Yes.
Attach a tap gesture recognizer to the view:
UITapGestureRecognizer *tap = [[UITapGestureRecognizer alloc] initWithTarget:self action:@selector(yourFunction:)];
[imageView addGestureRecognizer:tap];
then in the gesture recognizer's handler:
if (imageView.alpha > 0.5f){
imageView.alpha = 0.5f;
}
else {
imageView.alpha = 1.0;
}