Solana (SOL) and Dogecoin (DOGE) are facing downward pressure as the overall crypto market follows Bitcoin’s price decline. Bitcoin is hovering around $66,000, while Solana is below $150 and Dogecoin is trading below $0.14.
Solana’s price has dropped by 9% in the last 24 hours, reaching lows of $145. The trading volume for Solana has increased by 113%, with the market cap down 8% to $68.6 billion. Dogecoin has experienced a 6% decline, reaching lows of $0.134, with a trading volume of $1.26 billion and a market cap of $19.9 billion.
Analysts suggest that both SOL and DOGE are at a critical level, with a potential for further decline before a possible bounce back. Despite the short-term bearish outlook, analysts are hopeful for a bullish reversal if Bitcoin also rebounds. Bitcoin’s price has slipped to $66k, with predictions of a potential drop to $62.5k before a possible upward trend.
Overall, the crypto market is closely watching for developments following Fed Chair Jerome Powell’s upcoming speech after the FOMC meeting on Wednesday.