Solana Faces Bearish Signal While Dogecoin Eyes Potential Bullish Breakout

Crypto analyst and trader Ali Martinez has expressed a bearish outlook on Solana (SOL), which is currently trading about 53% below its peak value from January.

Martinez shared shares that the Tom DeMark (TD) Sequential indicator is signaling a potential downtrend on the 12-hour chart.

This indicator, known for pinpointing potential price reversals, previously marked the bottom of Solana’s price, leading to a 20% rally. Now, the same tool is suggesting caution, flashing a sell signal.

Shifting focus to Dogecoin (DOGE), Martinez highlights two key levels for the memecoin’s price movement: a support level at $0.177 and resistance at $0.207.

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Using the Unspent Transaction Output (UTXO) Unrealized Price Distribution (URPD) metric, which analyzes the distribution of coins based on their last moved price, Martinez notes that 8% of Dogecoin’s total supply was moved at the $0.177 level, while 7% moved at the $0.208 level.

Martinez also suggests that Dogecoin could turn bullish if it rises approximately 9% from its current position, citing the SuperTrend indicator. This tool, used to assess market trends and potential trade signals, indicates that breaking through the $0.21 resistance could trigger a positive price movement for the memecoin.

Alexander Stefanov