Solana Price Prediction as SOL Drops to $180 Level – Dip Buying Opportunity?

cryptonews.com:

SOL has dropped by 7.5% in the past 24 hours, with the Solana price sinking to $180 today as the wider crypto market suffers a 5% loss.

The altcoin is now down by 6% in the past week, but remains up by 40% in the last 30 days and by a very impressive 760% in the past year.

Given its medium-term momentum, the past week’s dip is likely a momentary blip in the context of a longer term period of growth for Solana.

And with many analysts expecting the market to power ahead as we approach the next Bitcoin halving this month, now could be a very good opportunity to buy the dip.

While SOL’s chart does look pretty depressed at the moment, it also suggests that its current dip may have bottomed out.

In other words, it’s close to rebounding, with its relative strength index (purple) dipping below 30 this morning, in a sign that traders are now overselling it.

At the same time, its 30-day average (orange) has just dipped below its 200-day (blue), again providing an indication that that SOL is very close to reaching the bottom of its current dive.

It’s not likely to fall much lower below $180, and given how bullish it has been in recent months, it’s hard to see it do anything other than recover soon.

Its trading volume remains healthy at around $4.3 billion, with CoinShares data showing that it remains the most popular altcoin among funds after Ethereum (in terms of total holdings).