After its decline...is it an opportunity to buy Solana?
•The price of Solana coin (Solana-SOL) fell to the level of $180 today after the crypto market suffered a loss of 5%, which reflects a decline of 7.5% in the past 24 hours.
•The alternative currency is now witnessing a decline of 6% from last week, but it is still up by 40% over the past 30 days, and by 760% over the past year.
•Given its medium-term momentum, last week's decline is likely just a temporary dip in Solana's long-term growth.
•With many analysts expecting the market to activate as we approach the next Bitcoin halving this month, it could be a very good buying opportunity now with this decline.
•Solana coin price expectations after its decline to the $180 level. Is this considered an opportunity to buy during the decline?
•Although the SOL chart looks bleak at the moment, it also indicates that the current decline could have come to an end.
•In other words, the chart indicates that the price is approaching a bounce with the Relative Strength Index (RSI) - shown in purple - falling below 30 this morning, which is a signal that traders are increasingly selling the currency.
•Source: TradingView At the same time, the 30-day moving average - shown in orange - has fallen below the 200-day moving average - shown in blue - also indicating that SOL is about to reach the bottom of its current decline.
•It is unlikely that Solana's price will fall much below the $180 level, and given its upward trend in recent months, it is difficult to expect anything other than a recovery soon.
•Its trading volume remains healthy at around $4.3 billion, with CoinShares data indicating that it remains the most popular altcoin in terms of money flow after Ethereum (in terms of total holdings).
•In addition, it appears that whales have started buying SOL coins again, taking advantage of the recent drop in price. This is clearly based on the expectation that Solana's price will rise again soon, with the overall market trend potentially helping it bounce back.
