Cryptocurrencies Dogecoin and Solana Could Potentially Break September's Crypto Slump: Expert Insight
The stock market and the cryptocurrency world are experiencing a surge in positive momentum, with the S&P 500 and Nasdaq hitting new record highs, and Solana, a leading cryptocurrency, seeing significant gains.
On the traditional market front, the S&P 500 advanced 0.85%, while the Nasdaq gained 0.72%, both reaching new record highs. This upward trend is marked by a robust economy, with core inflation at 2.9% and unemployment at 4.2%.
In the cryptocurrency sphere, Solana (SOL) has been a standout performer. Since last Monday, Solana has increased nearly 10%, trading at around $232. The digital asset peaked at $244.08 today before consolidating. Solana is currently trading decisively above both the 50-day and 200-day moving averages, indicating a strong, sustained uptrend.
The strong momentum for Solana is backed by several technical indicators. The Relative Strength Index (RSI) for Solana is at 65, suggesting strong buying momentum. Moreover, a golden cross occurred for Solana, where the average price over the last 50 days crossed above the average price over the last 200 days, a bullish sign. The Average Directional Index (ADX) for Solana is at 33, confirming exceptionally strong trend strength.
Myriad, a prediction market, is buzzing with optimism about Solana's future price movements. Myriad users believe there's a 90% chance Solana hits $250 before dropping to $130. They also believe it's likely Solana hits a new all-time high price above $294 this year, with odds at 59%.
Immediate resistance for Solana is $244.08 (recent high), while strong support is found at $207 (support of the channel). Strong resistance for Solana is $260.00 (psychological target).
Elsewhere in the cryptocurrency market, Dogecoin has also seen a surge, increasing by 11% in the last week. However, it has dipped about 5% in the last 24 hours, trading at $0.2649. Dogecoin's RSI is at 60, indicating bullish momentum.
Interestingly, the Altcoin Season Index touched 80 points, its highest this year, suggesting a potential shift in focus towards altcoins like Solana.
The Federal Reserve is expected to cut interest rates this week, with the next meeting where a 0.25% interest rate cut is expected scheduled for September 17, 2025. This move could further boost the cryptocurrency market, as lower interest rates often lead to increased risk-taking and investment in assets like cryptocurrencies.
The Crypto Fear and Greed Index climbed to 53 points, indicating that while investors are still cautious, there is a growing sense of optimism in the cryptocurrency market.
Read also:
- Ford Discontinues Popular Top-Seller in Staggering Shift, Labeled as a "Model T Event"
- 2025 Witnesses a 27% Surge in Worldwide Electric Vehicle Sales, Despite Opposition to Electrification Policies in the U.S.
- Recorded surge in electric vehicle registrations during the initial half of the year
- Dubai-bound: Omega Seiki Mobility, an electric vehicle company from India, prepares for assembly establishment
