After a 73% Plunge, Is Solana Headed to $50 or $250?

▲ Solana (SOL) ©

Solana (SOL), which plunged 73% from its all-time high and fell into a deep slump, is drawing market attention as a contrarian outlook suggests it could surge more than threefold this year after successfully transforming its fundamentals from a meme-coin-centered ecosystem into a stablecoin-focused network.

According to investment outlet The Motley Fool on Feb. 17 (local time), market leader Bitcoin (BTC) has fallen 48% over the past four months, dealing a heavy blow to speculative altcoins. Solana has also declined 37% this year and is currently trading at $78, a steep 73% discount from its all-time high of $294 recorded just 12 months ago.

The prevailing bearish scenario weighing on the market is based on Bitcoin’s continued synchronized decline. Given the historical pattern in which the entire crypto market wobbles when Bitcoin collapses, Solana—recently hitting a two-year low of $67—appears more likely to fall toward $50 rather than rebound to $250, especially as a head-and-shoulders pattern has formed.

However, British multinational bank Standard Chartered presents a contrasting bullish argument. The bank assesses that Solana is evolving beyond a simple meme-coin ecosystem into a stablecoin-centric network. Earlier this year, Solana surpassed Ethereum (ETH) to become the fastest-growing blockchain in terms of stablecoin transaction volume and speed, boasting strong appeal in the micro-payments market with its fast processing and low fees.

Standard Chartered forecasts that this powerful growth driver could propel Solana’s price to $200 this year, $400 next year, and as high as $2,000 by the end of 2030. Data from online prediction market platform Kalshi is also positive. Traders estimate a 44% probability that Solana will reach $150 this year, a 23% chance of hitting $200, a 14% chance of $250, and a 10% chance of $300.

The outlet noted that the market’s deep pessimism toward Solana is currently excessive. With the probability of nearly doubling to $150 assessed as close to a coin toss, analysts believe that once investors begin to fully recognize improving fundamentals, Solana’s price could soar at a rapid pace.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.