Bitcoin
SOL and DOGE are down, but there is “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 in line with the broader altcoin sector.
Solana price today
After falling almost 9% in the last 24 hours, Solana Price is below $150. The drop to lows of $145 for the 5th-ranked altcoin by market cap has one analyst saying SOL price is in a “make or break” zone.
Solana’s daily trading volume has increased by 113% in the last 24 hours as the crypto crash has handed the initiative to bears. The coin’s market value is down 8% to $68.6 billion at the time of writing.
Dogecoin price today
Dogecoin, the original dog-themed memecoin, is also similarly positioned as the price has revisited support levels below $0.14. Trading data shows that DOGE reached lows of $0.134 amid a 6% drop.
According to CoinMarketCap, DOGE has a 24-hour trading volume of $1.26 billion, an increase of 78%, while the market cap has shrunk more than 5% to $19.9 billion.
SOL and DOGE Price: Analyst Stock Outlook
While the increase in volume signals increased network activity, the notable price drops indicate the potential for bears to take control in the near term.
Crypto analyst CrediBULL Crypto says:
“$SOL, like $DOGE, is also at the make or break level I described a few weeks ago. This is the last thing stopping us from collapsing to the $115 lows.”
The last time Solana traded at these levels was in February when it broke below the $100 level. A retest later in the month allowed bulls to break above $200 in March.
CrediBULL Crypto believes SOL’s plunge into the buffer zone formed earlier this year is the most likely scenario before relief materializes.
Despite the bearish short-term outlook, the analyst sees SOL and DOGE bouncing amid a bullish turnaround for BTC. He shared in X:
“The good news is that both $SOL and $DOGE reached their respective “make or break” levels at the same time that $BTC reached our range lows – good to see the confluence and if $BTC reverses here DOGE and SOL also.”
Bitcoin price also falls
Earlier in the day, crypto analyst Willy Woo noted that Bitcoin’s price will likely fall to lows of $62,500 before a reversal is likely to push it to a new high.
“The sell-offs have started… if the next group of long sell-offs provide more fuel for the downward momentum, we could go down to 62.5K to wipe them all out,” Woo said.
As highlighted, Bitcoin price fell to lows of $66,000 on Tuesday, as the market awaits Fed Chairman Jerome Powell’s speech.
Powell will speak after the FOMC’s two-day meeting on Wednesday.