 23, 2025, Solaxy (SOLAXY/USDT) continued to trade below its 50-period exponential moving average (EMA) on the 4-hour chart. The price opened at $0.0003683 and closed slightly higher at $0.0003742, gaining around 1.68% intraday. However, this minor bounce took place beneath the 50 EMA, which hovered at $0.0003985, reinforcing a clear resistance zone above the current price.
Throughout the observed timeframe, Solaxy remained in a prolonged downtrend. After the token peaked near $0.0014000 earlier in the month, the price declined consistently. Sellers dominated the market, pushing the price down by more than 70% over several weeks. While occasional rebounds formed, none managed to sustain above the EMA barrier, indicating persistent bearish control.
Volume data showed a total of 10.6 million in recent activity. The lack of strong spikes in volume during upward movements suggested that buying interest remains weak. At the same time, sell-offs have been sharper, with notable long wicks on candles confirming downward pressure.
The Relative Strength Index (RSI) provided additional signals. It printed at 49.99, with the moving average line at 46.12. These values place the RSI in a neutral range, though it sits just below the midpoint of 50. The indicator briefly touched oversold territory in previous sessions but lacked momentum for a decisive reversal. The RSI now trends sideways, reflecting indecision in market sentiment.
Solaxy’s current structure remains technically weak. The price has not broken above the 50 EMA since early August, and no bullish divergence has appeared on the RSI. Until the token closes convincingly above $0.0003985 and maintains support above that level, the prevailing downtrend is likely to persist.
Solaxy RSI Approaches Mid-Level Neutral Zone on August 23
As of August 23, 2025, the 14-period Relative Strength Index (RSI) for Solaxy (SOLAXY/USDT) stands at 49.99, with its moving average line at 46.12. The RSI has climbed steadily from oversold territory near 20, recorded around mid-August, to its current level just below the neutral 50 mark.
This recovery suggests fading bearish momentum, but not enough to confirm bullish strength. The RSI line crossed above the signal line in recent sessions, indicating short-term buying pressure. However, the value remains under 50, meaning Solaxy has yet to enter a decisively bullish phase.
Earlier in the month, the RSI peaked above 70, briefly touching overbought conditions. The swift decline afterward reflected strong selling pressure. Since then, the RSI has shown multiple failed attempts to break above 60, underlining continued market indecision.
