The cryptocurrencies slow down, while the whales focus on Dogecoin and Solana

After weeks of rally and strong fluctuations, the cryptocurrency market has experienced a setback with a decline of over 3% in the last 24 hours. This pause comes in a climate of high volatility, as observers note contrasting technical signals on Bitcoin, Solana, and Dogecoin, and interpret the recent accumulation moves by large investors.

Bitcoin in correction, but remains above a key technical threshold

In the last few hours, the price of Bitcoin (BTC) has dropped to nearly 83,500 dollars, after surpassing the 84,200 mark the previous day. The 3.3% decline in the overall capitalization of the crypto market follows profit-taking that interrupted the most recent bull momentum.

According to Alex Kuptsikevich of FxPro, BTC is attempting a technical rebound above the 50-day moving average and has reached 85,700 dollars, a move that could indicate a positive reversal. However, to confirm a true trend change, a stable consolidation above the 200-day moving average will be necessary, currently close to 2.97 trillion dollars in terms of global capitalization.

However, contrasting views remain in the technical landscape. The chartist Peter Brandt has dampened the enthusiasm by stating that the recent trendline violation by Bitcoin does not yet represent a structural shift. “Trendlines are among the least significant chart constructions,” he commented, warning about the reliability of these parameters.

The whales reserve their trust in Dogecoin (DOGE) and Solana (SOL)

One of the most intriguing aspects of this market moment concerns Dogecoin (DOGE), where the so-called “whales” – the large holders – have accumulated over 800 million DOGE in the last 48 hours. This behavior suggests a possible confidence in the short-term bull potential of the cryptocurrency born as a joke, but now firmly in the basket of the most followed digital assets.

DOGE is currently in a consolidation phase around $0.154, after a decline that saw it reach $0.169 on April 14, before entering a pattern of lower highs and lower lows. The price range between $0.153 and $0.155 represents a critical point for the market, acting as a key support to avoid further declines.

The analysis of volumes indicates significant movements: a strong selloff shook the market around 05:20 AM, with a drop of 1.1% in just five minutes on extraordinary volumes (15.3 million in a single minute). The subsequent rebound created a potential double bottom configuration, a pattern that, if confirmed, could signal an accumulation phase and possible reversal.

Furthermore, the current price level corresponds to the 0.618 Fibonacci retracement point over 48 hours, a classic threshold for possible consolidation.

Solana holds the position and leads the volumes of DEX

While many altcoins suffer from bear pressure, Solana (SOL) shows signs of resilience and a decent stability in an uncertain market. SOL moves in a range between $125 and $132, staying close to the 50-hour moving average ($129.80), indicating a consolidation phase in progress.

The recent rise of 13.7%, from $119.59 to $136.01, has attracted attention, but the subsequent decrease in buying volume suggests indecision on the part of investors. However, a new push above $132 could open the doors to a return towards the previous highs at $145, with a potential bull target at $180 if the momentum should intensify.

In parallel, Solana is dominating the DEX (decentralized exchanges) market, surpassing Ethereum for the third consecutive day in terms of volumes, with $2.43 billion in daily transactions. This data consolidates its prominent position in the decentralized finance sector, which often anticipates trends of greater adoption or recalibration of investments.

The most immediate support is located at $125.25, while the 38.2% Fibonacci retracement level positioned at $127.40 gains relevance if the bear pressures should regain strength.

Cardano in difficulty after a short-term sprint

The situation of Cardano (ADA) is currently more delicate. After a surge that saw the token rise from $0.618 to $0.667 in an 8% volatility, ADA has returned below $0.615, stuck in a bear trend amid increasing volumes during the downward phases.

Technical analysis reveals a dynamic of persistent selling pressure, also due to the positioning of the 200-hour moving average, which currently acts as a solid resistance above the price. The 48-hour momentum indicators signal an oversold situation, an element that could provide the pretext for a technical rebound, but at the moment there are no concrete signs of reversal.

Some accumulation signals are emerging in the lower areas of the range, which could build a base for potential recoveries, provided that the general market context stabilizes or improves.

A pause that could prepare the next move: all eyes on Dogecoin and Solana at this moment

The current market slowdown appears as a natural breather after a week of 8% gains, which has led the global capitalization to stabilize around $2.7 trillion. The main assets are now testing delicate technical levels, and it will be the response of traders in the coming days – along with macroeconomic and geopolitical dynamics – to determine the overall direction.

Bitcoin, Dogecoin, and Solana are in key areas from which a reversal or a new decline could arise. In particular, the accumulation of DOGE by the whales indicates a significant bet in the short term, while Cardano struggles to find stabilization in a challenging context.

Institutional interest and the use of derivative instruments will continue to characterize the technical framework in the coming days, while the market’s eyes remain focused on the behavior of the medie mobili to identify the next breakout or breakdown.

One thing is certain: the cryptocurrency market remains unpredictable, fascinating, and full of opportunities for those who know how to read between the lines of volatility.