On Thursday, the price of Solana plummeted to $134 per token, representing an approximately 9% drop in value in the last 24 hours, according to CoinMarketCap.

At the end of September, the price of the coin was running around $156, reflecting 7% growth at the time. The current correction, despite being relatively modest, has not stopped some market analysts from forecasting a potential rebound price of $330 for the world's fourth-largest cryptocurrency by the New Year.

"Solana's efficiency and low transaction fees make it highly attractive to users, especially in high-volume industries like payments," Georgy Slavin-Rudakov, CMO at B2BINPAY said. "Its "Sealevel" parallel execution architecture enables average transaction fees as low as 0.000014 SOL, or $0.00189, making it nearly 900 times more cost-effective than Ethereum, which averages around $1.7 per transaction," he explained. "Investors are seeing increased demand for stablecoin transactions on Solana due to these cost advantages."

In September, the cryptocurrency saw significant price growth, Slavin-Rudakov said, due to macroeconomic shifts: "Global monetary policy mostly contributed to this increase. Recent interest rate cuts by [the Federal Reserve] have created a favorable environment for risk assets such as cryptocurrencies, attracting investor interest."

Solana's price might also see upward growth thanks to the relationship between the Solana blockchain network and stablecoins. During ongoing market turbulence - particularly ongoing geopolitical tensions in the Middle East - stablecoins will provide liquidity and a consistent store of value.

"As interest rates fall, stablecoins will become a safe haven not only for traders but the general public as well," Slavin-Rudakov said. "Stablecoins have already become a mainstream digital tool for everyday use, from payments to shopping, as they provide the convenience of cryptocurrencies without the wild price fluctuations. We might see Solana's growth [continue] till the end of the year."