Solana(SOL) And Dogecoin(DOGE) Among the Top Gainers of the Week
Solana has performed really well and has been among the top 10 gainers of the week. However, despite its recent gains, it has experienced some minor setbacks over the last day. Solana currently trades at around $44, with a 1% loss in the past day and 9% gains in the past seven days.
Solana Will Keep Rising
Despite the minor setbacks, Justin Bennett, a crypto analyst, believes that the Solana price will continue to rise. He believes this will lead to a massive move and push the company’s price to the upside.
Bennett noted that the Solana price had formed a triangle pattern over the past couple of months. The upper side of this triangle should act as resistance near the company’s current levels. Notably, this pattern can be traced back to 2021, when the Solana price hit its all-time high. During its price action, the altcoin found support along the line. It then broke below that line and experienced a significant breakdown.
According to Bennett, the Solana price is currently testing the upper side of the triangle pattern and could potentially go higher. He believes that the company’s current performance and the overall market are at a crucial point.
Where Is SOL Headed?
According to the analyst, $40 is a critical level for SOL. The high trading volume in the cryptocurrency has made it necessary to hold this level to prevent further losses. If SOL’s price falls below $27 and $32, these support levels should be followed by a move to the lower region. Market participants will look for signs of a potential rally or a break above these levels. On the other hand, if Solana closes below $40, this could mean more losses.
The strong dollar could also cause some problems for cryptocurrencies in the short term. However, in the long run, the currency’s decline during the late July period could provide some relief to risk-on assets. According to Bennett, the market is trying to reclaim a key trendline.
DOGE Is Rising
It has been several months since Elon Musk confirmed that the partnership between Dogecoin and Tesla has ended. Since then, the crypto has been moving on and on, and it’s time to move on. With or without Musk, DOGE is going up. That is because the solid bullish sentiment surrounding cryptocurrency has led to a significant increase in price.
The sudden rise in inflation has been one of the main factors that have affected the crypto market over the past couple of months. Despite the adverse effects of the inflation wave, the price has managed to bounce back through its fourth week of gains.
DOGE has been supported by the 55-day SMA, acting as its primary support for the last couple of weeks. That suggests that a potential breach is on the horizon. The bullish trend is still intact, and the price could go up to $0.068. The cryptocurrency’s relative strength index (RSI) shows that it is still far from reaching the upper boundary of its potential range.
The 55-day simple moving average (SMA) of DOGE indicates that the price could fall to $0.04, representing a 38% drop. If the bears break through this level, the price could plunge to the $0.007 support area. Notably, DOGE is currently trading at $0.07525, a 7% rise over the last day.
Meanwhile, after several weeks of losses, Bitcoin broke the $25,000 barrier last night. The digital currency briefly hit a high of $25,135 but is now trading at $24,200. That was a significant increase from the previous month, but some analysts believe the worst may be over for the crypto industry.
