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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.