Bitrabo Editorial
A cryptocurrency analyst has suggested that Dogecoin (DOGE) and Solana (SOL) are currently at pivotal “make it or break it levels,” indicating a potential upturn for both cryptocurrencies in the near future.
Assessment of Dogecoin And Solana
Identified as ‘CrediBull Crypto,’ the analyst highlighted the crucial position that Dogecoin and Solana are in, emphasizing the significance of this make-or-break stage in their market trajectories.
The analyst expressed optimism in the current phase benefiting Dogecoin and Solana, bringing a sense of relief to their markets. Additionally, with the broader altcoin market structure potentially finding relief as Bitcoin drives the overall market upwards.
CrediBull Crypto noted that the positive aspect of the price movements of Dogecoin and Solana is that they align with Bitcoin hitting its range lows. By analyzing Solana’s market movements from April to August 2024, the analyst suggested that a potential rebound for Dogecoin and Solana could coincide with a reversal in Bitcoin’s price.
In a prior post, the analyst highlighted that if Solana maintains the green zone within the $141-$147 range, the cryptocurrency could achieve higher highs before a potential downturn. Investors were advised to secure profits during upward movements and consider shorting at higher levels.
Furthermore, CrediBull Crypto predicted a potential decline to around $115 for Solana. The projected slight reversal for both Solana and Dogecoin could lead to increased values amid the ongoing market downtrend.
The projected upturn for Dogecoin and Solana is closely tied to Bitcoin’s performance. Despite Bitcoin’s current price of $67,882 and recent declines, there is an increased influx into Spot Bitcoin ETFs, showing substantial demand for digital assets.
In the past week, Bitcoin has faced a 4.16% decline, dropping below its previous high of $71,000 earlier in the month. Nevertheless, the cryptocurrency has shown a positive 1.24% increase in value over the last 24 hours as per CoinMarketCap.
Current Status of Dogecoin And Solana Prices
Both Dogecoin and Solana have experienced notable price decreases, reflecting their recent underperformance in the cryptocurrency market. Dogecoin is currently priced at $0.14, indicating a significant decline of 13.79% over the last week.
Meanwhile, Solana has seen a substantial 11.63% decline in the past seven days, with its price dropping to $152 after a further 1.16% decrease in the last 24 hours.