Crypto Seeing Contrasting Fortunes: Dogecoin and Ethereum Rally while Solana Lags Behind

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Certain cryptocurrencies, such as Dogecoin (DOGE) and Ethereum (ETH), have seen impressive gains over the last five days, with DOGE rising by more than 21% and ETH adding 16%. In contrast, Solana (SOL) has lagged behind, dropping in value instead of joining the bullish trend. Presently, its price is lower than it was during the past 72 hours.

Dogecoin

Dogecoin’s price trend started climbing towards the end of March after a prolonged phase of minimal price changes. Before this period of stability, DOGE had reached its peak at $0.22, which was its highest value in 2021. With Dogecoin breaking through the resistance level of $0.18, technical analysis indicates that it could potentially rise again towards the $0.22 mark. The coin ended the previous day at $0.20, leaving only about a 10% gap to reach its highest price this year.

Ethereum

The price of Ethereum has surged past $3,600, reaching new heights not seen since mid-March. Having hovered around this mark for some time, a recent close above $3,650 may indicate that buyers are gaining the upper hand. If true, this could lead to further growth and a possible return to Ethereum’s all-time high of $4,100.

According to a report by Santiment, a well-known cryptocurrency analysis firm, one reason Ethereum’s price has been increasing is because more people are paying attention to the network. Topics like its potential growth, network congestion, high gas fees, and the launch of the first Ether staking ETF in Canada have sparked a lot of conversation.

Solana

In contrast to other prominent cryptocurrencies that have been surging forward, Solana (SOL) has lagged behind recently. Following a robust uptrend from January 2024 until mid-March, the coin faced a significant downturn. Despite efforts from bulls to reclaim control in late March, they were unable to maintain their momentum, ultimately giving way to the bears at the start of April.

Experts explain that Solana’s current difficulties stem from technical glitches affecting the cryptocurrency. traders have reported issues with processing transactions and staking because of heavy network traffic resulting from increased activity, causing delays.

Despite the obstacles, Solana traders continue to be hopeful regarding the coin’s future possibilities. According to Santiment’s recent post on Reddit:

Despite the ongoing debates, a significant number of supporters believe that the network represents a notable advancement in terms of fees and transaction speed when compared to Ethereum.

Just like Ali, an on-chain expert, recently shared, the feeling towards the coin is presently downbeat. He explained that this sentiment hasn’t been observed since the SOL network encountering an issue on February 6. Despite this, he reminded us of the potential rewards in staying positive about the coin.

The feeling among the crowd regarding Solana ($SOL) is as downcast as it has been since the network disruption on February 6. Going against the flow right now could potentially bring rewards.
— Ali (@ali_charts) April 6, 2024

Over the course of the week, Dogecoin and Ethereum’s bullish trend might persist, leading traders and investors to keep a close eye out for suitable buying opportunities. In contrast, Solana investors and holders should stay patient and wait for the resolution of any technical problems afflicting the network, which could potentially result in another bull run.

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2024-04-09 13:58