- SOL struggles at $130 support, and a drop could test lower levels at $128 and $126.
- DOGE shows rebound potential with bullish divergence, whereby $0.10 remains a key hurdle.
- SOL’s recent consolidation and volume drop raise concerns over market sustainability.
The cryptocurrency market has been witnessing significant shifts, with Solana (SOL) and Dogecoin (DOGE) showing notable price movements. According to an analysis by Crypto Rover, a crypto YouTuber, the volume on the Solana chain has been decreasing rapidly, raising concerns about the sustainability of $SOL.
Solana’s price witnessed moderate fluctuations over the past 24 hours. As of the time of writing, the SOL price hovered at $132.65, marking a decrease of 0.60%. According to CoinMarketCap, the 24-hour trading volume surged by 84.22% to $2,442,314,982, indicating a significant increase in trading activity. The cryptocurrency ranks 5th by market cap, which currently stands at approximately $61.91 billion.
SOL experienced an initial upward movement, peaking near $136, but this momentum was short-lived. The price soon entered a consolidation phase, hovering around the $130 to $132 range, indicating a lack of strong bullish momentum. The $130 level has emerged as a significant support zone during this consolidation. However, if $SOL fails to maintain this level, the next support could be around $128. Further below, $126 could act as another support, serving as a safety net if the price continues to decline.
Dogecoin on the Verge of a Bullish Breakout: AnalysisOn the resistance front, $134 has proven to be a notable hurdle, where the price faced rejection after the recent peak. The $136 level is even more crucial, as it represents the highest point on the chart. A successful breakout above this level could signal a bullish continuation, but this seems challenging given the current market sentiment.
While Solana’s price trends are concerning, Dogecoin (DOGE) displays signs of a potential rebound, driven by a bullish divergence against the RSI on the 4-hour chart. Ali Charts analysis indicates that the TD indicator has flashed a buy signal, suggesting a positive outlook for DOGE.
As of press time, DOGE is trading at $0.09741, though it has experienced a decline of 1.92% in the past day. The price has shown volatility, with significant fluctuations around the $0.095 level, now serving as a critical support zone.
Dogecoin’s $0.096 support level has been tested multiple times, acting as a crucial line of defense. A break below this level could lead to further declines, potentially challenging the $0.095 mark. On the upside, resistance at $0.099 and the psychological barrier of $0.10 remain key hurdles. Overcoming these could indicate a trend reversal, offering hope for a price recovery.
