Solana made an incredible run to overtake Dogecoin to become the eighth-largest coin by market cap.
However, Dogecoin stages a huge comeback to displace Solana to the ninth position as they battle for market cap supremacy.
In the wake of recent market pullbacks by leading crypto assets, Dogecoin (DOGE) and Solana (SOL) intensify competition as they battle for market cap supremacy. A couple of days ago, Solana overtook Dogecoin to become the eighth-largest crypto. This moment was short-lived as Dogecoin reclaims that position.
As of press time, Doge had a market cap of $8.8 billion while Solana had $8.6 billion. Interestingly, their seven-day price performance hints at a possible takeover by Solana. Dogecoin is down by 16 percent in the last seven days compared to the 12 percent decline by Solana.
Regardless, Solana has a strong edge in terms of market sentiment, though both are on a bearish trajectory. In its four-hour chart, Doge had a bullish crossover as displayed by the MACD. There was a sharp uptick in its Money Flow Index (MFI). This resulted in a marginal increase, though its 1-hour growth is currently negative at 0.37 percent with the 24-hour growth “sitting” at negative 1.76 percent. In comparison, Solana has a positive 1-hour growth of 1 percent and a negative return of 2 percent in the last 24 hours.
According to Sentiment, Solana’s open interest has declined significantly, indicating that the ongoing price trend might soon come to an end. Its DyDx and Binance funding rates are also in a decline, showing a possible trend reversal. On the SOL daily chart, the gap between the 20-day Exponential Moving Average (EMA) and the 55-day EMA keeps getting narrow. On top of that, The Relative Strength Index (RSI) was hovering around the neutral zone. Interestingly, Chaikin Money Flow (CMF) recorded an uptick.
Solana and Dogecoin Price Predictions
In the area of NFT, Solana’s NFT space recorded declines in several key metrics on August 18. NFT market tracking website Cryptoslam reported that Solana’s sales volume was over $1.5 million in just 24 hours. From a current price of $21, price comparison portal Finder foresees the asset hitting $166 by the end of 2025. According to them, Solana has a high potential to hit $512 by 2030. One of the experts involved in the prediction, Panxora Hedge Fund general partner Gavin Smith, commented:
SOL is one of the leading contenders in the smart contract blockchain space. They are likely to be one of the chief beneficiaries if the Ethereum upgrades fail to deliver lower transaction fees.
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In June 2023, Finder also predicted that Dogecoin could hit $0.1 by the end of 2023. By 2025, the asset can go as high as $0.33. According to Ruadhan O, creator of Seasonal Tokens, the asset could thrive as a result of its community reactions.
Despite the fact that most people think Dogecoin is a joke and should therefore have no value, humor has real market value, and Dogecoin is likely to thrive and survive because the community is having fun. The sober experts who see no value in a joke are the ones who don’t understand the market forces involved.
Paul Levy, senior lecturer at the University of Brighton, also thinks that the Doge community would continue to push the asset up the price curve. As of press time, Dogecoin was trading at $0.062547.
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