Solana (SOL) is following the overall bearish trend in the market. This asset has been trading in the red zone across all time frames. According to SOL data from CoinGecko, Solana (SOL) price has fallen 5% in the past 24 hours, 0.6% in the last week, 3.6% on the 14-day chart, 15.2% month-over-month, and 41.4% since December 2024. Solana (SOL)’s price decline is concerning given that the cryptocurrency has been one of the best performing. However, this price drop could be a boon for new investors or those looking to increase their SOL holdings. Let's talk.
Why Solana's price drop is a blessing
Solana's (SOL) current situation is far from the worst. After the FTX collapse in 2022, the price of SOL fell below $9. Since the 2022 low, SOL price has hit multiple all-time highs. The asset hit a recent high of $293.31 in January of this year. SOL's price has fallen more than 54% from its January high.
Solana (SOL)’s incredible performance over the past few years has solidified its position as one of the most resilient cryptocurrencies on the market. While the asset's current lackluster trajectory is worrying to many, it may be a blessing in disguise.
Also read: Solana shows no new users: What hints at the next SOL price move
Solana (SOL) price is expected to reach new highs in the coming years. The project has seen the launch of several spot ETFs in the past few months. ETF inflows are slow, but the pace could pick up once the bear market ends.
Furthermore, Bitcoin (BTC) is expected to reach new highs next year. Solana (SOL) price tends to follow the trajectory of BTC. If BTC reaches new highs, SOL is likely to follow suit. The current price could be a good entry point for new investors or those looking to lower average costs.
