Solana (SOL) and Dogecoin (DOGE) face downward pressure as the broader cryptocurrency market reflects lower Bitcoin prices.
As Bitcoin (BTC) hovers near the $66,000 threshold, Solana price is approaching a key level while Dogecoin is trading at a lower level in line with the broader altcoin sector.
Solana price today
After falling nearly 9% in the past 24 hours, Solana's price is below $150. It stumbled to lows of $145 for 5yAltcoin Ranked by Market Cap One analyst says SOL price is in “make or break” territory.
Solana's daily trading volume rose 113% in the past 24 hours as the crypto collapse handed the lead to the bears. The coin's market capitalization has fallen by 8% to $68.6 billion at the time of writing.
Dogecoin price today
Dogecoin, the original dog-themed memecoin, is also in a similar situation with the price reconsidering its support levels below $0.14. Trading data shows that DOGE hit lows at $0.134 amid a 6% decline.
According to CoinMarketCap, DOGE's 24-hour trading volume is $1.26 billion, up 78%, while the market cap shrank more than 5% to $19.9 billion.
SOL and DOGE price: analysts' stock forecasts
While an increase in volume indicates increased network activity, a noticeable decrease in prices indicates the potential for bears to take control in the short term.
Cryptocurrency analyst CrediBULL Crypto says:
“$SOL, like $DOGE, also hit the make or break level I identified a few weeks ago. This is the last thing keeping us from collapsing to the lows of the range at $115.”
The last time Solana traded at these levels was in February when it broke out below the $100 level. A retest near the end of the month allowed the bulls to break above $200 in March.
CrediBULL Crypto believes that SOL retreating into the buffer zone formed earlier this year is the most likely scenario before relief occurs.
Despite the short-term bearish outlook, the analyst sees SOL and DOGE bouncing amid a bullish reversal for BTC. he subscriber On the tenth:
“The good news is that both $SOL and $DOGE hit their 'make or break' levels at the same time as $BTC hit the lows of our range – good to see a confluence and if BTC reverses here DOGE and SOL will do so as well.” .
Bitcoin price is also falling
Earlier today, cryptocurrency analyst Willie Wu noted that Bitcoin's price is likely to fall to the lows of $62.5K before a reversal pushes it to a new high.
“Liquidations have begun… If the next set of long liquidations provides more fuel for the downside momentum, we could go down to 62.5K to clear them all out,” Wu said.
As shown, Bitcoin price fell to lows of $66,000 on Tuesday as the market awaits Federal Reserve Chairman Jerome Powell's speech.
Powell will speak after the two-day Federal Open Market Committee meeting on Wednesday.