📉💥 💥💥Here’s What Happens If Solana Price Falls to $50 in 2024?
📉 Solana's Sideways Movement
Solana has been trading sideways for over 7 months, raising concerns of a potential drop to $50. Currently priced at $155, a fall to $50 would mark a 70% decline and drop Solana’s market cap to $23.6 billion, possibly pushing it out of the top 10 cryptocurrencies.
🌍 Factors Behind a Potential Drop
Global market meltdowns, massive liquidations from meme coins, and geopolitical uncertainties like the Israel-Iran conflict could lead to a significant market correction, affecting Solana’s price.
🔮 Will $SOL Drop to $50?
Despite challenges, Solana has strong fundamentals. The price chart shows a bullish pennant pattern, with solid support at $120, suggesting that a drop below $50 is unlikely.
💪 Why SOL Likely Won’t Drop to $50
Solana’s TVL has surged 56% in 11 weeks, showing increased investor confidence. Additionally, Solana’s active addresses grew from 3 million to 4.89 million, signaling heightened adoption and user engagement.
📈 Conclusion
Without a major black swan event, a drop to $50 is unlikely. Solana’s strong ecosystem and growing market activity point to a bullish future rather than a sharp decline.
