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SOL and DOGE are bearish but there is some “good news”: Analyst
Solana (SOL) and Dogecoin (DOGE) are facing bearish pressure as the broader cryptocurrency market mirrors Bitcoin’s price decline.
AS Bitcoin (BTC) hovering near the $66,000 mark, Solana price is flirting with a key level as Dogecoin trades lower in line with the broader altcoin sector.
Solana price today
After falling nearly 9% in the last 24 hours, Solana price it is below $150. The collapse to the lows of $145 for the 5th-placed altcoin by market capitalization led one analyst to state that the SOL price is in a “make or break” zone.
Solana’s daily trading volume surged 113% in the past 24 hours as the cryptocurrency collapse left the initiative to the bears. At the time of writing, the coin’s market capitalization had fallen by 8% to $68.6 billion.
Dogecoin price today
Dogemoneta, the original dog-themed memecoin, is also poised to reach revised price support levels below $0.14. Trading data shows that DOGE hit a low of $0.134 in a decline of 6%.
According to CoinMarketCap, DOGE has a 24-hour trading volume of $1.26 billion, up 78%, while the market capitalization shrank more than 5% to $19.9 billion.
SOL and DOGE price: outlook on analysts’ actions
While the increase in volume signals an increase in network activity, the notable drop in prices indicates the possibility of bears taking control in the near term.
Crypto analyst CrediBULL Crypto says:
“$SOL, as well as $DOGE, is at the make or break level I outlined a couple of weeks ago. This is the last thing keeping us from falling to the bottom of the $115 range.”
The last time Solana traded at these levels was in February, when it fell from the $100 level. A retest towards the end of the month allowed the bulls to surpass $200 in March.
CrediBULL Crypto believes that the SOL’s dive into the buffer zone formed earlier this year is the most likely scenario before relief materializes.
Despite the short-term bearish outlook, the analyst sees SOL and DOGE rebounding amid a bullish reversal for BTC. He shared on X:
“The good news is that both $SOL and $DOGE reached their make it or break it levels at the same time as $BTC hit our range lows – the confluence is nice to see and if $BTC DOGE reverses here and SOL will too.
The price of Bitcoin also collapses
Earlier in the day, crypto analyst Willy Woo noted that Bitcoin price will likely drop to lows of $62.5K before a reversal will likely push it to a new high.
“The liquidations have begun… if the next batch of long liquidations provides more fuel to the downside momentum, we could drop to 62.5k to take them all out,” Woo said.
As highlighted, The price of Bitcoin fell to the lows of $66,000 Tuesday as the market awaits Fed Chair Jerome Powell’s speech.
Powell will speak after the FOMC’s two-day meeting on Wednesday.