Analyst Despite Bearish Trends SOL and DOGE Have Positive Developments
Solana (SOL) and Dogecoin (DOGE) are facing downward pressure as the overall cryptocurrency market follows Bitcoin’s price drop.
With Bitcoin (BTC) hovering around the $66,000 mark, Solana is struggling to stay above a crucial level while Dogecoin is seeing a decline in line with other alternative coins.
Today, Solana’s price has dropped by almost 9% in the last 24 hours, falling below $150. The 5th-ranked altcoin by market cap hit a low of $145, leading an analyst to describe SOL’s price as being at a critical “make or break” point.
Solana’s daily trading volume has surged by 113% in the past day due to the cryptocurrency crash, giving bears the upper hand. The coin’s market cap has also decreased by 8% to $68.6 billion.
Similarly, Dogecoin, the popular dog-themed memecoin, has revisited support levels below $0.14, hitting a low of $0.134 with a 6% decrease in price.
According to CoinMarketCap, DOGE has experienced a 24-hour trading volume of $1.26 billion, up 78%, while its market cap has dropped by over 5% to $19.9 billion.
An analyst, known as CrediBULL Crypto, stated that the increase in trading volume signals heightened network activity, but the significant price declines suggest that bears may take control in the short term.
CrediBULL Crypto shared his outlook, saying, “$SOL, like $DOGE, is currently at a crucial level that I pointed out a few weeks ago. This is the final barrier preventing a drop to the range lows at $115.”
The last time Solana was at these price levels was in February, followed by a rise above $200 in March after a retest. The analyst believes that a dip in SOL to the previously established buffer zone is the most likely scenario before a rebound occurs.
Despite the short-term bearish sentiment, the analyst predicts a potential bounce for SOL and DOGE as Bitcoin shows signs of a bullish reversal.
Bitcoin’s price also saw a decline, with analyst Willy Woo suggesting a drop to $62.5k before a potential rally to a new high.
As Bitcoin’s price dipped to $66k on Tuesday, the market eagerly anticipates Fed Chair Jerome Powell’s upcoming speech following the FOMC meeting on Wednesday.
