Solar token surges almost 60% on Binance’s backing of main network rebranding — what will happen to the price next?

SXP, the native utility token of the Solar blockchain, is leading the charts. After the news that Binance will support the main network rebranding it began an active growth, and within a day gained almost 60%, jumping above 50 cents. Here are the details of how exchange’s support the project and how much more the value of the coin may rise in the future.

The power of 53: What is Solar?

Solar is a decentralized blockchain using DPoS Delegated Proof–of-Stake consensus is one of the variants of Proof-of-Stake consensus and relies on the voting process for the selection of delegates, who would validate the next data block, which is secure because only 53 elected block producers that create blocks and validate transactions.

The company was founded in 2018 by Joselito Lizarondo and Nayiem Willems with the goal of creating sustainable, clean energy solutions for remote areas using blockchain. Earlier, Lizarondo and Willems launched SwipeChain a Layer 2 decentralized liquidity network for the same purpose.

And in 2021, the Solar Blockchain Foundation was founded after Binance bought some shares in Swipe. The goal of the new organization was to create an open-source blockchain ecosystem that operates through the power of developers and a strong community.

Developers, in turn, have access to various features such as:

• Smart contracts;
• Decentralized storage;
• There are lots of tools and resources, all of which are provided by Solar Core.

As for the native token, it was launched in 2019 and is a Solar blockchain service coin. With the asset, users can:

• Stake it to secure the network and earn rewards for that.
• Pay transaction fees on the Solar blockchain.
• Help govern the Solar blockchain by proposing and voting on changes to the protocol and earning rewards for providing liquidity.
• Solar dApps use the token as their primary currency.

Binance trail: Why is the token growing?

The chart shows that after the collapse of Terra Labs in May 2022, which caused the crash of the whole market, SXP also fell, but for some time held on, but in August it finally fell below the level of $0.5. And now, six months later, it is slowly returning to its previous figures.

The reason for such growth was the statement of Binance, in which the exchange announced that it will support the Swipe Mainnet Swap and rebrand plans to Solar. As noted above, Binance holds a portion of the company’s shares, so this decision is unsurprising.

#Binance has finally announced its support for the mainnet of @SolarNetwork , marking the beginning of the next phase for $SXP

congratulations team @WillemsTRA https://t.co/HjhfTFlr5u

— Axel Bitblaze (@Axel_bitblaze69) March 29, 2023

Here’s what’s important to know about the event:

• All ERC20, BEP2, and BEP20 Swipe tokens will be migrated to the Solar mainnet at a ratio 1 Swipe (SXP) = 1 Solar (SXP).
• After the mainnet swap is over, deposits and withdrawals of the above-mentioned Swipe tokens will no longer be supported.

More information on the mainnet swap’s timeline will be provided in another statement. You can find what you need here:

• Solar — a decentralized community-driven project;
• Solar GitHub repositories;
• SXP Swap (the portal is closing).

The migration will be automatic, which means that users do not need to do anything. However, if they wish, they can do the migration manually.

Solar current price

At the time of this writing, the asset is trading at $0.4746, which is 30,83% higher than the day before. However, the token reached higher values during the day and jumped to $0.5647 at most. 

In total, the token has gained 55,45% since the announcement of Binance’s plans to support rebranding and Solar SXP to peak at $0.2557.

However, that’s still small compared to SXP’s all-time high, which came in May 2021. At that time, the asset was trading at $5.4429. Thus, if you invested at the start at the peak, you could earn x23,7 of the invested amount.

But if you had bought in at the start and kept the token until now, you wouldn’t have been at a loss either. The earnings would have been x2,2 of the invested amount.

Up or down: Solar price prediction

After the sudden rise, the asset started falling, but there is a possibility that the bull run is not over yet. There are several reasons for that. According to Volmageddon trader, SXP broke through the first major resistance level, and the token is expected to reach $0.6336.

#sxp $sxp
Broke first major resistant. If it Continues it will hit 0.6336 IF NOT shorting is the only option. Make chart your bible. #Bitcoin pic.twitter.com/seuIxbBJ8x

— Volmageddon (@delpieri_10) March 30, 2023

Also, as we saw on the chart, SXP reached the $0.56 bar. Investor and trader Constantin CODREANU probably expected it, having made a technical analysis earlier. Now, according to him, the next target for SXP is $0.71.

#Swipe reached $0,56 as expected. Charts don’t lie. More profit taken.

Next level: $0,71. Let’s see if it has the strength to continue the #pump.

Meanwhile, you shouldn’t be greedy, take some profit! $SXP pic.twitter.com/HLksejc5aN

— Constantin CODREANU (@CryptoCodreanu) March 30, 2023

And lastly, according to the World of Charts forecast for March 28, a massive bounce of the SXP was expected, which is what we are seeing now. Moreover, according to him, in the event of a successful break through the resistance line, a 200-200% gain is expected. Given the current value since the run, the asset has only gone one-third of the way, so there is a possibility that the token still has 2/3 ahead of it.

$Sxp

Formed & Trying To Clear Descending Channel Once Got Cleared Expecting Massive Bounce✍️✍️✍️

Incase Of Successful Breakout Expecting 200 – 220% Bullish Move🔥🔥🔥#Crypto #Sxp #Sxpusdt #Sxpcoin pic.twitter.com/X66QcRX6td

— World Of Charts (@WorldOfCharts1) March 28, 2023

This is not financial advice. Do your own research before you invest. Good luck!