DOGE’s Revenge: Will It Outperform Solana?

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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