According to CoinGecko’s SOL statistics, Solana’s price has faced a 3.1% fall in the daily charts and a 3.2% correction over the last week. The sixth-largest cryptocurrency by market cap is currently trading at the $177 price level. SOL has considerable support at this price point. The asset could consolidate at the $177 level or pick up steam from here. SOL is trading in the green zone in the other time frames, rallying 8.5% in the 14-day charts, 21.4% in the monthly charts, and 4.2% since July 2024.
Is It A Good Time To Buy SOL?
There is a chance that SOL will grab liquidity at the $175-$177 price level and then make an ascent back to the $200 price point. On the other hand, there is also a possibility that investors will continue to sell, given the current bearish market environment.
Solana’s (SOL) and the larger market’s latest price dip comes amid a surge in profit-making. Bitcoin (BTC), XRP, and BNB have hit new all-time highs over the last two weeks. Investors had likely begun to exit their positions after the rally.
Also Read: MoonPay Launches 8.49% SOL Staking Across 100+ Countries
While buying the dip is a solid investment strategy, there is a chance that SOL will continue to dip over the next few days. Investors are likely waiting for the next Federal Open Market Committee (FOMC) meeting scheduled for July 29. The FOMC meeting minutes will give clues on the Federal Reserve’s monetary outlook. The crypto market could experience a rally if the Federal Reserve decides to cut interest rates.
Waiting for a few days to have more clarity on how the US monetary policy pans out could prove to be a good entry strategy. President Trump recently visited the Federal Reserve to meet with Fed Chair Jerome Powell. The meeting has reportedly turned out to be quite confrontational. How the Fed advances with its monetary policy will be clear over the next week.