Solana’s SOL, along with the rest of the crypto market, has suffered in a bearish period. SOL has dropped significantly in price since the start of August, with trading volume even slowing down. At press time, Solana sits just under $130, a precarious place that is just on the edge of a lower resistance level that’s held up for some time. A fall below the $128 floor could send the asset tumbling further, but for now, it holds up.
As SOL continues to suffer from a dip, there are still market optimists who are bullish on Solana. Indeed, there is a question of whether or not it would be wise to “buy the dip.” This means swooping in on an asset while it’s at a low price in anticipation that a strong rebound is coming. There is plenty of speculation that the rest of September will see a strong rebound for cryptocurrencies, especially SOL. However, at sub-$130, would it be wise to swoop in on the dip now?
Should you Buy the Dip on Solana SOL?
Despite the downturn, investors have been constantly taking entry positions into Solana SOL. This has caused its trading volume to soar, with transaction activity always on the move. While trading movement has slowed, it can always be triggered to resurrect again.
Based on this, price predictions for Solana SOL remain bullish. Leading on-chain metrics and price prediction firm Changelly has painted a rosy picture for Solana in September 2024. According to the forecast, SOL could move forward in the charts and close back at $150 by the end of the month. This prediction compared to the current price is certainly possible, as SOL’s gains during this year in similar time frames have exceeded such a climb.
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Changelly estimates that SOL could rise by nearly 14% in the indices and hit a target of $149.23. Therefore, if the estimate is accurate, an investment of $1,000 could turn into $1,140 by the end of the month. This would fall through if SOL dips below the $128 resistance level, but according to some analysts, if the asset remains above it, its rebound will be very strong.
SOL remains one of the best-performing cryptocurrencies on the market despite its slump. Bitcoin, Ethereum, and other top assets are also seeing red. Therefore, with its current price perseverence, a boom in ETH or BTC could catalyze the rebound for Solana further.