Solana is still up more than 50% year to date, but its incredible triple-digit returns from earlier in the year have completely disappeared. It is down nearly 25% over the past 30 days, and is clearly in dip territory.
While a "buy the dip" strategy for Solana might have worked in the past, there is no guarantee that it will this time around. The major factor here is the new regulatory turmoil in the crypto market. If you are willing to take on additional risk and have a long-term perspective, however, the current situation could be a unique buying opportunity.
In May, the Securities and Exchange Commission (SEC) released a list of 46 cryptocurrencies that it believes to be securities, and Solana was not one of them. In early June, however, the SEC filed lawsuits against major cryptocurrency exchanges Binance and Coinbase Global (NASDAQ: COIN).
Source Fool.com