Altcoin
Dogecoin’s Parallel Channel Formation Hints At A Path To New All-Time High
Dogecoin‘s persistent bearish performance might be coming to an end shortly as the meme coin appears to have formed a bullish chart pattern, capable of igniting upward momentum. With price movements eyeing a bounce toward the upside, crypto analysts anticipate an upsurge for DOGE to new highs.
A Major Breakout Brewing For Dogecoin
Dogecoin’s recent price action has shown promising signs of a potential major growth. Trader Tardigrade, a market expert and investor highlighted that DOGE is gaining traction as it maintains a move within a defined chart pattern, setting itself up for a potential breakthrough into a new all-time high.
Specifically, Dogecoin has been moving along a Parallel Channel formation, sometimes with overshoot and without. The parallel channel is usually known for its robust bullish moves for DOGE with increasing buying interest from investors.
As seen in the monthly chart, this key pattern has historically triggered a major surge for the meme coin, leading to a new all-time high and a market top. Should the trend continue, Dogecoin may be poised for a substantial surge, attracting the interest of both retail traders and long-term investors.
In the ongoing cycle, the next move up in DOGE’s price is playing out similarly to the 2017 market cycle, where the price touched the channel lines. Meanwhile, the bull market in 2021 and the bear market in 2019 surpassed the channel lines on the upside and the downside.
With the pattern pointing to a rally to a new all-time high in the coming months, Trader Tardigrade has placed the next possible target for DOGE around the $3.69 price level. Considering past scenarios, the $3.69 mark could turn out to be its market top for this cycle or little about the level.
DOGE’s Bear Market To Begin Within The Year
While Dogecoin gears up for a substantial rally to new highs, its bull run is likely to end in the upcoming months, which will cause the beginning of its bear phase. Market expert Chandler delved into DOGE’s recent price action and has pinpointed the potential timeline for the meme coin to enter its bear market phase.
Chandler also revealed his strategy to engage DOGE’s price movement in the following months. The expert intends to hold his position until at least the Fibonacci time zone at 0.236, particularly till March 24.
According to Chandler, historical trends show that after a week or two of crossing the 0.236 Fibonacci level, it is the ideal time to sell DOGE and exit the market. After this level, the next Fibonacci point to watch is around 0.382. Once DOGE enters this area around October 20, the expert expects the bear market phase to begin.
Presently, DOGE was trading at $0.250, demonstrating a nearly 3% decrease in the last 24 hours. Investors seem to be capitalizing on the recent descent as its trading volume has surged by more than 52% in the past day, indicating growing confidence in the meme coin.
Featured image from Unsplash, chart from Tradingview.com
Solana Smart Whales took the broader crypto market by storm on Tuesday by embarking on a massive buying spree. The latest on-chain data indicated that roughly $18.5 million tokens were accumulated amid the crypto’s turbulent intraday movement. As a result, traders and investors reflect a bullish sentiment orbiting SOL price’s future, with a top market expert further highlighting the coin’s potential to hit $296 ahead.
Solana Smart Whales On Accumulation Spree Spark Market Optimism
According to data offered by Spotonchain on X as of February 11, Solana smart whales have bought massive amounts of the token. According to the data, two ‘smart money addresses’ collectively accumulated roughly $18.5 million worth of tokens from crypto exchange behemoths over the past day.
The address “GJwCU” was revived after nearly a year of dormancy to accumulate 30,901 tokens worth $6.24 million from Binance. This accumulation has promptly gained significant traction as the trader boasts a profit of $8.15 million with his previous SOL trade.
Also, the address “5qDx”, after 2 months of dormancy, bagged 61,319 tokens, worth $12.4 million, from Binance and OKX at an average price of $202.53. Overall, these accumulations by traders with remarkable profit-booking portfolios (aka smart whales) signaled that the coin could pump significantly ahead.
Recent ETF Developments Weigh Additional Optimism
Simultaneously, the rising SOL ETF approval odds have fueled additional optimism about the asset’s future performance. CoinGape recently reported that Bloomberg analysts forecasted a 70% chance of an ETF approval in 2025.
This development, if happens, could boost the appeal of the token to institutions, which in turn is likely to push the prices higher. Notably, the massive accumulation by Solana smart whales amid this broader development has solidified investors’ optimism about future SOL price action.
SOL Price Rally To $296 Ahead?
At the time of reporting, SOL price witnessed a 1% uptick in value, reaching $204 after showcasing a roller coaster ride intraday. The coin’s 24-hour bottom and peak were $199.59 and $208.83, respectively.
Market participants continue to eye the coin extensively, awaiting bullish shifts amid rising Solana whale accumulations and recent ETF-related developments. However, the broader crypto market volatility currently presents the asset with severe price volatility.
Nevertheless, crypto market analyst ‘VipRoseTr’ recently posted on X, projecting optimism over future price movements. The analyst states that SOL is “maintaining strong support and bouncing from key levels, signaling the potential for further upside action.” This bullish movement paves the way for a $296.38 price target ahead. A sustained pump above this level could see the coin breakout and push above $300, per the analyst.
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.
Crypto Market (Feb 11): Traders and investors are once again optimistic as Bitcoin and altcoin prices gained a notable upward movement on Tuesday. BTC price jumped nearly 2% in the past 24 hours, whereas altcoins mainly mimicked an uptrend. Notably, the soaring movement has kept investors optimistic right ahead of the U.S. CPI and PPI data, set to be released on Wednesday and Thursday. Here’s a brief report on some of the most trending coins for the day and the latest market updates around them.
Crypto Market On Feb 11: BTC, ETH, XRP Gain, But SOL Slips
Notably, BTC price showcased a rising trajectory over the past day, briefly touching a $98K level high. Simultaneously, ETH and XRP prices traded dominantly in the green. However, SOL price illustrated a waning intraday action.
Nevertheless, the global cryptocurrency market cap jumped 2.30% in the past 24 hours to $3.2 trillion. Further, even the total market volume witnessed a 3.49% uptick in value, reaching $99.24 billion. So, let’s take a closer look at the crypto prices today.
BTC Price Jumps In Sync With Broader Crypto Market Trend
BTC’s price gained nearly 1% as of press time and is now trading at $97,534. Its intraday low and high were $96,666.51 and $98,333.22, respectively. Notably, the flagship coin soars despite global markets taking a hit after Donald Trump’s new 25% tariff on aluminum and steel.
Meanwhile, CoinGape reported that Bitcoin’s social sentiment has increased substantially recently. In another latest development, North Carolina forged ahead with its strategic Bitcoin reserve plan.
ETH Price Gains 2%
ETH price witnessed a nearly 2% uptick in the past 24 hours and is currently sitting at $2,676. The coin’s intraday bottom and peak were $2,620.10 and $2,723.52, respectively.
Santiment data shows that Ethereum saw its biggest exchange outflow in nearly 2 years, from Feb 8-9, with 224,410 ETH withdrawn by traders and investors. In turn, market participants eagerly await a bullish price movement ahead.
XRP Price Follows Uptrend
XRP price witnessed an uptick of over 2% in the past 24 hours and is now trading at $2.44. The coin’s 24-hour low and high were $2.38 and $2.47, respectively. Notably, the Ripple-backed asset witnessed a pump alongside soaring optimism for an XRP ETF. Bloomberg analysts predict that an XRP ETF could be seen shortly ahead amid rising odds in the market.
Solana Price Turbulent
However, SOL price has taken a rollercoaster ride in the past 24 hours, down marginally by 0.5% to $201.18. The crypto’s intraday low and peak were $199.59 and $208.83, respectively. Despite the odds of an SOL ETF also gaining weight, the coin is yet to witness a pump alongside other altcoins.
Meme Crypto Market Glimmers
Simultaneously, Dogecoin (DOGE) price gained by 4% in the past 24 hours, reaching $0.2582. Even Shiba Inu (SHIB) price jumped by 1%, reaching $0.00001596. Also, PEPE and TRUMP meme coins pumped by 2%-5% and are sitting at $0.000009793 and $16.08, respectively.
Top Crypto Market Gainers Today
Raydium (RAY)
Price: $5.41
24-Hour Gains: +19%
Helium (HNT)
Price: $3.93
24-Hour Gains: +14%
Virtuals Protocol (VIRTUAL)
Price: $1.25
24-Hour Gains: +13%
Top Crypto Market Losers Today
MANTRA (OM)
Price: $5.97
24-Hour Loss: -2%
Onyxcoin (XCN)
Price: $0.02354
24-Hour Loss: -2%
DeXe (DEXE)
Price: $18.99
24-Hour Loss: -1%
Notably, market participants await further bullish momentum as the latest statistics indicate signs of renewed interest across the sector. Renowned market analyst Ali Martinez revealed on X that capital inflows into the crypto market are starting to pick up, indicating a bullish future awaits.
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.
Grayscale Investments has submitted an application to the New York Stock Exchange (NYSE) for a Cardano exchange-traded fund (ETF). This marks a step in the growing interest in cryptocurrency ETFs. The move is part of the company’s strategy to expand its crypto ETF offerings, following its recent filings for XRP, Solana, and Litecoin ETFs.
The Cardano ETF filing adds to the increasing list of institutional moves aiming to provide regulated exposure to popular cryptos.
Grayscale Joins Race with Cardano ETF Application to NYSE
In a recent filing, Grayscale submitted its proposal for a Cardano ETF with the NYSE, further diversifying its crypto offerings. The filing comes as part of a larger push by Grayscale to expand its presence in the growing cryptocurrency market. The firm has already filed similar ETF applications for other popular cryptos, such as XRP, Solana, and Litecoin.
With the increasing institutional interest in digital assets, this move is a significant step toward regulated exposure for institutional investors seeking access to Cardano.
Grayscale’s Cardano ETF application comes when institutional interest in cryptocurrency is expanding. With Cardano (ADA) becoming one of the top-performing assets, this ETF could offer a regulated route for traditional investors to gain ADA exposure.
The Cardano network has gained substantial recognition for its focus on scalability, security, and sustainability, factors that appeal to investors.
Moreso, these developments come when the US SEC seeks public comments on Grayscale’s Litecoin ETF proposal, allowing for a 21-day submission period. Litecoin ETFs are gaining attention as the SEC assesses Grayscale’s request to convert its Litecoin Trust into an exchange-traded product.
Recently, asset managers like Grayscale and Coinshares have taken steps to expand crypto ETF offerings, signaling growing interest.
Competition in the Crypto ETF Space
Grayscale’s filing is part of a trend in the crypto market, where multiple asset managers are vying to offer ETFs linked to popular digital assets. Recently, other firms, including WisdomTree and Bitwise, have submitted similar applications to the U.S. Securities and Exchange Commission (SEC) for XRP ETFs.
Additionally, Swedish asset manager Virtune AB launched a Cardano exchange-traded product (ETP) on Nasdaq Helsinki, catering to institutional investors.
As the market continues to mature, more financial institutions are exploring the idea of crypto ETFs, especially for major cryptos like Cardano. The introduction of a Cardano ETF by Grayscale will provide more opportunities for investors looking to diversify their portfolios with ADA exposure.
Impact on Cardano Price
The introduction of a Cardano ETF could have a significant effect on ADA price and market sentiment. As more institutional investors gain exposure to Cardano, increased demand could lead to upward pressure on ADA price. Currently, the ADA remains relatively stable, but the potential for more institutional capital entering the space through an ETF could cause a rise in its price.
In addition, if Cardano price holds above the $0.67–$0.81 support range, it could signal strength and set the stage for an ADA price rally. Technical indicators, including the TD Sequential buy signal, further support the possibility of a bullish reversal. However, if Cardano price fails to maintain this support, a drop below the range will lead to further declines.
At the time of writing, Cardano price stands at $0.7068, reflecting a 3% increase in the past 24 hours. The market cap has risen to $24.87B, and the trading volume is up by 11.15%, reaching $752.82M.
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.
Solana Smart Whales Bag $18.5M Tokens; SOL Price To Hit $296?
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