Investors' expectations of Fed monetary easing in 2024 and the strong rise of Bitcoin, which is trading above $43,000, have investors accumulating altcoins again. Among the strongest of these today were Dogecoin, which today marks the 10th anniversary of its creation (December 6, 2013), and Solana.
- Dogecoin recently hit a new address record with a non-zero DOGE balance of 5.3 million holders. Some crypto industry speculators are beginning to speculate about Solana's potential surpassing of Ethereum, and Santiago Santos of Web3 technology firm ParaFi Capital estimated the chance of such a scenario at around 25%.
- However, it is difficult to attribute the euphoric increases to anything other than the sudden change in sentiment and 'greed' of investors, who are beginning to price in the effect of the planned halving and the impact of the potential acceptance of Bitcoin ETFs on the industry as a whole.
Dogecoin and Solana (D1) charts![]()
Looking at DOGECOIN, we can see that the scale of the increases resembles the last two major moves on the cryptocurrency, although it is a bit more stretched out over time. The scale of the move indicates that there is room for a correction, with the RSI at 82.2 points. On the other hand, as long as Bitcoin holds strong, it's hard to expect momentum on Dogecoin to weaken decisively. Source: xStation5
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Open account Try demo Download mobile app Download mobile appThe RSI indicator on SOLANA is indicating a lower level of euphoria, and the main resistance for the bulls at the moment is the level of $74.2, where the 71.6 Fibonacci retracement of the wave of the upward wave from 2020 lows. Source: xStation5
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