News Background

• Dogecoin fell 5% in the 24-hour period from Aug. 28 at 09:00 to Aug. 29 at 08:00, tracking broader risk-asset weakness.
• Between Aug. 24–25, an unknown whale shifted 900 million DOGE (~$200 million) to Binance wallets, fueling concerns of distribution and triggering market volatility.
• Open interest in DOGE futures slipped 8% after the inflows, reflecting lighter speculative positioning.
• On-chain data shows whales continue to build exposure, with 680 million DOGE accumulated in August, signaling institutional demand despite retail selling.
• Dogecoin’s network fundamentals remain firm, with hashrate climbing above 2.9 petahashes per second, underscoring mining security at record levels.

Price Action Summary

• DOGE dropped from $0.22 to $0.21 in the 24-hour trading window, a 5% decline across a $0.011 (≈3%) range between $0.23 and $0.21.
• The sharpest move occurred at 07:24–08:23 GMT on Aug. 29, when DOGE fell 0.57% from $0.22 to $0.21 on a 27.36 million volume spike at 08:20.
• Mid-session flows of 626.3 million tokens coincided with the $0.22 breakdown, cementing $0.21 as immediate support.
• Despite pressure, the token consolidated near $0.21 into session close, suggesting stabilization after heavy liquidation.

Technical Analysis

• Support: $0.21 holds as the primary floor; breach risks extension to $0.20.
• Resistance: $0.23 remains the short-term ceiling after repeated rejections.
• Momentum: RSI hovers near mid-40s, reflecting neutral-to-bearish bias.
• MACD: Bearish divergence persists, with no confirmed crossover yet.
• Patterns: Tight $0.21–$0.23 consolidation suggests compression phase; direction will hinge on resolution of whale flows.
• Volume: Elevated 626.3 million during the $0.22 breakdown signals continued institutional distribution.

What Traders Are Watching

• Whether $0.21 support can hold under ongoing whale selling.
• Breakout above $0.23 could open path toward $0.25–$0.30.
• Signs of renewed institutional accumulation as whales move supply onto exchanges.
• Futures open interest trends after the 8% drop, a key signal for leveraged demand.

SOL Charts Hint At Retrace To $140 As Bullish Pattern Forms

In an X post on August 1, Pillows outlines a Solana price prediction based on a forming cup-and-handle pattern on the monthly chart. In general trading, the cup-and-handle represents a classic bullish continuation pattern. As observed in the chart below, it begins with a tea cup formation where price first declines and then gradually recovers, forming a “U” or bowl-shaped curve.

After the cup, the price pulls back slightly, creating the “handle.” Pillows’ analysis indicates that Solana is currently at this stage of the bullish pattern following a previous price rally to $235 earlier in January 2025. Solana is now undergoing a long-term descending consolidation movement, which Pillows project will lead the altcoin to trade as low as $140-$150.

Presently, SOL trades around $159, indicating the altcoin may still undergo an additional estimated 11% price loss despite the registered heavy corrections in the past week. However, being a bullish continuation pattern, Solana’s successful return to $140-150 price range would also signal a potential price rally.

However, Pillows’ analysis also indicates that the altcoin must first break past the neckline price at $235 to validate such bullish intent. If this scenario plays out positively, the top market analyst predicts Solana to trade as high as $1,000, suggesting a potential 532.91% gain on present spot prices.

Despite recent price corrections, Ted Pillows strongly supports Solana’s bullish potential, noting the altcoin continues to record high levels of network activity, signalling a substantial level of market interest.

Solana Market Overview

At the time of writing, Solana trades at $159.34 after a 3.84% decline in the past day. Meanwhile, the asset’s daily trading volume is also down by 37.85% and valued at $4.98 billion. However, in line with Pillows’ prediction, Solana holds immense potential for future price appreciation, especially as a potential altseason approaches.

The bullish sentiment among SOL investors is also driven by substantial institutional interest in the altcoin among many others. NewsBTC has earlier reported that several asset managers, including Grayscale, VanEck, and Fidelity, have also revised their Solana Spot ETF applications with the SEC, indicating ongoing dialogue between both parties in view of a potential approval.