Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: “Doge to the moon.” Solana on the other hand extended its declines, falling by over 15%.
Dogecoin (DOGE) was one of today’s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
Following a low of $0.0793 on Friday, DOGE/USD rose to a peak of $0.09399 earlier in today’s session.
This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.
DOGE/USD – Daily Chart
Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, “I think so, don’t bet the farm on DOGE, but I’m working hard on the DOGE.”
As can be seen from the chart, today’s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.
Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.
Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.
After climbing to a high of $18.68 earlier in Friday’s session, SOL/USD sank to a bottom of $14.92 to start the weekend.
Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.
SOL/USD – Daily Chart
Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.
In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.
However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.
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Can solana survive the downfall of FTX? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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