Solana (SOL) and Dogecoin (DOGE) are suffering from bearish pressure as the broader cryptocurrency market reflects the decline in Bitcoin price.
Solana price is climbing to key levels as Bitcoin (BTC) hovers near the $66,000 threshold, while Dogecoin is trading lower along with the broader altcoin sector.
Solana price today
Over the past 24 hours, Solana’s price has fallen nearly 9% before falling below $150. Five fell to a low of $145.Day-An analyst of altcoins ranked by market capitalization says SOL price is in “make or break” territory.
Solana’s daily trading volume has increased by 113% in the past 24 hours as the cryptocurrency plunge has shifted the leadership to the downside. The coin’s market capitalization was down 8% to $68.6 billion at the time of writing.
Dogecoin price today
Dogecoin, the original dog-themed memecoin, is similarly primed, with its price reassessing at support levels below $0.14. Trading data showed DOGE reached a low of $0.134 amid a 6% decline.
According to CoinMarketCap, DOGE’s 24-hour trading volume increased 78% to $1.26 billion, while its market capitalization fell more than 5% to $19.9 billion.
SOL and DOGE Prices: Analyst Stock Outlook
An increase in volume signals has led to increased network activity, while a noticeable price drop indicates the bears are likely to take over in the near term.
Crypto analyst CrediBULL Crypto says:
“Like $DOGE, $SOL is at the hit or miss level I described a few weeks ago. “This is the last thing that will stop us from falling to the low of $115.”
The last time Solana traded at this level was in February, when it broke below the $100 level. A retest later in the month could push bull prices above $200 in March.
CrediBULL Crypto believes that SOL being locked in a buffer zone formed earlier this year is the most likely scenario before relief is realized.
Despite the near-term bearish outlook, analysts believe SOL and DOGE will rebound amid a bullish reversal in BTC. He shared on X:
“The good news is that $SOL and $DOGE reached their respective “make or break” levels at the same time that $BTC reached its lowest range. The confluence looks good and if $BTC reverses here, so will DOGE SOL.”
Bitcoin price also falls
Earlier in the day, cryptocurrency analyst Willy Woo noted that Bitcoin price is likely to fall to a low of $62.5,000 before a reversal pushes it to new highs.
“Liquidations have begun… If the next cluster of buy liquidations adds more fuel to the downward momentum, we could go down to 62.5k and liquidate them all,” Woo said.
As highlighted, the price of Bitcoin fell to a low of $66,000 on Tuesday as the market awaited Federal Reserve Chairman Jerome Powell’s speech.
Chairman Powell is scheduled to speak after the two-day FOMC meeting on Wednesday.