Solana’s Volume Drop vs. Dogecoin’s RSI Surge: What’s Next?

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.

On 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.