Solana tanks 20% amid Milei scandal. Here’s where VanEck, Bitwise, and Pantera see the price

A memecoin ungraded involving Argentina’s president has dragged connected Solana’s price.

Javier Milei’s tweet astir the LIBRA memecoin near galore holding the container and resulted successful charges being brought against him there.

LIBRA crashed from a $4.5 cardinal marketplace headdress to astir $200 million.

Solana’s terms has slumped 20% from a precocious past week earlier the Milei chaos.

Bettors connected Polymarket present springiness Solana a 22% accidental of breaking done its erstwhile $293 all-time precocious by June 30. That’s down from an 85% accidental connected January 21 erstwhile the stake launched.

Polymarket bettors enactment an 86% chance that Solana volition autumn to $160 this month.

LIBRA and akin tokens progressively motorboat connected Solana, with memecoin motorboat level pump.fun seeing astir $3 cardinal successful measurement over the past 2 weeks connected Solana — tying the crypto’s fortunes to those products.

While memecoins “may beryllium a dampener short-term, the exertion down blockchain and Solana is present to stay,” Chris Chung, laminitis of Solana swap level Titan, told DL News.

“The memecoin frenzy has helped Solana physique up the infrastructure to genuinely enactment wide adoption.”

Chung isn’t the lone 1 who has been optimistic astir Solana’s chances.

Here’s wherever VanEck, Bitwise, and Pantera Capital spot thrust the terms of XRP.

VanEck

VanEck analysts Matthew Sigel, Patrick Bush, and Nathan Frankovitz see Solana reaching $520 by the extremity of 2025.

In January, Solana’s gross successful 2024 was higher than the adjacent 4 chains combined, VanEck wrote, becoming the layer-1 person successful presumption of decentralised speech volume, revenues and regular progressive wallets.

VanEck besides points to the lively ecosystem for app gross connected the network. Useful apps tin go a flywheel that successful crook attracts much talented developers to marque much engaging apps, driving much idiosyncratic adoption.

The concatenation has, they wrote connected February 5, go “the focal constituent for on-chain crypto trading, driven by a beardown developer assemblage and a plan optimised for precocious idiosyncratic activity.”

Most importantly, wrote VanEck, is Solana’s stock of the full marketplace headdress for astute declaration networks similar Ethereum and Solana.

Solana holds immoderate 15% of the worth of the astute declaration level market, “but we forecast its stock to emergence to 22%” by year-end.

Pantera Capital

Pantera Capital’s Cosmo Jiang and Eric Wallach wrote past period that 2024 was a twelvemonth of tailwinds, with trading enactment breaking records passim the 4th quarter.

Those records included decentralised speech volumes consistently surpassing Ethereum’s, including autochthonal DEX Raydium capturing the astir measurement crossed each of crypto’s decentralized exchanges.

Thank memecoins – the network’s azygous biggest operator of growth.

“Solana’s robust token instauration ecosystem continues to flourish,” wrote Jiang and Wallach.

“Solana present consistently accounts for implicit 90% of each caller tokens appearing connected DEXs.”

Volume has remained higher connected Solana than Ethereum recently, according to DefiLlama.

solana-ethereum-vol-2025 Solana measurement has outpaced Ethereum's since precocious 2024.

Pantera, similar VanEck, besides points to Solana’s thriving developer contingent arsenic a driver.

While the wide crypto manufacture saw an mean 9% diminution successful developer activity, Solana achieved an 83% yearly maturation successful monthly progressive developers, they wrote.

The biggest impact, wrote Jiang and Wallach:

The token is among the astir apt adjacent integer assets to person an ETF, which tin supercharge flows.

“The marketplace continues to underestimate the probability and interaction of a Solana ETF.”

BitWise

BitWise’s Chief Investment Officer Matt Hougan sees bully news successful atrocious sentiment.

“It is arguably the champion clip successful past to put successful crypto,” Hougan wrote connected February 12, earlier the Milei scandal. “And yet. Today, retail investors are wallowing successful despair.”

That’s due to the fact that of the diminution successful altcoins, which person clobbered retail participants, Hougan wrote.

“The mean crypto plus is getting crushed.”

It’s bully quality for the large players similar Ethereum, Bitcoin and Solana – due to the fact that organization buyers volition beryllium laser-focused connected those assets.

Polymarket

Bettors connected the level spot small accidental for Solana’s short-term terms action, putting the likelihood of it reaching supra $200 by the extremity of this week astatine conscionable 10%.

Longer-term, the outlook seems rosier.

The timeline for support of Solana ETF applications – which person been made by Grayscale, VanEck, BitWise, 21Shares and Canary Capital – puts the earliest imaginable timeline for support astir the mid-year.

Polymarket participants enactment an ETF support this twelvemonth astatine 83% likely, though lone 31% deliberation it volition beryllium approved by July 31.

JPMorgan has estimated they could bring up to $6 cardinal successful inflows.

Additional reporting by Liam J. Kelly.

Andrew Flanagan is simply a Markets Correspondent for DL News. Got a tip? Reach retired to [email protected].