SOL and DOGE are bearish but there’s “good news”: Analyst

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility. The recent bearish pressure on Solana (SOL) and Dogecoin (DOGE) is nothing new, but it’s always disheartening to see the prices of your investments taking a hit.

The cryptocurrencies Solana (SOL) and Dogecoin (DOGE) are currently facing downward pressure, reflecting the broader trend of declining prices in the crypto market, which is following Bitcoin‘s lead.

From my perspective as an analyst, Bitcoin (BTC) currently finds itself hovering close to the significant price mark of $66,000. Meanwhile, Solana (SOL) displays intriguing behavior near a critical level. On the other hand, Dogecoin (DOGE) follows the downward trend observed in the broader altcoin market.

Solana price today

As a crypto investor, I’ve noticed Solana’s price taking a hit, dipping nearly 9% in the last 24 hours. Now, it’s hovering just below the $150 mark. The fifth-ranked altcoin by market cap has reached lows of $145, and according to one analyst, we’re at a “make or break” point for Solana’s price.

As an analyst, I’ve observed a significant surge in Solana’s daily trading volume, which has spiked by approximately 113% within the past 24 hours. This uptick comes as bears have seized the opportunity to capitalize during this recent cryptocurrency market downturn. At the moment of my analysis, Solana’s market capitalization stood at around $68.6 billion, representing a decrease of roughly 8%.

Dogecoin price today

Dogecoin, the cryptocurrency known for its canine mascot, currently finds itself in a comparable position as it hovers around the $0.14 mark. Market information indicates that DOGE touched its lowest point at $0.134 following a 6% downturn.

Based on data from CoinMarketCap, the trading volume for Dogecoin (DOGE) over the past 24 hours amounts to $1.26 billion, representing a significant increase of 78%. Conversely, the market capitalization for DOGE has experienced a decrease exceeding 5%, now standing at approximately $19.9 billion.

SOL and DOGE price: analyst shares outlook

As an analyst, I’ve observed a surge in network activity indicated by the rising volume. However, the significant price decreases suggest that bears may temporarily take over the market trend.

Crypto analyst CrediBULL Crypto says:

“Similar to Dogecoin, Solana finds itself at a critical juncture as identified in my previous analysis, facing potential decline towards the support level of $115 if it fails to hold its current position.”

In February, Solana last changed hands at the current price levels. At that point, it had slipped under the $100 mark. Towards the end of the month, there was a revisit to these prices, which gave buyers the opportunity to push the price above $200 by March.

According to CrediBull Crypto’s analysis, it’s probable that Solana (SOL) will dip down to the support level established earlier in the year before any potential recovery occurs.

In contrast to the pessimistic outlook for the immediate future, the analyst believes that Solana (SOL) and Dogecoin (DOGE) will rebound even as Bitcoin (BTC) undergoes a shift in trend from bearish to bullish. He expressed this viewpoint on platform X.

It’s fortunate that the significant levels for both $SOL and $DOGE have been reached, coinciding with $BTC hitting its lower boundary within our range. The intersection of these events is an encouraging sight, and if $BTC recovers from here, it’s likely that $SOL and $DOGE will follow suit.

Bitcoin price also slips

Previously today, cryptocurrency expert Willy Woo predicted that the price of Bitcoin could fall as low as $62,500 prior to a potential rebound leading it to reach new heights.

“The process of liquidating positions has begun, and if the upcoming group of long position holders adds to the sell-off pressure, we may see the price drop as low as 62,500 to eliminate these positions entirely,” Woo explained.

I’ve noticed that Bitcoin’s price took a dip and reached a low of $66k on Tuesday while investors eagerly anticipated Jerome Powell’s speech from the Federal Reserve Chair.

Powell will speak after the two-day FOMC meeting on Wednesday.

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2024-06-11 23:04