Solana (SOL) and Dogecoin (DOGE) are currently facing downward pressure as the broader crypto market follows Bitcoin’s recent decline in price. Bitcoin is hovering around $66,000, with Solana trading below $150 and Dogecoin dropping below $0.14. Solana, ranked as the 5th largest altcoin by market cap, has seen a 9% decrease in the past 24 hours, while Dogecoin has experienced a 6% decline.
Solana’s daily trading volume has surged by 113% in response to the recent market crash, with a market cap of $68.6 billion. Dogecoin has a trading volume of $1.26 billion and a market cap of $19.9 billion. Both cryptocurrencies are currently at a critical juncture, with analysts warning of a potential bearish trend in the short term.
Crypto analyst CrediBULL Crypto believes that both SOL and DOGE are approaching crucial levels that could determine their next moves. Solana’s price recently broke below $100 in February before bouncing back to above $200 in March. CrediBULL Crypto predicts that SOL may dip to the buffer zone established earlier this year before a potential rebound.
Despite the short-term bearish outlook, the analyst remains optimistic about a possible bounce for SOL and DOGE, especially if Bitcoin’s price reverses its downward trend. The current market conditions indicate a confluence that could lead to a reversal in fortunes for these altcoins. Bitcoin’s price has also dropped to $66,000, with analyst Willy Woo suggesting a potential dip to $62.5k before a reversal.
The market is currently awaiting Federal Reserve Chair Jerome Powell’s speech following the FOMC meeting on Wednesday, which could have an impact on Bitcoin and the broader cryptocurrency market. The recent bearish pressure on SOL and DOGE reflects the overall sentiment in the crypto market, with investors closely watching for any signs of a turnaround. As the situation continues to evolve, it’s essential for traders to stay informed and be prepared for potential price fluctuations.
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