SOL dips 10% but recovers as GFOX cruises to $1 million

Solana ($SOL), had a sharp increase in value and momentarily approached the $80 threshold before running into bearish resistance. As the cryptocurrency is now experiencing a drop, investors are closely monitoring the $65 support level.

Meanwhile, the new altcoin Galaxy Fox ($GFOX) reached a phenomenal milestone — raising $1 million in the first few weeks of the presale. Why is selling pressure hitting $SOL, and why are so many investors rushing to $GFOX? Let’s find out.

Solana price analysis

Solana has had a significant upswing in the last few days, breaking over the critical $65 barrier level. This surge followed the same upward trend seen in Ethereum and Bitcoin, highlighting the strength of positive sentiment seen in the crypto industry.

$SOL even broke beyond the $72 barrier during this time, peaking at around $77.72. But finally, the bears rallied, and the price of $SOL fell as a correction. The digital currency fell below $72 and is now trying to test the support level at $70.

Nevertheless, if we look at the broader picture, Solana’s platform growth has remained consistent in 2023. This, naturally, increased demand for $SOL. After a challenging 2022 marked by outages, its TLV has increased by more than 300% this year. Overall, looking at the current metrics, the future of $SOL, one of the top 10 altcoins, seems bright.

What makes $GFOX the best ICO crypto of 2023?

One problem with $SOL is that considering how aggressively traders have been cashing out profits recently, it might need a few months of down before seeing growth again.

In light of this, investors seeking short-term returns may need to look into other options. And among the finest places to get above-average earnings in 2023 is via presale tokens.

One of the largest presales now taking place is for Galaxy Fox, a deflationary ERC20 coin that has raised $1 million in only a few weeks.

This crypto combines the fun of meme currencies with the excitement of P2E games. In doing so, Galaxy Fox aims to establish a new class of meme currencies that can be used in practical ways.

The main focus of the game is on distinct fox characters fighting in the space-themed universe. Players will set out on an incredible adventure after choosing their special foxes for the intriguing Web3 game. For their skills and achievements, the top players will get in-game goods and $GFOX…