- Cardano, Solana, and Avalanche are leading the latest altcoin market slump with over 5% losses, while Dogecoin shows signs of a potential rebound despite the broader downturn.
- Backed by technical indicators, whale accumulation, and growing ETF speculation, DOGE may be poised to defy the bearish trend.
The crypto market is tradingin the red once again, top altcoins including Cardano (ADA), Solana (SOL), and Avalanche (AVAX) have taken the front rowof this the decline. Solana and Cardano have plunged by 5.6% and 5.5%, respectively, over the past 24 hours, while Avalanche suffered the biggest dip among them, falling 5.8%.
Notably, this drop has contributed to a 4.3% overall market bloodbath. Notably Bitcoin has also contributed to the decline after retreating by 2.2%, albeit holding stronger than most altcoins.
Despite its current dip, at the time of writing, Solana has seen a 17.5% gain over the past week, trading at $125.32, although it’s still down nearly 50% from its January peak of $262.56.
This slump is partly due to recent scandals surrounding Solana-based meme coins like Official Trump (TRUMP) and LIBRA, which have shaken investor confidence.
Cardano is also struggling to regain momentum. The Charles Hoskinson-led project saw its price fall to $0.6031, down 5.6% this week and 16.5% over the past month. Meanwhile, AVAX joined the downward spiral with a 5.8% 24-hour loss, showing no signs of decoupling from broader market weakness.
However, Solana isn’t without positive developments. As we have reported, Canadian regulators have reportedly approved spot-traded Solana ETFs. Meanwhile, the SEC has opened public comments on several U.S.-based Solana ETF proposals, including those from VanEck, 21Shares, and Bitwise, signaling a potential shift in regulatory tone.
Additionally, real estate financing platform Janover recently acquired $10 million worth of SOL, and a Washington-based lobbying group, the Solana Policy Institute, is gaining traction and funding.
Amid the gloom surrounding these altcoins, Dogecoin (DOGE) is showing signs of resilience. While it has slipped 3.5% in the past 24 hours to around $0.1533, DOGE is up 4.35% over the past week, suggesting underlying strength.
Dogecoin Technical Analysis
Technical indicators are also flashing bullish for Dogecoin. Bollinger Bands on the daily chart reveal reduced volatility, while the Relative Strength Index (RSI) sits at 42, hinting at a possible trend reversal. Adding to the bullish case, Dogecoin whales have scooped up over 800 million DOGE in the past two days, a sign that major players view the current price as a buying opportunity.
Speculation over a potential Dogecoin ETF is also gaining steam. Grayscale is reportedly among top asset managers filing for such a product, and with a new, more crypto-friendly SEC leadership in place, optimism is rising.
As ADA, SOL, and AVAX continue to slump, Dogecoin may be gearing up for a breakout, backed by technical momentum, whale accumulation, and ETF buzz. The coming days will be crucial in determining whether the top meme coin can truly defy the broader market trend.
The post Cardano, Solana, and AVAX Lead Losses—Can Dogecoin Defy the Trend? appeared first on ETHNews.
