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Solana price dropped into a local bear market as the crypto sell-off intensified this week. 
Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>), the fifth-largest cryptocurrency, has fallen by 20% from its highest level this year, reducing its market cap to $102 billion.&nbsp; 
The decline coincided with a broader downturn in its ecosystem. Meme coins like Dogwifhat, Bonk, Popcat, and Peanut the Squirrel plunged by over 20% in the last 24 hours. The total market cap of SOL-related meme coins has fallen to $17.7 billion.&nbsp; 
Solana’s retreat also mirrored declines in other layer-1 and layer-2 cryptocurrencies like Avalanche, Ethereum, Arbitrum, and BNB. Historically, cryptocurrencies have demonstrated a strong correlation with one another during market shifts. 
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Therefore, the question among most analysts and investors is whether this is a temporary pullback or the start of a new bear market.&nbsp; 
In an X post, McKenna, a crypto analyst with over 93,000 followers, declared himself a “Solana giga bull,” predicting the coin could jump to $500. He pointed to a forming cup and handle pattern on the monthly chart as the basis for his bullish outlook.&nbsp; 
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 I am now a Solana giga bull. Permission to send this to $500 with haste.<a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$SOL</a> <a rel="nofollow" href="https://t.co/f5O8RfZgLP" target="_blank">pic.twitter.com/f5O8RfZgLP</a>— McKenna (@Crypto_McKenna) <a href="https://twitter.com/Crypto_McKenna/status/1866261327196348646?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 9, 2024</a>
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Jelle, another popular crypto analyst, <a href="https://x.com/CryptoJelleNL/status/1866423132816396416" target="_blank" rel="nofollow">pointed to the same</a> formation on the weekly chart and predicted that it would jump to $600. A rally from the current level to $600 implies a near 200% jump. 
Solana has some of the best fundamentals in the crypto industry. It has become the favorite blockchain for developers building <a href="https://crypto.news/what-are-meme-coins/" target="_blank">meme coins </a>and other types of dApps. The network has collected over <a href="https://tokenterminal.com/explorer?v=NjdmMzczMzE0ZjQ0NWI5Nzk1ZTMxZGM2" target="_blank" rel="nofollow">$660 million</a> in fees this year. 
Solana has over $8 billion in <a href="https://defillama.com/chains" target="_blank" rel="nofollow">total value locked</a>, while its stablecoin volume has exceeded $24.8 billion. Additionally, Solana has emerged as the leading chain for decentralized exchanges, recording a 30-day trading volume of over $151 billion—nearly double that of Ethereum. 
<h2 class="wp-block-heading" id="solana-price-point-to-more-gains">Solana price point to more gains</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/12/Solana-Price.png" alt="Solana price" class="wp-image-14318105">
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 SOL price chart | Source: <a href="https://crypto.news/price/solana/" target="_blank">crypto.news</a>
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The weekly chart shows that SOL has pulled back sharply over the past few weeks, dropping to a key support level at $206, the upper boundary of a smaller cup and handle pattern. This movement suggests that Solana may be forming the handle portion of a larger C&amp;H pattern.&nbsp; 
The depth of the cup measures approximately 97%. Based on this pattern—a bullish continuation signal—there is a possibility that SOL could climb to $520. This target is about 97% above the cup’s upper boundary at $263. 
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Solana price falls as one ‘giga bull’ sees it rising to $500

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