- Dogecoin flipped Solana on 18 August to reclaim its eighth spot on the listing of high cryptos.
- Although a number of metrics have been bullish on SOL, market indicators advised in any other case.
Over the past week,the market capitalizations of Dogecoin [DOGE] and Solana [SOL] have been intently knit. This allowed each tokens to flip one another on a number of events. A number of days in the past, SOL flipped DOGE to turn into the eighth largest crypto. Nevertheless, the great days didn’t final lengthy, as DOGE shortly reclaimed its spot. The explanation behind this episode was revealed upon a take a look at their metrics and each day charts.
Learn Solana’s [SOL] Price Prediction 2023-24
Solana and Dogecoin are neck-to-neck
A take a look at each the cryptos’ market caps revealed that there have been a number of situations when each flipped one another over the past 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}.
In line with 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.
Supply: Santiment
A take 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 timeframe, DOGE’s MACD displayed a bullish crossover. Its Cash Stream Index (MFI) additionally registered a pointy uptick, serving to the coin to marginally enhance its worth.
Supply: TradingView
Will Solana have the ability to beat DOGE?
Whereas DOGE’s worth went up by greater than 1% within the final 24 hours, SOL solely managed to push its worth up by 0.18%. Nonetheless, a number of of the metrics have been bullish on SOL, suggesting an additional worth uptick within the days to observe.
As per Santiment’s chart, SOL’s open curiosity dropped considerably. A decline within the metric often implies that the on-going worth pattern may finish quickly. Furthermore, Solana’s DyDx and Binance funding charges have been crimson, additional rising the possibilities of a pattern reversal.
Supply: Santiment
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Nevertheless, a take a look at SOL’s each day chart painted a bearish image. The gap between the 20-day Exponential Shifting Common (EMA) and the 55-day EMA was shrinking, indicating a doable bearish crossover quickly.
The Relative Power Index (RSI) was additionally resting under the impartial mark. This meant that the possibilities of SOL going forward of DOGE within the close to time period have been unlikely. Nonetheless, the Chaikin Cash Stream (CMF) registered an uptick, which was a bullish growth.
Supply: TradingView
