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Crypto analyst Lumen has revealed a significant accumulation trend among Dogecoin whales, which provides a bullish outlook for the DOGE price. The analyst also mentioned what could drive the meme coin’s price to $0.5, marking a bullish reversal for Dogecoin. 

Dogecoin Whales Accumulate As Price Eyes Rally To $0.5

In an X post, Lumen revealed that Dogecoin whales accumulated 1.7 billion DOGE ($298 million) in 72 hours, which he noted signals bullish sentiment ahead of a potential Dogecoin ETF approval. These whales’ accumulation has come amid a massive price crash for Dogecoin, which has dropped 20% in a week, falling from around $0.22 to as low as $0.16. 

Lumen then went on to give a price projection for the foremost meme coin. He stated that if DOGE reclaims $0.2 before the ETFs approval, there is a possibility that Dogecoin could rally to $0.5 because of the liquidity of ETFs. He added that the world’s richest man, Elon Musk, could also resume bull posting about DOGE as he had done before. 

It is worth mentioning that the US Securities and Exchange Commission (SEC) recently postponed the approval process for Grayscale’s Dogecoin ETF, suggesting that the pending DOGE ETF applications are unlikely to be approved anytime soon. However, despite this development, crypto analyst Ali Martinez has predicted that DOGE could soon rebound. 

The analyst stated that investor sentiment around Dogecoin is at its most negative in over a year. Martinez added that historically, extreme fear has set the stage for major reversals. In line with this, he remarked that this could be a prime opportunity to be a contrarian. 

Current State For DOGE

Crypto analyst Kevin Capital provided insights into Dogecoin’s current price action. He stated that DOGE has had a back test of the macro 0.5 Fibonacci level. It has also back-tested macro trend lines, including the 200-week Simple Moving Average (SMA) and Exponential Moving Average (EMA). Meanwhile, the meme coin’s 3-day Relative Strength Index (RSI) is at historical lows. 

The analyst stated that if the Bitcoin price holds up and macroeconomic data and monetary policy adjust, then this might be the last opportunity to buy DOGE relatively cheaply. He added that a lot of factors are at play and there is a lot of work to do but the risk reward at this level is “superb” given the circumstances. 

Crypto analyst Trader Tardigrade also provided a bullish outlook for Dogecoin. He stated that DOGE is forming a 5-wave Ascending Broadening Wedge and is approaching a breakout on the 4-hour chart. The analyst added that after a confirmed RSI bullish divergence, DOGE bounced back to the descending line of the wedge, indicating that a reversal may be imminent. 

At the time of writing, the DOGE price is trading at around $0.16, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

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Solana price could take a major hit after an Alameda address unstaked $23 million SOL in what appears to be an indicator for a potential selloff. On the technicals, Solana is inching toward a death cross for the third time in its history.

Alameda Unstakes 177,000 SOL Amid Distribution Spree

According to an Arkham post, an Alameda Research-associated address has unstaked $23 million SOL, distributing the funds to several addresses. On-chain data indicates that the Alameda staking address received $22.9 million SOL following a staking address unlock.

Upon receipt of the tokens, the funds were distributed to 37 addresses associated with FTX and Alameda.  Cumulatively, the 37 recipient addresses hold $178.82 million SOL, sparking fears of a selloff.

Typically, unstaking large amounts of SOL triggers selling pressure for Solana price. In the event of a sale, excess SOL floods the market and if demands fall to match supply, prices take a massive hit.

A move to exchanges will confirm speculation of a selloff with similar moves historically triggering corrections for Solana price.

At the start of March, Solana whales unstaked nearly $1 billion SOL as prices tumbled to multiple-month lows.

Solana Price Marches Toward Death Cross

Onchain indicators say Solana is approaching a death cross for the third time in its history. The death cross is a bearish signal, occurring when the 50-day moving average crosses below the 200-day moving average.

Achieving a death cross could send Solana price to new lows with previous occurrences proving extremely bearish. The first death cross in 2022 saw prices fall by over 90%, exacerbated by FTX’s implosion.

The second death cross in 2022 saw prices take a nose dive before staging a recovery during the “Trump pump.” Experts say projections for SOL to reach $200 are unlikely as it trades at a six-month low.

At the moment, Solana price is trading at $126.53 down by nearly 15% over the last week. For now, traders are proceeding with caution with the biggest indicator being a steep drop in daily trading volume. Over the last 24 hours, trading volume has fallen by 22.71% to settle at $4.1 billion.

Despite the grim numbers, experts say Solana will outperform Ethereum, citing the network’s impressive functionalities.

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Aliyu Pokima

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.