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Solana Price Fizzles Out As Whales Dump SOL For HYPE

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3 days ago

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Solana price has erased some of the gains made on Christmas Eve as most cryptocurrencies rallied. This sell-off has led to an increase in whale activity, with some notable ones swapping the SOL token for Hyperliquid’s HYPE. So, does the Solana coin have more gains to run or is the rally over?

Solana Price Downturn: What’s Behind the Decline?

Solana’s ongoing decline is mostly because of the weak sentiment in the crypto industry. Bitcoin price has retreated from near $100,000 this week to $96,000, while the popular watched crypto fear and greed index moved from extreme greed a few weeks ago to neutral. Cryptocurrencies often have a close correlation with each other.

Solana’s decline could be because of the ongoing profit-taking among investors after the coin more than doubled earlier this year. It is common for investors to sell highly profitable assets as the end of the year nears. As we will show below, there are some signs that some whales have started to dump SOL and moved to other cryptocurrencies.

Solana and other cryptocurrencies have also retreated after the Federal Reserve slashed interest rates by 0.25% in its December meeting. While this cut was good, the bank hinted that it would cut rates two times next year. That hawkish tone has led to higher bond yields, which historically affects risky assets.

More data shows that Solana’s DeFi TVL has been in a strong downward trend, which may be affecting its price. It dropped from $20 billion on December 20 to $5.7 billion on December 26.

Solana DeFi TVLSolana DeFi TVL
Solana DeFi TVL

Whales Dumping SOL: What Does On-Chain Data Reveal?

On-chain data analysis is a good way to understand a token price movement. Whales or large token holders, often have more weight than traders. In this case, there are signs that some whales have started to dump their SOL holdings. 

One whale dumped 45k SOL tokens and swapped them to Hyperliquid’s HYPE toke. According to HypurrScan, one of his wallets holds HYPE tokens worth $9.5 million, and another has over $10 million. This dump partially explains why the SOL price crashed.

This whale has a long history with Solana as he initially staked 1 million tokens in 2020, and has benefited from its surge and staking rewards. As such, his decision to exit the SOL trade is a sign that he wants to capitalize on the recently launched HYPE token.

Solana Whale TransactionsSolana Whale Transactions
Solana Whale Transactions

What’s Next for Solana Price? Will HYPE Replace SOL?

So, will the HYPE token replace SOL? Chances for the HYPE token replacing SOL are limited because the two are significantly different assets. Solana is a layer-1 network used by developers in key industries like DeFi and NFTs, whyle Hyperliquid is a perpetual futures trading platform.

The daily chart shows that the Solana price has been in a downward trend after rising to $265 earlier this month. It has formed a falling channel pattern and moved below the 50 Weighted Moving Average (WMA) indicator. The coin has flipped the key support at $210 into a support. 

The falling channel has a close resemblance to a descending wedge, meaning that it may rebound, possibly in January. If this happens, the SOL price will rise to $265, its highest level this year.

A drop below the support at $175, its lowest level this month, will invalidate the bullish view and point to more Solana price sell-off, potentially to $120, the lowest point in September.

Frequently Asked Questions (FAQs)

There is no widespread evidence that whals are dumping Solana for the HYPE token. Our evidence shows just one whale did that.

Solana has dropped in the past few days because of profit-taking, but technicals suggest that a rebound cannot be ruled out.

Solana price may rally to about $250 in the next few days. Most of the gains, if any, will likely happen in the first quarter of next year.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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.





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Dogecoin Price

Can Dogecoin Price Compete With New Memes Like Fartcoin & ai16z?

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14 hours ago

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January 3, 2025

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Dogecoin price has rebounded recently, aligning with the broader recovery in the cryptocurrency market. Can Dogecoin compete with Solana meme coins like Fartcoin and Solana AI coin ai16z? These newer coins have seen significant price surges, attracting attention from investors. The rising popularity of these coins raises questions about the DOGE long-term position in the meme coin space.

Can Dogecoin Price Contest with New Meme coins?

Dogecoin price, the original meme coin, maintains a leading position with its strong market capitalization and established reputation. Emerging meme coins like Fartcoin and AI16z have gained attention, but Dogecoin’s resilience and partnerships set it apart. 

Collaborations, such as the D.O.G.E. department initiative with Elon Musk, have bolstered its presence in the crypto market. Fartcoin price is trading at $1.34, with a 3% surge in the past day and more than $1 billion in market cap. Additionally, the Solana AI meme coin ai16z is trading at $1.98 with $2.16 billion market cap.

Dogecoin’s simplicity remains a significant advantage, making it user-friendly and appealing while surviving multiple market cycles. This streamlined framework ensures accessibility for new and seasoned investors alike.

Recent whale activity indicates growing confidence in Dogecoin, with substantial accumulation highlighting its enduring relevance amid rising meme coin competition.

Whales Accumulate 1.08 Billion DOGE

Crypto analyst Ali shared an X post highlighting a massive Dogecoin purchase by whale investors in the past 24 hours. The post revealed that over 1.08 billion DOGE tokens were accumulated by these large holders during this period. This surge in whale activity is a notable development for the meme cryptocurrency.

The chart included in the post illustrated a correlation between whale movements and the recent fluctuations in Dogecoin’s price. It showed a clear buying trend among addresses holding between 10,000 and 1,000,000 DOGE tokens. This behavior suggests increased confidence in Dogecoin despite its recent price volatility.

Can Dogecoin Price Compete With New Memes Like Fartcoin & ai16z?Can Dogecoin Price Compete With New Memes Like Fartcoin & ai16z?
Source- X

DOGE Technical Analysis: Can Dogecoin Hit $1?

Dogecoin has experienced a notable 270% surge in years 2024, with hopes for further rally in the year 2025. As of Friday, the DOGE price hovered at $0.3378, with a 1% in the past 24-hours. 

Most of the cryptocurrency has seen a market recovery with BTC hovering above $95k fueling the market rally. With the surge in the crypto market and meme based coins may fuel the surge. 

The Awesome Oscillator (AO) highlights weakening bearish momentum as green bars begin to appear. This trend suggests the possibility of a bullish reversal. The Moving Average Convergence Divergence (MACD) indicator shows a narrowing gap, indicating reduced selling pressure.

Dogecoin Price Targets

The Dogecoin price prediction points to the potential for a breakout as it consolidates near crucial resistance levels. DOGE price is approaching significant resistance at $0.50 and $0.736, presenting key hurdles for upward momentum. 

If these levels are breached, a rally toward $1 could be in sight, representing a 201% increase from current levels. However, if bears gain another power the the meme-based coin might see a corrections.

Can Dogecoin Price Compete With New Memes Like Fartcoin & ai16z?Can Dogecoin Price Compete With New Memes Like Fartcoin & ai16z?
Dogecoin Price Chart: TradingView

To conclude the Dogecoin price strong foundation and whale accumulation showcase its resilience. However, competing with new memes like Fartcoin and ai16z poses challenges. Reaching $1 depends on breaking key resistance and maintaining momentum.

Frequently Asked Questions (FAQs)

Dogecoin’s resilience and whale activity give it a competitive edge.

They are new Solana-based meme coins gaining investor attention.

Key resistance levels are $0.50 and $0.736 for further rallies.

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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.





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Cardano

Cardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat

Published

1 day ago

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January 2, 2025

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Cardano (ADA) price surged by 10% in 24 hours, showing signs of a potential bullish trend for 2025. The recovery follows late 2024 gains as broader crypto markets stabilize. However, reaching the $1 mark may face hurdles, with declining whale activity raising concerns. Bitcoin’s climb above $97,000 has boosted market sentiment, contributing to recovery. Cardano’s future momentum depends on growing investor confidence and reduced selling pressure from major holders.

Cardano Price Loses Momentum

The Cardano price has climbed above $0.90 after an 8.69% surge in the last 24 hours. The ADA price now trades at $0.957, marking a 5% daily increase. This growth aligns with a broader upward trend in the crypto market over the past week.

Cardano (ADA) has gained 10% over the last seven days, solidifying its position as the ninth-largest cryptocurrency by market cap. ADA is capturing investor attention ahead of the anticipated 2025 bull run.

Cardano (ADA) Price Recovery to $1 Unlikely As Whales RetreatCardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat
Source: TradingView

ADA Holders Flee as Momentum Dissipates

ADA price retraced from its recent peak of $1.3264 as daily active addresses dropped to pre-pump levels seen before November 3. Despite only a 30% decline in price, the network has seen a sharp drop in investor engagement, highlighting a lack of sustained interest in the asset.

Network growth metrics, which spiked alongside the rally, have now slowed significantly. This suggests waning momentum and reduced confidence among ADA holders. The decline in daily active addresses signals that participation has weakened despite the asset’s relatively moderate pullback in price.

Cardano (ADA) Price Recovery to $1 Unlikely As Whales RetreatCardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat
Source- Santiment

Whales Dump ADA as Momentum Fizzles Out

On December 11, the whale category holding 10 million to 100 million ADA possessed 12.15 billion ADA. Meanwhile, the whale group holding 1 million to 10 million ADA had 5.64 billion ADA.

This decline in holdings by significant ADA stakeholders signals bearish momentum for Cardano, as whale dumping often precedes price weakening.

Cardano (ADA) Price Recovery to $1 Unlikely As Whales RetreatCardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat
Source-Santiment

Cardano Price Analysis & Targets

Cardano (ADA) price is gaining upward traction after consolidating near the $0.80 level. The cryptocurrency has moved towards $0.96, showing resilience despite a prolonged period of price stagnation.

The four-hour chart highlights clear resistance and support zones, offering critical insights into potential price movements. The immediate resistance stands at $1.00, which has historically served as a psychological barrier. Breaking above this level could pave the way for a test of $1.30. On the downside, the $0.80 zone acts as robust support, with $0.70 and $0.50 as secondary fallback levels.

The Relative Strength Index (RSI) has entered the overbought territory, currently hovering near 67. This suggests growing buying pressure, although the market might soon face a brief correction.

Cardano (ADA) Price Recovery to $1 Unlikely As Whales RetreatCardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat
Cardano (ADA) Price Chart: TradingView

The Cardano price recovery shows promise, but declining whale activity raises challenges. Sustained investor confidence and renewed market participation will be crucial for ADA to break past the $1 resistance.

 

Frequently Asked Questions (FAQs)

$1 serves as a psychological and historical technical barrier for Cardano.

Declining whale activity signals bearish momentum and reduced investor confidence.

Key support levels include $0.80, with secondary levels at $0.70 and $0.50.

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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.





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Dogecoin

Dogecoin price stalls as DOGE ETF approval odds fall

Published

1 day ago

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January 2, 2025

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Dogecoin price remained in a tight range this week as Polymarket odds for a potential DOGE ETF declined.

Dogecoin (DOGE), the largest meme coin, rose by about 6% on Dec. 2, bringing its seven-day gains to 7.5%. However, the momentum may reverse as a Polymarket poll shows that the odds of the Securities and Exchange Commission approving a spot DOGE ETF this year dropped to 26%, down from a high of 50% last week. 

In contrast, Polymarket users expect that the SEC will approve a Solana (SOL) ETF later this year, with odds being at 76%. The odds of a Ripple (XRP) ETF are at 70%.

The weaker odds for a DOGE ETF likely stem from the absence of an application by any financial services company. In contrast, WisdomTree, a $100 billion asset manager, has filed for a Ripple ETF. Additionally, the SEC has a Jan. 31 deadline to approve or reject Solana ETFs proposed by companies like Grayscale, 21Shares, and VanEck.

Still, there is a possibility that one or more companies will file for a Dogecoin ETF if the SEC, under Paul Atkins, shows flexibility on crypto funds. Such an ETF could see approval more easily, as Dogecoin is a proof-of-work cryptocurrency similar to Bitcoin.

DOGE also holds a significant position in the crypto industry, with a market cap of $50 billion—approximately $16 billion lower than MicroStrategy’s. MicroStrategy has multiple leveraged and covered call ETFs.

Crypto ETFs are doing well as they are helping institutional investors gain access to the industry. Bitcoin ETFs now hold over $105 billion in assets, while Ethereum funds have over $12 billion. 

Dogecoin price analysis

Dogecoin price
DOGE price chart | Source: crypto.news

The daily chart shows that DOGE bottomed at $0.2635 in December and has since recovered to $0.3382. It has moved toward the 50-day moving average, while the Relative Strength Index is attempting to break above the descending trendline. 

The Percentage Price Oscillator has formed a bullish crossover. Additionally, the accumulation and distribution indicator remains elevated, suggesting that investors are gradually accumulating DOGE.

As a result, the coin is likely to rebound, with bulls targeting the resistance at $0.4836, the highest level reached in 2024. Conversely, a drop below the support level of $0.2650 would signal further downside potential.



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