While the chaos of June was set aside, July was quite boring. Even the Ripple decision was short-lived. As investors were uneasy about the Fed meeting, the price of Bitcoin remained largely stable between $29,000 and $29,400. So what can we expect for SOL and DOGE in August?
Solana (SOL) Review
When it surpassed $250 in 2021, most investors predicted that the price of SOL Coin could easily exceed $500. But that didn’t happen. In the unpredictable cryptocurrency markets, the price of SOL Coin taught a valuable lesson. After the FTX crash, the price dropped to $8, reminding investors that there can be deadly falls as well as parabolic rises. Fortunately, Vitalik Buterin protected it from institutional investors and said that the escape of large funds is actually a good thing. For now, the silence of TVL at the bottom and the applications on the network do not prove Buterin right.
As for the price, Solana bounced back from the support at $22.30 on July 25th and on July 26th, it rose above the 20-day EMA ($24.07), indicating that the range-bound movement continues without being disrupted. The rising 20-day EMA and the RSI in positive territory indicate an advantage for buyers. If the price turns up from the current level, the bulls may target the general resistance at $27.12 again. On the other hand, a break below the 20-day EMA could push the price to $22.30. The next target would likely be the SMA50 region at $20.22.
Dogecoin (DOGE) Review
Dogecoin broke above the general resistance at $0.80 on July 25th, but the bulls couldn’t sustain the momentum. This indicates that there is selling at higher levels. Bears pulled the price below the break level of $0.08 on July 26th. However, the fact that the price rose above $0.08 again late yesterday shows that optimistic expectations focused on news are prevailing once again.
Elon Musk’s announcement of turning Twitter into X and his statement that he will give great news closely excites DOGE investors. The likelihood of DOGE integrating with the platform is low, but the mischievous billionaire’s unpredictability is causing investors to buy into this possibility.
Musk, who made 2 DOGE-themed posts in July, continues to keep the DOGE logo in his profile, fueling speculative price movements.
