The Solana (SOL) ecosystem had a great year, with a staggering 500% uptick over the past 12 months. Despite this rise, SOL failed to reclaim its all-time high of $260. At press time, SOL was trading at a low of $165.43 following major downfalls during the day. However, it should be noted that the altcoin has witnessed a 7% rise throughout the last week.
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Why Did Solana’s Price Drop?
Solana’s latest decline was linked to the Pump Fun Fee Account’s sale of 40,000 SOL, valued at $6.68 million. The deal occurred earlier today and has increased market apprehension over Solana’s future price movement. The social media site has made 969,945 SOL, or $162 million, from selling 503,343 SOL at an average price of $156.40, or $78.70 million.
The latest sale adds to the 500,000 tokens of SOL sold by Pump Fun so far. However, traders are concerned that the platform’s ongoing selling of its SOL holdings is putting pressure on the asset’s price.
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Price Prediction for 2025
CoinCodex revealed that Solana will witness extreme bullishness in the coming year. The firm pointed out that the altcoin will surpass its all-time high of $260. SOL will reportedly start the year on a relatively slow note. But towards April, the altcoin will surge to a high of $368. The maximum price that SOL will trade throughout the year is $426. This peak will most likely be achieved during June.
After this, SOL will witness a correction and trade between the $270 and $370 zone. Several had their bets on the altcoin surging to a high of $500 in the coming year. But it looks like Solana will take some more time to witness a surge of this magnitude and move beyond the $450 range.
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