The ongoing rivalry between Dogecoin (DOGE) and Solana (SOL) is heating up, fueled by recent market trends and data. Both cryptocurrencies have seen gains, but the question remains: which one will provide better returns?
Read also: Analyst: Dogecoin’s Reign as Meme Coin King is Ending
Dogecoin, often dismissed as just a meme coin, has shown a steady upward trajectory in recent weeks. Solana, known for its speed and scalability, has been more volatile, with higher highs and lower lows.
Source: Coinmarketcap
Over the past week, Dogecoin has experienced a gradual rise. As of this writing, DOGE has appreciated by 4.03% in the last 24 hours, reaching a price of $0.09957, according to Coinmarketcap. This increase has met resistance at the $0.100 level, suggesting further gains may be challenging.
Solana also saw a 3.64% boost, reaching $134.31. It too faced resistance at $136, leading to a slight pullback.
DOGE’s recent price action shows a steady climb, but it faces resistance at the psychological barrier of $0.100. The price has pulled back from this point several times, indicating a struggle to break through.
Source: Coinmarketcap
Support for DOGE appears to be strong around $0.095, where buying interest has been noted. However, a 9.54% drop in trading volume suggests that the upward movement might lack momentum. This decline in volume, particularly around resistance, signals potential difficulties in surpassing the $0.100 mark without a fresh influx of buyers.
Read also: Solana Meme Coins Face Market Headwinds
Solana’s upward journey has also encountered resistance at $136, followed by a pullback. Support for SOL is solid around $130, where the price has rebounded.
Source: Coinmarketcap
A significant 21.60% decrease in trading volume raises concerns about the sustainability of Solana’s recent gains. This drop in volume, especially near resistance, suggests that SOL may face challenges in pushing past the $136 level unless new buying interest materializes.
DOGE/USD 1-week price chart, Source: Trading view
Technical indicators offer further insights. The 1-week RSI for DOGE is at 43.41, nearing oversold conditions but not quite there yet. This suggests that while DOGE might be approaching a point where buying pressure could increase, it hasn’t reached an oversold state. The 1-week MACD for DOGE, trading below the signal line, implies potential short-term downward pressure.
SOL/USD 1-day price chart, Source: Trading view
In contrast, Solana’s 1-week RSI is 48.12, indicating a neutral position without signs of being overbought or oversold. The 1-week MACD for Solana is also below the signal line, suggesting some downward pressure in the short term.
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