Solana has rebounded slightly over the past 24 hours, but continues to trade in the red zone on other time frames. According to CoinGecko’s Solana data, SOL is up 0.3% in the past 24 hours, but is down 8% in the last week, 10.7% on the 14-day chart, 9.4% month-over-month, and 40.6% since December 2024. If the current trajectory continues, SOL’s price could fall below $120. Consider why Solana (SOL) falling below $120 is a blessing in disguise for many investors.
It could be a good thing for Solana to drop below $120
Solana (SOL) was one of the best performing cryptocurrencies in 2024. In fact, SOL has had an incredible few years since 2022. The 2022 market crash was one of the bloodiest, and SOL faced some of the worst blows the market has dealt. In 2022, FTX, an exchange that was very bullish on SOL, collapsed. This exchange held a large amount of SOL coins, and the platform collapse caused a massive price crash for Solana (SOL). SOL’s price fell to below $9 by the end of 2022. Since its lows in 2022, SOL’s price has hit new all-time highs multiple times, with the most recent high being $263 in early January of this year.
Solana (SOL) has cemented itself as one of the most resilient crypto assets on the market with its incredible comeback over the past few years. This is why many investors aren’t worried about SOL’s current woes. It is very likely that SOL will recover its losses once the bear market ends.
Considering past reversal trends, Solana (SOL) falling below $120 could be an incredible entry point for investors. If SOL regains its all-time high of $263 in the future, your money will more than double (which is very likely).