Most investors would be aware that ASX shares, on the whole, had a bumper year in 2024. The S&P/ASX 200 Index (ASX: XJO) ended up adding a healthy 7.5% to its value last year, after all. But we cannot say the same for the Sayona Mining Ltd (ASX: SYA) share price.

This ASX lithium stock was once a hot trade for investors looking to add lithium exposure to their ASX share portfolios. This is a company that rose an insane 1,200% in 2021 alone and by another 46% or so in 2022.

However, 2024 was far, far harsher for Sayona investors.

The not-so-good, very-bad year for the Sayona share price

This lithium stock started the year at 7 cents a share. But by the time 2024 wrapped up last month, those shares were worth just 3 cents apiece. That's a drop worth a nasty 57.14%. Additionally, Sayona currently boasts a 52-week high of 7.2 cents and a 52-week low of just 2.2 cents – quite the range.

Check it out for yourself below:

2024 was a horrid year for most ASX lithium shares. Lithium went from a multi-year bull run to dramatically coming off the boil in 2024, with prices experiencing a huge drop.

This has impacted the entire sector, but thanks to Sayona's relatively high production costs and early-stage projects, this company has been hit harder than most.

Investors were also fairly unimpressed with Sayona's plans, announced back in November, to merge with fellow lithium producer Piedmont Lithium Inc (ASX: PLL). This merger was accompanied by the announcement that Sayona would be conducting a $40 million capital raise and a $69 million share placement to help fund the merger.

As we covered at the time, the Sayona share price dropped by a chunky 13% when this plan was revealed, and hasn't recovered since.

So all in all, a horrid year for this ASX lithium stock and its investors.

What's next for this ASX lithium stock?

Whether Sayona's fortunes recover in 2025 will arguably largely depend on what the price of lithium itself does. If prices start recovering,  so too will Sayona's cash flows, which might prompt investors to reassess this company.

At least one ASX expert thinks this is likely. As we discussed last month, experts at both Goldman Sachs and Macquarie are expecting a 2025 rebound in lithium prices. Both experts cited strong expected demand for electric batteries and vehicles for their optimism.

Macquarie even has a buy rating on both Sayona and Piedmont shares.

We'll have to see if 2025 is kinder to these lithium stocks than 2024 was.