Despite Dogecoin Price Drop, Whale Activity Hints at Potential Rebound; Toncoin and Solana Gain Momentum

Dogecoin's price has taken a big step, back falling by 18% from its peak on Saturday. Dogecoin's brief surge has come to an end with this pullback

Dogecoin's price took a step back on Monday, falling by 18% from its peak on Saturday. This pullback comes after a brief surge, with the latest chart data showing that DOGE is currently trading at around $109.09.

However, on-chain activity suggests that whales or large-scale holders may still be involved in substantial DOGE transactions, hinting at a possible return of bullish momentum. The chart provided by TradingView illustrates the downward price trend, with DOGE failing to maintain support as it dropped below key moving averages.

While the 50 EMA attempted to provide some support, the 100 EMA acted as a resistance point during the recent rally. Technical indicators, such as the 200-day moving average (EMA), could indicate whether further declines in DOGE are likely or if the meme coin will hold against current losses.

On the brighter side, on-chain data suggests that whales, who have historically been the driving force behind major shifts in Dogecoin's price, have not completely abandoned the scene. Despite selling a significant portion of their holdings at the peak, their continuing activity hints at a potential preparation for another move. Whale activity is known to influence DOGE’s price movements, and the high volume on the network bodes well for the potential of a rebound.

Toncoin shows resilience amid broader ecosystem struggles

Despite recent tribulations in the larger TON ecosystem, Toncoin is demonstrating its resilience. While several ecosystem tokens, such as DOGS, HMSTR, and CATI, experienced substantial drops over the last 30 days — decreasing by 38.77%, 47.08%, and 37.08%, respectively — TON has managed to hold its ground.

These meme coins, which offer little intrinsic value, primarily serve to boost short-term activity without contributing to the ecosystem's sustainable growth.

This highlights Toncoin's distinction from such risky investments. Unlike meme coins, which largely rely on hype and have limited utility, Toncoin is backed by the thriving and expanding TON ecosystem, spearheaded by Telegram, one of the world's leading messaging platforms.

This fundamental advantage sets Toncoin apart from many digital assets in the market. Due to its association with Telegram, TON enjoys a level of credibility and utility that speculative tokens like DOGS and CATI lack, providing access to an existing user base and the potential for widespread integration.

As the graph from TradingView illustrates, Toncoin has managed to maintain a relatively stable position despite market fluctuations. While the asset did see a decline from its peak, it remained significantly stronger compared to some of the more volatile ecosystem tokens.

The 50-day EMA continues to serve as a crucial support level for TON, with the asset remaining strong as long as it can hold above this level. With strong fundamentals and strategic support, the future outlook for Toncoin appears promising.

Solana asset gains strength at two key levels

Solana recently bounced off two crucial support levels, hinting at some bullish momentum still present in the asset. Looking at the daily chart, the first key level to watch out for is the 50-day EMA, which has historically provided a strong support level for Solana during retracement phases.

As you can see, SOL has successfully tested this moving average, holding firm at around $145.95. This highlights the zone's importance in the current market structure, indicating that traders are using it as a signal to buy. The second key level to monitor is the Relative Strength Index (RSI), which currently sits just above the 50 mark.

Generally, when the RSI is above 50, it indicates bullish momentum, while a decrease below that level may suggest a move into bearish territory. With its RSI hovering above 50, Solana's asset still seems to have strength, and the uptrend could continue as long as it can hold above this level.

These levels are crucial in the short-term price action for Solana traders. If SOL can maintain support at the 50-day EMA and RSI 50, it could indicate a bullish breakout. The next resistance for SOL might be in the $160 range, which has historically acted as a resistance point.

However, if there is a break below these key support levels, we can expect the price to drop further, possibly reaching the $140 or even $130 range. Overall, Solana is still in a consolidation phase, but traders should keep a close eye on these two crucial indicators to determine whether SOL is preparing for another leg up or a weak phase.

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