Solana vs Dogecoin: What to expect as the race heats up

• Dogecoin flipped Solana on 18 August to reclaim its eighth spot on the checklist of prime cryptos.
• Although a couple of metrics had been bullish on SOL, market indicators prompt in any other case. 

During the last week,the market capitalizations of Dogecoin [DOGE] and Solana [SOL] had been intently knit. This allowed each tokens to flip one another on a number of events. A couple of days in the past, SOL flipped DOGE to change into the eighth largest crypto. Nonetheless, the great days didn’t final lengthy, as DOGE rapidly reclaimed its spot. The explanation behind this episode was revealed upon a have a look at their metrics and day by day charts. 

Learn Solana’s [SOL] Value Prediction 2023-24

Solana and Dogecoin are neck-to-neck

A have a look at each the cryptos’ market caps revealed that there have been a number of cases when each flipped one another during the last week. Although the distinction of their costs was large, their market caps remained shut to one another, with solely a slight distinction of some thousand {dollars}.

Based on CoinMakretCap, on the time of writing, Solana had a market cap of $8.828 billion, whereas Dogecoin’s market cap was $9 billion, giving it the sting.

A have a look at the market sentiment round each tokens clearly identified that DOGE was the chief. This was evident from the drop in SOL’s weighted sentiment, whereas the identical metric for DOGE remained excessive.

Dogecoin final flipped Solana on 18 August to say its spot. The 4-hour chart of DOGE confirmed what helped the memecoin.

Throughout that time-frame, DOGE’s MACD displayed a bullish crossover. Its Cash Movement Index (MFI) additionally registered a pointy uptick, serving to the coin to marginally enhance its worth.

Supply: TradingView

Will Solana be capable of beat DOGE?

Whereas DOGE’s value went up by greater than 1% within the final 24 hours, SOL solely managed to push its value up by 0.18%. Nonetheless, a couple of of the metrics had been bullish on SOL, suggesting an extra value uptick within the days to observe.

As per Santiment’s chart, SOL’s open curiosity dropped considerably. A decline within the metric normally implies that the on-going value pattern would possibly finish quickly. Furthermore, Solana’s DyDx and Binance funding charges had been pink, additional growing the probabilities of a pattern reversal. 

Supply: Santiment

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Nonetheless, a have a look at SOL’s day by day chart painted a bearish image. The gap between the 20-day Exponential Transferring Common (EMA) and the 55-day EMA was shrinking, indicating a doable bearish crossover quickly.

The Relative Energy Index (RSI) was additionally resting beneath the impartial mark. This meant that the probabilities of SOL going forward of DOGE within the close to time period had been unlikely. Nonetheless, the Chaikin Cash Movement (CMF) registered an uptick, which was a bullish improvement. 

Supply: TradingView