Solana Hits Multi-Week Low

Amid the crypto market pullback, most cryptocurrencies are recording a red Friday, with Bitcoin (BTC) and Ethereum (ETH) momentarily losing some key levels. Solana, one of the cycle’s leading Altcoins, followed the rest of the market and registered a 6% retracement in the daily timeframe.

SOL has seen a significant recovery from its multi-month downtrend, which led the token to hit a 14-month low of $95 during the early April retraces. Over the past month and a half, the cryptocurrency has reclaimed multiple crucial levels, setting the stage for a potential rally.

However, the cryptocurrency has struggled to reclaim the key $180 resistance despite hitting a three-month high of $187 a week ago. A reclaim of this key barrier could push SOL’s price toward the $200 mark, enabling a rally to new highs.

Today’s price action has sent Solana to a 22-day low of $156 after losing its $164-$180 price range and the $160 support zone for the first time since the May 8 breakout.

Trader and analyst Crypto Bullet shared a bearish outlook for Solana, suggesting that the token will underperform for the rest of the year. He highlighted SOL’s trading pair against ETH, noting that the cryptocurrency has been in a rising wedge in the weekly chart since the Q4 2024 rally.

According to the SOL/ETH chart posted by the trader, the cryptocurrency has broken down out of the formation after losing the 0.069 mark. To Crypto Bullet, this signals that “ETH will soon pump way harder than SOL.”

All Eyes On SOL’s Weekly Close

Analyst Rekt Capital pointed out that Solana is attempting to continue Weekly Closing within its Range High resistance, which is key for its long-term rally.

He previously explained that the cryptocurrency re-entered its Post-Halving Re-Accumulation Range after successfully reclaiming the $120 barrier last month and consolidating within the $160-$175 range high.

To the analyst, SOL’s price “needs to continue demonstrating price stability” around this zone, as that is what is “required for SOL to break out from this range into the $200+ levels.”

He affirmed that Solana needs to aim for a retest similar to late 2024, when the cryptocurrency built a base around the Range High ahead of the breakout with multiple weekly closes near the resistance zone, which led to a massive breakout to the $200 mark.

Rekt Capital highlighted that SOL has been successfully retesting this area as support over the past few weeks. However, he warned that cryptocurrency mustn’t close below the current price zone as it would “tease a possible loss of this region as support.”

A drop below this range could lead to a retrace into the Range Low, between the $120-$135 mark. “Price stability at the Orange Range High going forward is thus key here,” he concluded.

As of this writing, Solana trades at $159, an 11.6% decline in the weekly timeframe.

The Dogecoin price is threatening a breakdown from its current support level, having been through two H4 retests. Crypto analyst UB revealed what to watch out for as the foremost meme coin continues to be range-bound in the short term. 

Dogecoin Price At Risk Of Breakdown Below Key Support Levels

In an X post, UB stated that the Dogecoin price action isn’t looking so great and hinted that the foremost meme coin is at risk of a breakdown below key support levels. He noted that with the rejection from .285, there is a clearer picture of levels to look for a potential bounce. However, the analyst added that he would consider the current price action to be range-bound until there is a break of .239 or .285.

The analyst further alluded to the Dogecoin price action in the 4-hour timeframe. He hinted that there will likely be a retest of the H4 consolidation before any potential move down. UB added that, given how pivotal the H4 level is, he would look for weaknesses if there is some relief bounce from them. 

UB also discussed the Dogecoin price in the one-hour timeframe. He revealed that the H4 level and H4 consolidation have been cleanly retested twice. His accompanying chart also confirmed that DOGE is at risk of massive decline if it breaks below the $0.24 support level. In the meantime, the foremost meme coin is in a consolidation range between $0.24 and $0.27. 

Crypto analyst Kevin Capital also suggested that the Dogecoin price was at risk of a breakdown. In an X post, he revealed that DOGE has failed to get back above the macro golden pocket and weekly bull market support band. The analyst added that it is time to watch Bitcoin closer, hinting that the meme coin could drop lower if BTC also declines. 

Why A DOGE Rebound Could Happen Soon Enough

In an X post, crypto analyst Trader Tardigrade revealed that DOGE’s Relative Strength Index (RSI) in the 4-hour timeframe has reached the oversold zone. As such, he told market participants to get ready for a short-term rebound in the Dogecoin price soon enough. His accompanying chart showed that the foremost meme coin could reclaim the $0.3 support level and rebound to as high as $0.36. 

Meanwhile, in another X post, the analyst suggested that the long-term outlook for the Dogecoin price is still bullish. He stated that DOGE’s cycle pattern is repeating itself. Based on this, Trader Tardigrade asserted that Dogecoin will have another surge in value as “history echoes its rhythm.”

At the time of writing, the Dogecoin price is trading at around $0.25, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

Crypto analyst Trader Tardigrade has provided a bullish outlook for the Ethereum price, predicting it could soon witness a massive move to the upside. As part of his analysis, Trader Tardigrade also revealed how high ETH could reach as it enjoys this upward trend. 

Ethereum Set To Rally To $3,180 As ETH Retests Symmetrical Triangle

In an X post, Trader Tardigrade revealed that the Ethereum price is retesting a symmetrical triangle after a breakout. The analyst added that the ETH target from this pattern is $3,180. The analyst’s accompanying chart showed that ETH could even rally to as high as $3,4000 when this parabolic move to the upside happens.

Related Reading: Ethereum Price Forms Falling Wedge Pattern On 1-Day Chart That Suggests 20% Rally Is Coming

Crypto analyst Titan of Crypto also recently alluded to a symmetrical triangle that provided a bullish outlook for the Ethereum price. In an X post, the analyst stated that this symmetrical triangle was still in play. The analyst’s accompanying chart showed that ETH could rally to as high as $6,000 when it breaks out from this triangle. 

Meanwhile, in another X post, Trader Tardigrade highlighted a bullish pattern and stated that he wouldn’t be surprised if the Ethereum price repeats the same pattern again. He added that ETH’s trend is upward. The analyst’s accompanying chart showed that Ethereum could rally as high as $4,500. 

In the meantime, the Ethereum price continues to range between $2,600 and $2,800 and is undoubtedly still at risk of breaking below crucial support levels. In an X post, crypto analyst Ali Martinez stated that the most critical support level for Ethereum is at $2,425, where 10.33 million wallets accumulated 62.43 million ETH. 

ETH Is Gearing Up For A Monster Move

In an X post, crypto analyst Merlijn stated that the Ethereum price is gearing up for a monster move. He explained that the multi-year ascending triangle is taking shape while higher lows are in play with the accumulation phase loading. Meanwhile, a price breakout could follow suit soon with price discovery move activated. 

The analyst added that the charts don’t lie and that the Ethereum price is gearing up for something massive. The analyst’s accompanying chart showed that ETH could reach $8,000 when it breaks out from this ascending triangle pattern. 

Crypto analyst Marco Polo also echoed a sentiment similar to Merlijn’s. He stated that the altcoin’s price is looking solid here, with a small ascending triangle forming and higher lows stacking up. He remarked that the current price action feels like an accumulation phase before the real move. The analyst added that things would get interesting fast if ETH pushes past $3,000 this week. 

At the time of writing, the ETH price is trading at around $2,660, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

The Dogecoin price is retesting the 200-Exponential Moving Average (EMA). At the same time, buyers attempt to push through resistance levels and fill the Chicago Mercantile Exchange (CME) gap. This confluence of technical indicators has prompted a crypto analyst to closely monitor Dogecoin’s next price action, with potential scenarios pointing to bullish and bearish outcomes. 

Battle At The 200 EMA: Dogecoin Price Targets $0.32

In a recent Dogecoin analysis, a TradingView crypto analyst identified as ‘SwallowAcademy’ shared differing price projections for the DOGE price, highlighting a bullish $0.32 target and a bearish decline to $0.19. Sharing a video analysis of his prediction, the analyst revealed that the Dogecoin price action on the daily timeframe indicates a struggle between buyers and sellers around the 200 EMA. 

Currently, Dogecoin is retesting at the 200 EMA at the $0.26 price level. This retest occurred after the meme coin slightly retouched a broken zone between $0.20 and $0.21. While the 200 EMA acts as a dynamic support level or resistance for DOGE, its current position appears to be holding the price back. 

The TradingView expert also highlights the presence of a CME gap yet to be filled. A successful breach of the 200 EMA could trigger a surge in buying pressure, potentially propelling the the meme coin’s price to reach new targets and fill this gap. 

On the daily and hourly time frames, the 200 EMA has aligned, which increases the likelihood of a possible breakout from the $0.26 level. If bulls can muster enough momentum to break this key support zone, the analyst projects a push to $0.327, marking a 21.1% increase in the DOGE price. 

The TradingView analyst has indicated that traders should monitor the Dogecoin price before it reaches this target, suggesting a take profit zone on the daily time frame at $0.3.   

DOGE Bearish Scenario: Drop To Lower Levels?

Adding more complexity to his Dogecoin price analysis, the TradingView expert has highlighted a potential bearish scenario for Dogecoin if it fails to break the 200 EMA. The recent downturn in the DOGE price has triggered massive selling pressure. As a result, the analyst suggests that if sellers regain dominance in the market and the meme coin fails to hold the support zone, then a drop to lower levels may occur. 

He predicts that the Dogecoin price, currently trading at $0.25, would drop to $0.19, representing a 25% decrease. A decline to this level would be devastating to investors, as Dogecoin has already experienced multiple price crashes over the past few weeks. At the same time, it could also present a prime entry point for investors to buy low. 

With the potential for both an upside and downside movement in the DOGE price, the TradingView analyst advises traders to watch the market carefully and remain cautious when creating their entry and exit strategies.

Featured image from Unsplash, chart from Tradingview.com