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The fluctuations in the cryptocurrency market have also affected SOL, the sixth-largest cryptocurrency. Over the past week, SOL’s price has dropped by 20%, now standing at $119.95. Market experts predict that by the end of March, SOL could potentially fall to $100. Similarly, assets in the memecoin category are experiencing a significant downturn, with some tokens losing up to 87% since their January peaks. Despite short-term risks, experts believe that SOL may recover in the long term.
SOL’s Sharp Decline and Future Predictions
The decline in SOL’s value is perceived as a reflection of the overall negative sentiment in the cryptocurrency market. Earlier in the week, SOL dipped to $115.25, currently trading around $119.95. Experts indicate that this downward trend may persist until the end of March, with the possibility of testing the $100 level. However, some analysts suggest that this drop could be temporary.
Renowned analyst Crypto Patel stated that SOL might decline to $80 in the coming months before recovering and aiming for $500. This prediction is based on potential improvements in regulations concerning cryptocurrency funds by the U.S. Securities and Exchange Commission (SEC). According to JPMorgan’s reports, the approval of SOL-based exchange-traded funds could attract billions of dollars in new investments.
Memecoins’ Collapse and User Loss
Memecoins have recently faced both value depreciation and user attrition. A token attributed to former U.S. President Donald Trump has lost 87% of its value since its peak in January. This decline is attributed to scandals that have shaken investor confidence in the project. The daily active user count on popular memecoin platform Pump.fun has dropped from 390,000 in February to 169,000.
Users’ diminishing interest in memecoins indicates a decrease in speculative activities in the market. Some experts emphasize that investors are now gravitating toward more stable projects. Additionally, the collapse in the memecoin market has undermined overall confidence in the cryptocurrency sector.
