Dogecoin, Solana At 'Make It Or Break It Level' Before Potential 'Meltdown,' Says Trader

CrediBULL Crypto recently shared his insights on the critical levels of Solana SOL/USD and Dogecoin DOGE/USD, hinting at potential market movements.

What Happened: CrediBULL Crypto discussed the precarious positions of SOL and DOGE, noting that both cryptocurrencies have reached their "make it or break it" levels. This level for Solana is the last barrier preventing a potential drop to the range lows at $115.

$SOL, like $DOGE is also at the make it or break it level I outlined a couple weeks ago. This is the last thing stopping us from a meltdown to the range lows at $115.

As per my last tweet, because this is the most likely region to see some relief, I'm fully out of shorts here… https://t.co/JjoK1OFeJK pic.twitter.com/iqW6kXro9w

— CrediBULL Crypto (@CredibleCrypto) June 11, 2024

The influencer further elaborated that he has fully exited his short positions at this stage, awaiting to observe the market’s reaction. He also pointed out that the simultaneous arrival of SOL and DOGE at their critical levels, in conjunction with Bitcoin BTC/USD hitting its range lows, presents a nice confluence.

Also Read: Five Critical Ethereum, Solana Altcoin Trends To Know

Why It Matters: CrediBULL Crypto’s observations are crucial as they provide potential indicators for market movements. His analysis suggests that if Bitcoin reverses its trend, Dogecoin and Solana could follow suit, at least temporarily. This scenario, according to him, is the most logical at the moment.

Another notable trader also sees Solana potentially dropping to $140.

$SOL failed to repeat the February-March playbook.

Lost support, and rejected from it as well.

Would not be surprised if it revisits $140. pic.twitter.com/judjL9Jf3d

— Jelle (@CryptoJelleNL) June 13, 2024

Price Action: In the past 24 hours, SOL and DOGE are down 7% and 5%, respectively.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin Flat But ‘Nice Little Bullish Chart’ Bodes Well, Says Trader

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