After FTX declared bankruptcy, Solana's price was seriously affected, which led to one of the biggest failures in the history of the encryption market. SOL was hit extra hard because it became an enterprise of Alameda Research, a sister company of FTX. Nevertheless, counterfeit coins may soon recover their losses. The dog money on the other side formed a base around 0.066 US dollars and began to rise against the US dollar. If the closing price is higher than the resistance level of $0.080, DOGE may rise further.

Solana price is close to the critical resistance level

As cryptocurrency gradually approaches a key support bottom, Solana price is preparing to become a potential bull for traders. The transaction price of SOL is US $16.38. If it can break the US $20 mark, it may continue the nearly 70% rebound observed in the past few days.

If the counterfeit currency manages to maintain the current bullish momentum and break through the resistance of $17.89, this will make the key resistance of the Solana price tag at $19.30. This level is also consistent with the 23.6% Fibonacci withdrawal line with the peak and trough of US $36.91 to US $14.05 respectively. Therefore, turning it into a supporting floor will enable SOL to start the recovery of losses in November 2022.

However, if this optimism disappears, the correction may dominate the price trend, causing SOL to lose the support of $15.90. Before Solana hit the key support level of US $11.70, bulls still had many opportunities to rebound.

Dog coin price signal is bullish

After a strong decline, the price of dog money found support around 0.066 US dollars. Dog coin kept a good bid and began to rise steadily above the resistance of $0.068. There is an obvious movement above the resistance zone of $0.070, which sets the pace for a decent growth. The price cleared the 23.6% Fib withdrawal level, which was the key decline from the fluctuating high point of US $0.1402 to the low point of US $0.0658. The price is currently trading above the $0.0750 area and the 100 simple moving average.

In the past few trading days, dogcoin has seen a bullish trend above US $0.075, similar to Bitcoin and Ethereum. On the upside, the price faces resistance around US $0.080. The first major resistance is around US $0.0820. The resistance significantly higher than $0.082 may push the price to the resistance of $0.088. It is near the 50% Fib withdrawal level, which is the key decline from the high point of US $0.1402 to the low point of US $0.0658.

Any further increase may bring the price close to the level of $0.090. If the resistance level of US $0.090 is obviously broken, it may open the door to rebound to US $0.100.

ending

If the price of dog coin does not exceed the level of 0.082 US dollars, it may start downward correction. The initial support level for the downside was around US $0.0765. The next major support level is near the US $0.074 level and trend line. If it falls below the support of US $0.074, the price may fall further. In addition, if the daily chart of counterfeit currency is close to the above level, the bullish argument will fail and Solana will easily fall to $10.24.