Should You Buy Solana While It's Under $300?
On Jan. 19, Solana (CRYPTO: SOL) hit a new all-time high of $294, and all lights were flashing green for 2025. The incoming Trump administration promised to make crypto great again, and Solana looked like it was going to be one of the biggest beneficiaries of the White House's new pro-business approach to crypto.
Unfortunately, the once sunny outlook for Solana has now turned cloudy. Solana is down 40% from its all-time high after its price collapsed in mid-February. And some analysts are warning that the price of Solana has further to plunge, perhaps 40% or more. So is this the end of the road for Solana investors or yet another opportunity to buy the dip?
The problem, quite simply, is that Solana's growth over the past 18 months has been fueled largely by meme coin mania. Solana has become the blockchain of choice for creating new meme coins, as well as buying and selling meme coins. Celebrities are now flocking to Solana, as are high-profile public figures, and just about everybody seems to be pitching a new meme coin project these days.
Source Fool.com
