A cryptocurrency expert has stated that Dogecoin (DOGE) and Solana (SOL) have reached critical “make it or break it” levels. This assessment is expected to fuel optimism, suggesting that DOGE and SOL might be poised for a potential recovery soon.
Identified as ‘CrediBull Crypto’ on X (formerly Twitter), the analyst highlighted that both Dogecoin and Solana are currently at a pivotal juncture in their market trajectories.
Analysis of Dogecoin and Solana Price Dynamics
Recently, cryptocurrency analyst ‘CrediBull Crypto’ assessed that Dogecoin (DOGE) and Solana (SOL) have reached crucial “make it or break it” points, coinciding with Bitcoin’s range lows. This evaluation is seen as positive news for DOGE and SOL, potentially signaling a rebound in their respective markets.
Source: X
CrediBull Crypto highlighted that the price movements of Dogecoin and Solana are closely tied to Bitcoin’s performance. If Bitcoin undergoes a price reversal from its current levels, there is a possibility that DOGE and SOL could also experience upward momentum.
Specifically, the analyst pointed out that Solana’s market chart from April to August 2024 suggests potential for another higher high if it maintains support levels between $141 and $147. He advised investors to consider taking profits within this range and possibly shorting again at higher levels.
Looking ahead, CrediBull Crypto forecasted that Solana could see new lows around $115, but expects both Solana and Dogecoin to witness a modest rebound amid the broader market downtrend, contingent on Bitcoin’s trajectory.
As of the latest updates, Bitcoin is trading at $67,882, having experienced recent declines despite strong demand indicated by increased inflows into Spot Bitcoin ETFs. Although Bitcoin has seen a decline of 4.16% over the past week, there is renewed investor interest as it has risen by 1.24% in the last 24 hours, according to CoinMarketCap data.
Recent Performance of Dogecoin and Solana
Dogecoin and Solana have seen notable declines in their prices recently, reflecting their lackluster performance in the cryptocurrency market. As of the latest update, Dogecoin is trading at $0.14, marking a significant decrease of 13.79% over the past week.
DOGE price recovers toward $0.15 | Source: DOGEUSDT on Tradingview.com
Meanwhile, Solana has also experienced a substantial decline, dropping by 11.63% over the past seven days. The downward trend has persisted, with Solana’s price falling to $152 after another 1.16% decrease in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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