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Dogecoin has witnessed a massive spike in its active addresses, providing a bullish outlook for the foremost meme coin. Based on this development, the DOGE price could also witness a bullish reversal soon enough as it reclaims key support levels. 

Dogecoin Records 47% Spike In Active Addresses

In an X post, crypto analyst Ali Martinez stated that Dogecoin’s network activity is picking up. This came as he revealed that active addresses have jumped 47% in the past month, rising from 110,000 to 163,000. This development is bullish as it indicates more users are using the network. 

This could help spark a significant rally in the Dogecoin price, as a surge in active addresses indicates that DOGE’s utility is on the rise. Another onchain metric which paints a bullish picture for the meme coin and hints at a reversal is the increase in new addresses. In another X post, Martinez revealed that Dogecoin’s new addresses have doubled in the past month, climbing from 16,400 to 34,600. 

The crypto analyst suggested that the Dogecoin price might rebound soon. He revealed that DOGE is printing a bullish reversal doji on the weekly chart. His accompanying chart showed that the foremost meme coin could reclaim the psychological $0.2 support level and rebound to as high as $0.28. 

In another post, Martinez stated that the Dogecoin price remains at a key support level within an ascending channel. He remarked that if this support holds, a rebound towards the mid or upper boundary could be in play. His accompanying chart showed that the mid boundary puts DOGE at $3 while the upper boundary puts the meme coin at just above $18. 

DOGE May Have Already Reached The Bottom

In an X post, crypto analyst Trader Tardigrade suggested that the Dogecoin price may have already reached the bottom. He noted that DOGE has been following a particular macro channel since its inception, and historically, deviations have occurred at the channel’s edges. However, he added that if the foremost meme coin remains within the channel without deviation this time, then it has already reached the bottom. 

In another post, Trader Tardigrade stated that he believes the Dogecoin price will outperform most altcoins in the coming months, further providing a bullish outlook for the meme coin. In the meantime, DOGE needs to break above $0.17 to reverse its current downtrend. 

The analyst revealed that a resistance trendline is sitting above the meme coin on the 4-hour chart. He added that Dogecoin must break this trendline, which is currently at $0.17, to witness a bullish reversal. 

At the time of writing, the Dogecoin price is trading at around $0.168, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com

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Solana price is gaining attention as analysts identify bullish technical patterns that could drive it to new highs. Analysts suggest that Solana ($SOL) is forming a cup-and-handle pattern, a bullish continuation structure in technical analysis. If confirmed, this pattern could push the altcoin to an ambitious price target of $3,800.

Solana Price Cup-and-Handle Pattern Hints at Possible Surge to $3,800

Technical analyst Ali Martinez highlighted on the X platform that Solana price is forming a cup-and-handle pattern. This formation consists of a rounded bottom (cup) followed by a brief consolidation (handle). If the price breaks above the resistance level at the cup’s peak, a strong upward move could follow.

According to Martinez, this setup could trigger a rally toward $3,800 if the breakout occurs. The cup-and-handle pattern is a well-known bullish signal in technical analysis, often leading to strong price movements. However, the breakout confirmation remains crucial for this potential rally to unfold.

Adding to the bullish prediction, a recent CoinGape price analysis highlighted that the top altcoin could hit $4,000 if market conditions align with previous cycles. The analysis pointed to strong technical support at key Fibonacci levels and increasing institutional interest, which could fuel a parabolic rally.

Hidden Bull Divergence Signals Possible Recovery

Additionally, Javon Marks identified another bullish pattern for Solana price, confirming a Hidden Bull Divergence. This pattern forms when the price hits lower lows while the Relative Strength Index (RSI) registers higher lows. It suggests underlying buying pressure, despite the recent price pullback.

Marks projects that Solana price could recover to $270, representing a 107% gain from current levels. He also highlights $233.8 as a key resistance zone. A successful breakout above this level could set the stage for further gains, confirming the bullish momentum in the altcoin.

If SOL price surpasses the $233.8 resistance, Marks predicts an upward move toward $457.97. This target would mark a 252% increase from current price levels. The altcoin’s bullish setup suggests that clearing this resistance could act as a catalyst for continued growth.

At press time, Solana price is trading at $132, marking a 8% increase in the past 24 hours. The top altcoin market cap has surged to $67.28 billion, while the 24-hour trading volume has hit $3 billion. This bullish momentum suggests growing investor confidence, potentially setting up SOL for a further breakout in the short term.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.