The real question is who will form the coalition government.
Ok, to form a gov a party/coalition needs 201 seats.
If the ANC gets just below 50% (47 - 49%, 188 to 196 seats), then they will probably coalesce with GOOD, Al Jama-ah, and perhaps some other small parties to govern. Otherwise, if they fall even further (46% and lower, 184 seats and less), no one will be able to get them out of there except perhaps the EFF but if Rama stays ANC leader it won't happen (refer to 2021 LGE coalition talks).
Coalescing with the ANC would be a poisoned chalice anyway since these parties would always be known as the parties who saved the ANC and would be committing political suicide with their voters.
On the other side if the ANC falls below 46%, without EFF help, DA/ASA/VF+/ACDP and maybe some others, could form a government throwing out the ANC and keeping EFF out of power (the best and everyone's preferred ending).
ASA, I think will be very, very influential come 2024.
Because so far they're the only party that can siphon voters from the Big 3 (ANC, DA, EFF), we've seen this in the Pretoria by-election. They're growing exponentially across the country, with branches opening every week.
The Soweto and NMB by-elections next week and in July will also be massive tests for them, giving us a gauge of how they do in township areas as well as outside GP. If they can do well in both, then it could only bode well for them and add to their momentum for 2024 and boost their current rep as an alternative to the Big 3.