Analyst predicts potential 40 decline in Solana price reaching 80
Solana’s price may drop to $80 as institutional ETFs and meme coin trading activity slows down, according to crypto expert Andrew Kang, who is a co-founder of a crypto-focused venture capital company. Kang suggested that the integration of ETFs into the market could potentially dampen the bullish sentiment surrounding Solana (SOL).
Despite Solana’s recent strong performance, Kang warned that the unpredictable demand from meme traders could have a significant impact on the price of SOL. If meme trading activity wanes in the future, SOL could see a sharp decline to the $80 level. However, Kang remained optimistic about the underlying technology and long-term potential of Solana, which could help support its price in the long run.
Kang also highlighted the importance of ETF integration, noting that the delayed entry of ETFs into wealth management platforms could have a substantial effect on the cryptocurrency market. The anticipated influx of ETF money is now expected to come later in the year, possibly in the fourth quarter.
In the absence of significant ETF inflows, Kang suggested that the momentum in the cryptocurrency market could shift from bullish to bearish. However, he expressed confidence in Bitcoin (BTC), predicting that its price would likely stay above $50,000.
As for Ethereum (ETH), Kang believed that its value could hold steady until ETF approval, but he projected limited upside potential to reach the low $4,000s this year. If there is not enough inflow or if there is substantial selling of ETH, Kang warned that the price of Ethereum could drop to the low to mid $2,000 range.
While the Ethereum community is known for its strong advocacy and understanding, traditional finance experts have indicated relatively low interest in Ethereum ETFs. Kang cautioned that investors who are not familiar with crypto may have high expectations for the impact of ETFs on Ethereum, which may not align with the reality of the market.
