Dogecoin (DOGE) Rally Over With 18% Decline, Toncoin (TON) Stronger Than You Think, Solana (SOL) Bounces off of Two Essential Support Levels

Dogecoin Price Dips, But Whale Activity Hints at Recovery

Cover image via U.Today

Dogecoin's price has experienced a sharp decline by 18% since its peak on Saturday. Currently trading at approximately $109.09, this pullback marks an end to Dogecoin's recent surge.

However, on-chain activity suggests that whales or large-scale holders may still be involved in substantial DOGE transactions. This indicates that the bullish momentum may re-emerge.

The chart below illustrates the downward price trend, with DOGE failing to maintain support levels and dropping below significant moving averages.

DOGE/USDT Chart by TradingView

The 50 EMA provided support briefly, while the 100 EMA acted as resistance during the recent rally. Indicators such as the 200-day moving average (EMA) will be crucial in assessing the possibility of further declines or if the meme coin can weather the current losses.

Toncoin Exhibits Resilience Amidst Ecosystem Turmoil

Despite recent market volatility in the broader TON ecosystem, Toncoin has demonstrated resilience. While ecosystem tokens like DOGS, HMSTR, and CATI have suffered significant drops in value over the last 30 days, TON has held relatively stable.

This highlights the distinction between Toncoin and these riskier investments. Unlike meme coins that primarily rely on hype and have limited utility, Toncoin is supported by the robust and growing TON ecosystem, backed by Telegram, one of the world's leading messaging platforms.

Toncoin's association with Telegram provides it with inherent credibility and utility, giving it access to an existing user base and the potential for widespread integration. The chart below showcases Toncoin's relative stability amidst market fluctuations.

Solana Gains Momentum as Bullish Sentiment Persists

Solana has recently rebounded from two key support levels, indicating persistent bullish momentum. The 50-day EMA, traditionally a reliable support level for SOL during retracement phases, has been the first significant level to watch on the daily chart.

As evidenced, SOL successfully tested this moving average at approximately $145.95. This underscores the significance of this zone in the current market structure, suggesting that traders are perceiving it as a buy signal.

The Relative Strength Index (RSI), currently hovering just above 50, is another critical level to monitor. An RSI value above 50 typically signifies bullish momentum, while a dip below can indicate a transition into bearish territory. With its RSI circling above 50, Solana's asset appears to still possess strength. As long as it remains above this level, the upward trend has the potential to continue.

Traders should closely follow these levels to gauge Solana's short-term price action. A sustained support at the 50-day EMA and RSI 50 increases the probability of a bullish breakout. The $160 range, historically acting as resistance, could be SOL's next target. Conversely, a break below these key support levels may result in further price declines towards $140 or even $130.

Overall, Solana remains in a consolidation phase. However, traders should vigilantly monitor these two critical indicators to determine whether SOL is poised for another leg up or a period of weakness.