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

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Dogecoin's price has taken a big step, back falling by 18% from its peak on Saturday. Dogecoin's brief surge has come to an end with this pullback, and the most recent chart data shows that it is currently trading at $109.09, approximately. 

But even with this drop, on-chain activity implies that whales or large-scale holders might still be involved in substantial DOGE transactions, suggesting that the bullish momentum might come back. The given chart illustrates the downward price trend, with DOGE failing to hold onto support levels as it drops below significant moving averages. 

DOGE/USDT Chart by TradingView

While the 50 EMA made an effort to offer some support, the 100 EMA served as a resistance point during the most recent rally. Indicators such as the 200-day moving average (EMA) are useful in assessing whether more declines in DOGE are probable or if the meme coin can withstand current losses. 

On the plus side, on-chain data shows that whales, who have historically been the main force behind big changes in Dogecoin prices, have not completely left the market. Even though they sold a sizable chunk of their holdings at the top, their ongoing activity raises the possibility that they are getting ready to make another move. Whale activity is known to impact DOGE’s price, and the high volume on the network supports the potential for a rebound.

Toncoin grows again

Despite recent turmoil in the larger TON ecosystem, Toncoin is demonstrating its resilience. Although a number of ecosystem tokens, including DOGS, HMSTR and CATI, have experienced significant drops over the last 30 days — dropping 38.77%, 47.08% and 37.08%, respectively — TON is still holding strong. The main benefit of these meme coins, which have little intrinsic value, is that they boost activity in the short term but do not help the ecosystem grow sustainably. 

This emphasizes how Toncoin differs from these riskier investments. Toncoin has the support of the thriving and expanding TON ecosystem, which is bolstered by Telegram, one of the best messaging platforms globally, in contrast to meme coins, which primarily exist on hype and have limited utility. This fundamental benefit distinguishes Toncoin from many other digital assets and gives it a distinct advantage.

TON has a degree of credibility and utility that speculative tokens like DOGS and CATI lack because of its connection to Telegram, which gives it access to an existing user base and the possibility of widespread integration. As the graph demonstrates, despite market swings, Toncoin has been able to maintain a comparatively steady position. 

Even though it did see a decline from its peak, the asset is still far more robust than some of the more erratic ecosystem tokens. The 50-day EMA is still a crucial level of support for TON, and things will remain positive as long as the price stays above it. With solid foundations and strategic support, the future of Toncoin should be bright.

Solana gains momentum

Solana has recently rebounded from two significant support levels, suggesting that the asset still has some bullish momentum. The 50-day EMA, which has historically served as a reliable level of support for Solana during retracement phases, is the first significant level to watch on the daily chart. 

As shown, SOL has successfully tested this moving average, holding firm at around $145.95. This underlines the zone's significance in the current market structure by indicating that traders are considering it as a buy signal. The Relative Strength Index (RSI), which is currently hovering just over the 50 mark, is the second crucial level to monitor.

The RSI generally indicates bullish momentum when its value is above 50, but a decline below that can suggest a move into bearish territory. With its RSI circling above 50, Solana's asset appears to still have strength, and as long as it stays above this level, the upward trend could continue. Traders of Solana should keep a careful eye on these levels in terms of short-term price action. 

A bullish breakout is more likely if SOL can hold support at the 50-day EMA and RSI 50. The $160 range, which has historically served as resistance, might be SOL's next upward target. The price may drop even further to the $140 or even $130 range, though, if a break below these important support levels occurs. All things considered, Solana is still in a consolidation phase. However, traders should closely monitor these two crucial indicators to determine whether SOL is getting ready for another leg up or about to enter a weak phase.