- Dogecoin flipped Solana on 18 August to reclaim its eighth spot on the record of prime cryptos.
- Although a number of metrics had been bullish on SOL, market indicators advised in any other case.
During the last week,the market capitalizations of Dogecoin [DOGE] and Solana [SOL] had been carefully knit. This allowed each tokens to flip one another on a number of events. Just a few days in the past, SOL flipped DOGE to grow to be 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 day by 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 huge, their market caps remained shut to one another, with solely a slight distinction of some thousand {dollars}.
In keeping 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.
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 assert 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 Circulate Index (MFI) additionally registered a pointy uptick, serving to the coin to marginally enhance its worth.
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 number of of the metrics had been bullish on SOL, suggesting an extra value uptick within the days to comply with.
As per Santiment’s chart, SOL’s open curiosity dropped considerably. A decline within the metric normally signifies that the on-going value development may finish quickly. Furthermore, Solana’s DyDx and Binance funding charges had been purple, additional rising the possibilities of a development reversal.
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Nevertheless, a take a look at SOL’s day by day chart painted a bearish image. The space between the 20-day Exponential Shifting Common (EMA) and the 55-day EMA was shrinking, indicating a doable bearish crossover quickly.
The Relative Energy 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 had been unlikely. Nonetheless, the Chaikin Cash Circulate (CMF) registered an uptick, which was a bullish growth.