A crypto pundit has declared that Dogecoin (DOGE) and Solana (SOL) have reached their “make it or break it levels.” This assessment is set to generate a wave of optimism as DOGE and SOL could be getting ready for a rebound soon.
Dogecoin And Solana At Make It Or Break It Point
A Crypto analyst identified as ‘CrediBull Crypto’ on X (formerly Twitter) disclosed that Dogecoin and Solana are currently at a crucial juncture, describing this point as their make-it-or-break-it level.
In the analyst’s previous post, he expressed confidence that this phase was beneficial for Dogecoin and Solana as it brings some relief to their respective markets. He also noted that the structure of altcoins in the market could see major “relief” as Bitcoin drags the general market upwards.
CrediBull Crypto disclosed that the good news about Dogecoin and Solana’s price dynamics is that both cryptocurrencies hit their make-it-and-break-it point at the same time Bitcoin, the world’s largest cryptocurrency hit its range lows. Sharing a price chart of Solana’s market movements from April to August 2024, the analyst predicted that if Bitcoin experiences a price reversal, Dogecoin and Solana could also experience a similar rebound.
He disclosed in his earlier post that if Solana can hold the green zone between the range of $141 and $147, the cryptocurrency could experience another higher high before a meltdown. He also encouraged investors to take profits into the green and short again from higher up.
Moreover, CrediBull Crypto forecasted new lows towards the range of $115 for Solana. He disclosed that Solana and Dogecoin would witness a slight reversal, pushing their values up amidst the market’s downtrend.
As mentioned earlier, this projected reversal for Dogecoin and Solana is contingent on Bitcoin’s future price performance. As of writing, Bitcoin is trading at $67,882, experiencing significant declines despite the increasing inflows into Spot Bitcoin ETFs and the market’s strong demand for these digital assets.
Over the past week, Bitcoin has experienced a 4.16% decline, effectively pushing the cryptocurrency below its previous $71,000 high earlier this month. The cryptocurrency might be witnessing renewed interest from investors, as its value has surged by 1.24% in the last 24 hours, according to CoinMarketCap.
Update On Dogecoin And Solana Price
Dogecoin and Solana are currently recording steep declines, underscoring the cryptocurrencies’ lack of performance in the crypto market lately. At the time of writing, Dogecoin’s price is sitting at $0.14, marking a significant decline of 13.79% over the past week.
Solana, on the other hand, has witnessed a significant decline over the past seven days, plummeting by 11.63%. This downward trend has continued, pushing the price of the cryptocurrency down to $152 after experiencing another 1.16% decrease in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
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