Solana (SOL) Downturn Will Trigger Price Rally to New All-Time Highs for Real Projects, Says Andrew Tate

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Andrew Tate, a cryptocurrency proponent, and a former kickboxer, has made a bold statement today, suggesting that the recent downturn in the price of Solana (SOL) will set grounds for a significant rally in the crypto market.

Tate who has been a controversial figure in the industry, is known to constantly talk about his crypto holdings and earnings to his 9.4 million strong followers on X (formerly Twitter). He has also taken an interest in the Solana ecosystem lately given that his Daddy Tate (DADDY) memecoin is built on the Solana blockchain.

Solana Downturn to Birth New All-Time Highs

In a recent post on X, Andrew Tate commented on the current price decline of Solana, the fifth-largest cryptocurrency by market cap, which has already been seen by over 350,000 people on the platform.

According to him, the recent drop in the price of the coin will be a catalyst for a potential price rally for “real” projects in the market. Over the last 24 hours, the price of SOL has plummeted significantly by 5.62% to trade at $134.8. Additionally, in the weekly time frame, SOL has lost 12.04% of its value and a notable 20.32% in the last 30 days.

However, Tate has insinuated that the crash isn’t entirely bad, rather, it will make way for weaker projects to be washed out of the system, allowing real ones to thrive.

“Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH,” he wrote.

Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH.
— Andrew Tate (@Cobratate) June 18, 2024

It will be safe to assume that his affiliated DADDY token is among the “real ones” as he continues to endorse the project and influence his followers to buy into it. Moreover, in a previous tweet, Tate had announced that he would purchase $1 million worth of DADDY tokens and burn them in a live stream on X.

The purpose of this is to generate momentum around the project and hopefully trigger an upward price movement. Since memecoins are hype-related tokens, it is safe to say that the impact of the burn on the value of the token will be significant. However, Tate gave a condition for the burn, saying that it would only happen if the market value of the coin reached $300 million within the next ten days.

At press time, the market cap for DADDY stands at $130.06 million, which is still about 79% below the $300 million target. In addition, the price of DADDY has declined by 35.04% in the last 24 hours, trading at $0.133.

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