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Today’s decline in the cryptocurrency market has been painful for traders, resulting in liquidations amounting to millions of dollars within minutes. Although Bitcoin (BTC) 
$104,776 has returned to around $92,000, it has not yet regained the levels it held over the weekend. This raises a crucial question: Is this downturn an opportunity for altcoins? Popular opinion among analysts provides insights into the present situation.
Solana (SOL): A Risky Opportunity
Renowned crypto enthusiast Scott Melker recently pointed out that SOL Coin presents a significant buying opportunity from a technical analysis perspective. He did caution, however, that trading here could be akin to “catching a falling knife.” As of the writing, SOL Coin is hovering around $177.
“For traders attentive to technical analysis, Solana 
$166 offers one of the best risk/reward buying zones. If it breaks below the daily 200 MA support, it would be easy to cut losses. Disclaimer: This could also be catching a knife on the way to Hades. What do I know?”
Investors can manage risk effectively by setting stop-loss levels. However, if BTC plunges deeper, the cost of buying may result in losses. Cryptocurrencies are not an area where free money is handed out; high risk can lead to either high rewards or monumental losses.
Bitcoin (BTC): A Recovering Trend?
Bitcoin found buyers at $92,300 after dipping quickly to $89,256, turning its direction upward. Altcoins have seen losses exceeding 10%, but there are signs of a slight recovery. As the U.S. prepares for Trump’s upcoming inauguration, last year’s declines associated with ETF approvals remain fresh in everyone’s mind.
StockmoneyL commented on the situation:
“To be clear – the BTC correction is not over. We will see resistances again at 92.5k and 93.2k levels. Without new lows today, consolidation is likely. However, in the coming days/weeks, we have a good chance of making new lows to capture additional liquidity between 86k and 88k.”
Scott, however, believes that BTC will begin to recover from current levels and return to six-figure prices.
