Similar to the rest of the market, Solana (SOL) witnessed a drop in its price. The fifth-largest cryptocurrency was struggling to climb back on top. But the optimistic community was looking at the asset and the network’s progress throughout the year. The altcoin managed to rise to a high of $294.33 over the past 12 months. But does SOL have enough momentum to reach $500 this month?

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Evaluating Solana’s Drop

Sadly, the Solana market was seen sinking below the $200 mark. During the past 24 hours, the asset slipped below this mark down to a low of $195.39 multiple times. The highest price level that SOL was trading at was $207.39. At the time of writing, the asset was trading at $198.01 following a 3.91% fall over the past 24 hours.

The last time block production in Solana’s network was halted was February 6, 2024. Since then, the chain has had record-breaking activity free of issues for a whole year. This is the longest that it has ever experienced without losing consensus. This data was brought to light by Solana Status.

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Is $500 Within Reach?

It looks like the Solana market will be taking it slow over the next few years. According to data from CoinCodex, the highest price level that SOL will trade at in 2025 is  $428.90. This is certainly a notable spike when compared to its current price. But $500 is still at a distance. The firm revealed that SOL will be able to attain a peak of $500 only in the year 2029. During this time, the altcoin will trade at a maximum price of $558 in June of 2029.

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