Dogecoin’s price action is on a correction path in the weekly timeframe, with the cryptocurrency currently down by about 13% in the past seven days. Although the broader crypto market sentiment appears positive, the king of meme coins is yet to take advantage of this and push above the $0.4 mark.

Technical analysis of the DOGE price chart shows that the cryptocurrency is fluctuating in an ascending triangle, which could be dangerous for the price trajectory moving forward. 

DOGE’s Ascending Triangle Pattern: Opportunity Or Risk?

Andrew Griffiths, a crypto analyst on social media platform X, noted that Dogecoin is currently fluctuating up and down in an ascending triangle pattern. This pattern has been in play since the middle of December, and Dogecoin has repeatedly bounced off both the upper and lower trendlines of this pattern.

In his analysis, Griffiths noted that the ascending triangle currently shaping DOGE’s price movement holds both promise and danger. Historically, this pattern is mostly known to eventually lead to a breakout to higher levels, but it also has the likelihood of sharp declines if the price breaches key support zones within the pattern. 

Naturally, the bullish trajectory should be the case, but Dogecoin’s lingering flunctuation within the pattern suggests that the meme coin might initially trend downwards, even if it were to eventually go on another rally. Griffiths mentioned that optimism following Donald Trump’s election has created a positive broader market sentiment, which could support Dogecoin’s upward momentum. However, he emphasized that this optimism might not shield the meme coin from the potential volatility tied to its lingering price action within this setup.

Can Dogecoin Rebound Upwards From Here?

At the time of writing, DOGE is trading at $0.36, reflecting a 2.6% gain in the past 24 hours after rebounding from $0.34. However, this daily recovery has done little to offset its broader performance, as Dogecoin remains down 13.2% over the past week. Analysis of recent price movements reveals that the meme coin has faced repeated rejections at a downward-sloping trendline in the past seven days.

As it stands, DOGE is now looking to break above this downward sloping trendline again. Another rejection here will prolong the downward price movement. The opinion in this case is that Dogecoin may have already topped this cycle, which would lead to another prolonged correction towards the $0.22 mark.

The other outcome is that Dogecoin breaks out of the trend line and go on an upward move from here. This is the more bullish option. According to technical analysis by crypto analyst Kevin (@Kev_Capital_TA), this is the more likely scenario for Dogecoin. He noted that despite the downtrend, DOGE is still trading above the macro golden pocket. However, he did note that this scenario would depend mostly on Bitcoin making the bullish move first.

Featured image from Unsplash, chart from Tradingview.com

Solana’s demand has surged even more than it already is when Donald’s Trump TRUMP launched on the chain and rumors of plans to open a SOL-based strategic reserve started circling around.

Already up by 10% already, the word on the crypto space is that it can potentially climb higher. While investors have been jumping into SOL thanks to its rising popularity, a brand-new token presale called Nebula Stride also seems to have gained major traction.

What is Solana’s Next Price Target?

Solana has finally managed an all-time high of about $258 with its latest pump. Even though the token was trading at  the $256 level in November 2024, the market’s volatility pushed it down to the $190 level, often. And when the market grew immensely volatile, the drop pushed it even lower.

However, in a single month, it has managed to jump from about $195 to more than $284, with the recent price range being around $270 after a slight correction. Since it has just broken its highest-ever price range, SOL is likely to go into what is called a price discovery mode.

In this phase, the price of Solana is likely to explore a new price range depending on the dynamics of market demand and supply. During this price discovery mode, Solana’s price could likely experience heightened volatility as traders and investors attempt to establish a new fair value, which is likely to be higher than the current price range.

With no historical resistance above the previous ATH, upward momentum may be fueled by FOMO and increased buying pressure from retail and institutional investors. However, there is also a chance of profit-taking, likely by early holders, which could potentially create intermittent corrections.

To gauge the growth potential, one may look at indicators in the short term. These key indicators may include trading volume, market sentiment, and any developments related to Solana’s ecosystem or partnerships. If the bullish trend sustains, Solana might test the $300-$350 range in the short term, with further growth contingent on broader market conditions, especially among the high market cap projects.

But Why is Solana Pumping?

Solana is gradually becoming the most used blockchain, and the rise of meme coins within its ecosystem attest to that fact. BONK, for example, drew eyes towards Solana, and other tokens followed soon.

And when the current US president, Donald Trump, announced his plans to add Solana, alongside XRP, to the US strategic reserve, things took a turn for the better. Although it is only a “maybe” right now, that’s enough for the people to support SOL.

The market as a whole has been enjoying an increase in value as well. However, Solana’s growth is more evident among the large-cap cryptos and is likely to sustain the current uptrend in the days to come, as long as positive developments and announcements keep coming in.

Nebula Stride’s Is Generating A Lot of Buzz Right Now

Every time a bull market arrives, investors start hunting for projects that could give big gains from early on. For instance, projects like Sui or Aptos, which, along with strong utility, incentivized users with massive airdrops. The latest addition to this trend might be Nebula Stride, a presale that has caught the attention of the investing citizenry globally through its innovative tech-centric concept and a whopping $1 million giveaway.

Nebula Stride is a presale project that aims to completely transform the financial space by allowing individuals to manage their finances freely. It aims to do so by creating an ecosystem that is fully powered by blockchain and decentralized.

💥The DeFi revolution starts with NebulaStride!

NebulaStride is currently pre-selling the NST token, and it will be the foundation of the future ecosystem. The main goal of the project is to create a space where the real economy and decentralized technologies will merge, opening… pic.twitter.com/UCjPAsf7HW

— NebulaStride (@NebulaStridePr) January 14, 2025

Think of it as a step up from the traditional banking world, where one can have free access to highly rewarding farming, staking bonuses, and referral functionalities. Its native token, NST, shall serve as the focal point of the ecosystem, as it could be used to make transactions, participate in staking, vote on key platform development issues, and earn privileges within the rewards system.

This multifunctionality of the native token will be what makes it the most important component of the project, facilitating user interaction within the platform.

The giveaway is also set to be massive, where participants who invest at least 100 USDT in NST tokens shall be eligible to potentially win 10,000 USDT. The amount is set to be received by 100 lucky winners, making the NST giveaway one of the biggest in the space recently. Still in its first presale stage, investors have been hurrying to stock up on the tokens as much as they can before the price starts increasing from its current $0.025 level.

While Solana is set to see further growth, projects like Nebula Stride may also likely go viral, given their smaller market caps and potential to 10x or even 100x in value in the coming weeks.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.