- Solana (SOL) has fallen almost 20% in the past week to US$115.25, with betting markets indicating a 64% chance it will hit $100 by March end.
- Memecoins across the board are losing favour following scandals, with even Trump’s token (TRUMP) dropping 87% from its January all-time high.
- Memecoin platform Pump.fun has seen daily active users decline by over 50% to 169,000, compared to nearly 390,000 in February.
- Despite short-term bearish sentiment, analyst Crypto Patel suggests SOL could eventually reach US$500, with pending approval of Solana ETFs by the new SEC leadership.
The crypto market, like other major financial markets, is currently on a downward trend. And Solana (SOL), the sixth largest crypto by market cap is no exception.
The price of SOL is down almost 20% in the past week, currently trading for US$119.95 (AU$318.59) after it fell as low as US$115.25 (AU$183.39).
And if bettors are anything to go by, the price might further decline, potentially hitting US$100 (AU$159.16) by the end of March.
Related: SEC Reboots Crypto Policy: Shifts Stance on Firm Registration and Eases Market Regulation
Crypto betting site Polymarket has odds of US$100 at 66% and US$110 (AU$175.30) at 93%, while only 1% of bettors think US$300 (AU$477.43) is in the cards by the end of March.
Pump.fun Not that Fun Anymore
This comes as memecoins have been falling out of favour with traders and investors alike after several scandals have rocked the crypto world.
Meanwhile, not even US President Donald Trump’s memecoin, Official Trump (TRUMP), was spared the downfall. The token has nosedived in the past 24 hours, losing almost 9% of its value.
Currently, TRUMP trades for US$9.81 (AU$15.60), down 87% from its all-time high in January when it sold for an eye-watering US$75.35 (AU$119.85).
Memecoin platform Pump.fun is also losing users as people turn their backs on the memecoin sector.
According to Dune analytics, the number of daily active users has declined by more than 50%, to currently just 169k daily users, compared to almost 390k in February.
Could US Solana ETFs Send SOL to $500 Per Coin?
So, while bettors think SOL’s ride is over for now, where does the price potentially end up?
According to popular trader and chart analyst with 64k followers on platform X, Crypto Patel, we could likely see more short-term pain. Patel thinks US$80 (AU$127.61) is a real possibility before it shoots up toward US$500 (AU$797.55).
And although that price target may look a little lofty right now, given the market is in full fear mode, there is still the possibility of a Solana exchange-traded fund (ETF) being approved in the US.
Related: Strategy’s Stock Tumbles 30% Post-Saylor’s Forbes Fame: Bitcoin Bet Backfires?
While it did not look like it would be happening under Gary Gensler, the new-look US Securities and Exchange Commission (SEC) is promising better days for the industry.
The SEC has already acknowledged several of the applications and JPMorgan has predicted the funds could bring in up to US$6 billion (AU$9.57 billion) in inflows.
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