SOL and DOGE are bearish but there’s “good news”: Analyst
Solana (SOL) and Dogecoin (DOGE) are struggling with bearish pressure as the broader crypto market mirrors Bitcoin’s price decline.
As Bitcoin (BTC) hovers near the $66,000 threshold, Solana price is flirting with a key level while Dogecoin is trading lower inline with the broader altcoin sector.
Solana price today
After dipping nearly 9% in the past 24 hours, Solana price is below $150. The tumble to lows of $145 for the 5th-ranked altcoin by market cap has an analyst saying that SOL price is at a “make or break” zone.
Solana’s daily trading volume has increased 113% in the last 24 hours as the crypto crash handed initiative to the bears. The coin’s market cap was down 8% to $68.6 billion at the time of writing.
Dogecoin price today
Dogecoin, the original dog-themed memecoin, is also similarly poised as price revisited support levels below $0.14. Trading data shows DOGE reached lows of $0.134 amid a 6% decline.
According to CoinMarketCap, DOGE has a 24-hour trading volume of $1.26 billion, up 78%, while market cap has shrunk more than 5% to $19.9 billion.
SOL and DOGE price: analyst shares outlook
While the increase in volume signals increased network activity, the notable price declines indicate the potential for bears to seize control short term.
Crypto analyst CrediBULL Crypto says:
“$SOL, like $DOGE is also at the make it or break it level I outlined a couple weeks ago. This is the last thing stopping us from a meltdown to the range lows at $115.”
The last time Solana traded at these levels was in February when it broke from below the $100 level. A retest towards the end of the month allowed bulls to above $200 in March.
CrediBULL Crypto believes SOL dipping to the buffer zone formed earlier this year is the most likely scenario before a relief materializes.
Despite the bearish perspective in the short term, the analyst sees SOL and DOGE bouncing amid a bullish flip for BTC. He shared on X:
“The good news is that both $SOL and $DOGE have hit their respective “make it or break it” levels at the same time that $BTC has hit our range lows- the confluence is nice to see and if $BTC reverses here DOGE and SOL will too.”
Bitcoin price also slips
Earlier in the day, crypto analyst Willy Woo noted that Bitcoin price is likely to dump to lows of $62.5k before a reversal likely pushes it to a new high.
“Liquidations have started… if the next cluster of long liquidations provide more fuel to downward momentum, we could go down to 62.5k to purge them all,” Woo said.
As highlighted, Bitcoin price slipped to lows of $66k on Tuesday as the market awaits Fed Chair Jerome Powell’s speech.
Powell will speak after the two-day FOMC meeting on Wednesday.
