Is Solana buying opportunity after the current dip?

Solana SOL/USD has weakened from its record highs above $259, registered on 06th November, to $186.3, while the current price stands at $203. Technically looking, SOL remains in a correction phase, and the risk of further decline still persists.

Designed for developers

Solana is one the most performant blockchain in the world that is designed to keep fees low for applications with billions of users. The average fee per transaction is around $0.00025, and according to its official website, Solana can process 50k transactions per second.

Solana delivers predictable scaling without compromising security or composability, which is very important for developers’ confidence.

It is also important to say that new developers don’t need any experience with smart contracts or Rust to get started building on Solana. Team of Solana added:

Solana Programs are vital to building unique and powerful tools on-chain, but the good news is that there are already a lot of programs available for you to interact and build with. You can build dApps similar to how web 2 and web 3 developers build web apps in centralized applications with 3rd party SDKs.

This project has attracted tens of thousands of developers to its network in less than several months, and it is constantly working on new features to accelerate the development of decentralized applications.

Lots of popular dApps and platforms are powered by Solana, and the most popular ones include Pyth Network, Phantom, USDC, Serum, Raydium, Bonfida, KIN, Audius, Mango Markets, Maps.me, and many more.

Solana tokens have the symbol SOL, and to interact with this blockchain platform, you should use SOL tokens. SOL plays a crucial role in the Solana ecosystem, and you can buy it from exchanges or from wallets directly.

$180 represents strong support

Solana (SOL) has been one of the best performers on the cryptocurrency market in the first trading days of November, and the price of this cryptocurrency reached record highs above $259.

Data source: tradingview.com

SOL remains in a correction phase this Wednesday, but if the price jumps again above $240 resistance, it would be a signal to buy SOL.

The next price target could be around $250 or even above; still, if the price falls below $180 support, it would be a strong “sell” signal.

Summary

Solana (SOL)  has been one of the best performers on the cryptocurrency market in the first trading days of November, and the price of this cryptocurrency reached record highs above $259. Since then, the price has weakened, and the risk of further decline still persists. On the other side, if the price jumps again above $240 resistance, it would be a signal to buy SOL, and the next price target could be around $250 or even above.

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