Solana (SOL) and Dogecoin (DOGE) Reach Critical Make-or-Break Levels: Where Are Their Prices Headed Next?
Solana (SOL) and Dogecoin (DOGE) have both reached critical levels that could determine their short-term price action, according to CrediBULL Crypto, a well-known crypto analyst. SOL, in particular, is at a pivotal point that could either lead to a relief rally or a meltdown to the range lows at $115.
The analyst notes that the confluence of SOL and DOGE hitting their respective “make it or break it” levels coincides with Bitcoin (BTC) reaching its range lows. If BTC manages to reverse at this point, it could provide a temporary boost to both SOL and DOGE, which is the most logical scenario according to CrediBULL Crypto.
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Show more +The price of Dogecoin (DOGE) is currently at a critical support level on the weekly timeframe. This support level has been holding since the beginning of March.
For the price to remain bullish in the short term, we need to see this key support continue to hold between $0.13 and $0.14. A break below this level could result in the price dipping down to $0.10.
Solana’s Ongoing Pullback
A technical analysis by altFINS indicates that Solana’s more general trend is up, and the ongoing bearish move below $160 is only a correction. This pullback could present an attractive swing trend entry opportunity, with a potential upside of 25% to the $200 level. The analysis suggests setting a stop loss at $140 and a price alert to monitor the situation.
Read more: Bitcoin Analyst Still Keen on $173k as BTC Price Target Despite Incoming Volatility: Here’s Why
The analysis identifies the current pattern as a pullback in an uptrend, which could present a “buying dip” opportunity for traders. The nearest support level where the price could stabilize and resume its uptrend is a key factor to consider. This support level could be a level where the price has bounced off in the past or a level that was previously a resistance, a concept known as polarity.
However, the analyst also recognizes that the short-term trend for SOL is currently strong down (with a possibility to dip to $125), while the medium-term trend is up and the long-term trend is strong up. This suggests that the current pullback may be a temporary correction within a larger uptrend.
Source: altFINS – Start using it today
Based on the RSI-14 levels, SOL is neither overbought nor oversold at the moment, indicating that there is room for price movement in either direction. The nearest support zone is identified at $125, while the nearest resistance zone is at $200.
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