IMO, I think we will se a downward trend for the next 5+ months but hopefully dont go below 2$. But it will for sure be pumped in a year or so (compare it to ETH graph). Predicting 30-50 usd before next summer, all depending on how BTC fare. Remember, the waves project is tightly connected to the BTC since most of its founding comes from it, and they have loads of founding left. When the platform is ready they will for sure spend some of that founding on marketing which should pump the price.
The sudden drop might be a whale that knows marketing will soon take place. However he wont scare me, i have only invested money i dont need. I will not sell a coin below 20$.
When BTC goes red almost all ALTS goes red (except tether) too, always happen the same, i think market is getting nervous because the doubts about possible BTC fork in August, and too price have to consolidate after a meteoric pump, it is like the market works, simply look at coinmarkecap actually