Solana's Price Plummets 8% in 24 Hours, Analysts Divided on Future

Solana's price has been on a downward trajectory, with a recent 8% drop in the past 24 hours, bringing it to $131. This decline is part of a broader selloff in the cryptocurrency market. SOL has experienced significant losses over the past week and month, with a 25% drop in a week and a 44% drop in a month.

Analysts have differing opinions on the future of Solana's price. While some, like JACKIS, predict a further decline to $100 before a recovery, others, such as Raoul Pal, believe that SOL is massively oversold and that the probability favors significantly higher prices in the near future.

Despite the short-term volatility, Solana's fundamentals remain strong. It is the second-biggest layer-one network in terms of total value locked (TVL) and has upcoming updates like the Firedancer upgrade that will enhance its status as a platform for meme coins and DeFi. Based on its underlying strength and utility, the Solana price is expected to return to $150 in Q2 and reach $250 by Q4.

In the meantime, traders may be looking for alternatives to SOL. One promising option is Solaxy (SOLX), Solana's first-ever layer-two network. With a successful presale raising $23.8 million, SOLX offers faster transactions, lower fees, and instant bridging between itself and its parent network. As SOLX will be necessary to pay transaction fees, it is likely to experience strong demand. Investors can join its sale at the Solaxy website, where SOLX is currently selling at $0.001648.