A widely followed crypto strategist and trader believes that steep rallies are in store for one Solana (SOL) challenger.

Pseudonymous analyst The Crypto Dog tells his 829,200 followers on the social media platform X that layer-1 chain Sui (SUI) may be poised to witness huge bursts to the upside after printing a new all-time high (ATH).

With blue skies ahead for SUI, the trader thinks it is within the realm of possibility for the altcoin to go vertical.

“We gonna see a proper parabolic ATH break run?” 

At time of writing, SUI is worth $2.32 slightly below its new all-time high recorded just hours ago.

Turning to the memecoin Pepe (PEPE), the trader thinks it is gearing up to take out its diagonal resistance and spark a new leg up.

“PEPE wants to start something.” 

At time of writing, PEPE is trading at $0.00000962, still below the analyst’s diagonal resistance.

Looking at fellow memecoin dogwifhat (WIF), the trader thinks the altcoin needs to overcome one downward resistance line to ignite rallies to fresh all-time highs.

“ATH run?”

 At time of writing, WIF is trading for $2.63, hovering close to the trader’s diagonal resistance.

As for Bitcoin, the trader says BTC is very close to witnessing a proper bull market.

“We break $63,500 it’s gonna be no items long only final destination.” 

At time of writing, Bitcoin is worth $62,682.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: DALLE3

Dogwifhat (WIF), a memecoin native to the Solana blockchain, reached a remarkable milestone today as its price surged to an all-time high of $1.339.

This surge comes on the heels of an extraordinary 300% increase in value over the past week, solidifying its position as a prominent player in the meme coin market.

Introduced just last December, Dogwifhat has rapidly gained traction and garnered significant attention among cryptocurrency enthusiasts and investors alike. Its meteoric rise in value reflects the fervor surrounding meme coins and their potential for substantial gains within a short period.

As the price of WIF continues its upward trajectory, notable trading activities within the WIF ecosystem have come to light. One trader, who initially invested a mere 5.288 SOL ($310) to purchase 2.58 million WIF tokens, now finds their investment valued at an astounding $3.12 million. 

As $WIF continues to rise, the 2.58M $WIF this trader bought with only 5.288 $SOL($310) is now worth $3.12M!

This trader made $3.12M in 3 months, a gain of 10,075x!https://t.co/Fc8EWZ673m

— Lookonchain (@lookonchain) March 2, 2024

Massive 10,075x Increase In Just 3 Months Rise For WIF

This remarkable gain represents a staggering increase of 10,075 times in just three months, underscoring the lucrative nature of meme coin investments.

In a similar vein, another whale in the WIF market recently withdrew 7,059 SOL ($918,000) from Binance to acquire 673,394 WIF tokens at a price of $1.36, further demonstrating confidence in the token’s potential.

With a total investment of 16,857 SOL ($2 million) to purchase 2.82 million WIF tokens at an average price of $0.71, this whale now enjoys an unrealized profit of approximately $1.35 million.

A whale withdrew 7,059 $SOL($918K) from #Binance to buy 673,394 $WIF at $1.36 again 5 hours ago.

He has spent a total of 16,857 $SOL($2M) to buy 2.82M $WIF at $0.71, and the unrealized profit is ~$1.35M.https://t.co/52fJpbbgRv pic.twitter.com/KoC95S1PwP

— Lookonchain (@lookonchain) March 2, 2024

The influx of investment and trading activity surrounding Dogwifhat underscores the growing appeal of meme coins within the cryptocurrency landscape.

As WIF continues to make waves in the market, investors remain vigilant, closely monitoring its performance and anticipating further developments in the ever-evolving world of meme coins on the Solana network.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: bizoon/123RF // Image Effects by Colorcinch

After days of battling to contain further losses, Bitcoin (BTC) bulls have gained some ground stabilising the price below $17,000. In the meantime, investors are looking for signals that can trigger Bitcoin’s price movement in either direction.

Bitcoincenter’s rainbow price chart is one of the gauges leveraged by the market to determine the possible next Bitcoin price action. The tool uses color bands that follow a logarithmic regression and reviews past performance to provide a potential insight into its long-term movements.

Interestingly, as of November 19, the Bitcoin indicator dropped below the ‘Basically a Fire Sale’ level, represented by the color blue for the first time; the level is the lowest band on the Bitcoin rainbow chart. 

From the chart, Bitcoin has been stuck in the ‘Basically a Fire Sale’ zone for several weeks. Historically, Bitcoin last hit the level in March 2020, where the asset consolidated before rallying towards last year’s bull market. 

Interestingly, the indicator remains bullish for Bitcoin’s long-term prospects highlighting that the asset’s price would likely hit a six-figure value in the next two years. At the same time, the chart hints at possible Bitcoin’ HODL’ status at the end of the year.

Bitcoin downtrend exhaustion 

The indicator’s breach on the downside comes after Bitcoin appeared to exhaust its downward momentum partly triggered by the FTX cryptocurrency exchange collapse. At the current price, Bitcoin has found a support level at $16,200, and breaching the position will likely usher in more correction.

Indeed, the possibility of a further correction towards $10,000 was highlighted recently after Bitcoin flashed its strongest sell signal since 2021. Overall, Bitcoin’s price has been stuck in a downtrend with unsuccessful attempts to break past $17,000 amid low buying pressure as liquidity concerns prevail. 

With Bitcoin finding some stability, the focus previously turned on the bull’s potential to trigger a rally toward $18,000. In recent weeks, the $18,000 level emerged as a crucial support position for the flagship cryptocurrency.

Bitcoin technical analysis

From a technical analysis perspective, Bitcoin daily gauges are leaning towards the bearish side, with a summary pointing towards ‘sell’ at 10. Moving averages suggest a ‘strong sell’ at 14 while oscillators are ‘neutral’ at nine. 

At the moment, Bitcoin was trading at $16,500 by press time with losses of less than 1% in the last 24 hours. 

Overall, Bitcoin’s underperformance will likely be cleared once the ongoing crypto market uncertainty stemming from the FTX saga stabilises.

Despite most trading platforms publishing their proof of reserves, on-chain data indicates an exodus of Bitcoin from exchanges to self-custody wallets. One area of focus is the ability of crypto exchanges to assure users that their funds are safe.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Bitcoin (BTC) buyers who purchased at 2017 all-time highs and above have nonetheless not bought, information suggests.

In keeping with the HODL Waves metric, cash which final moved previously six to 12 months now make up the largest portion of the BTC provide.

BTC patrons maintain their nerve

Regardless of robust positive factors and equally robust corrections in 2021, those that entered the market or added to their positions in or after November 2020 are refusing to promote.

HODL Waves, which monitor the age distribution of unspent transaction outputs (UTXOs), present that the provision managed by these six to twelve-month “hodlers” has elevated — from 8.7% initially of June to 21.4% as of Nov. 17.

On the similar time, cash held for a number of years have decreased solely barely, highlighting that modest promoting has taken place and that, excluding the six to twelve-month group, buyers’ resolve stays steadfast.

The information underscores the idea that few BTC house owners intend to promote at present costs, whilst these circle all-time highs.

As Cointelegraph reported, nonetheless, distribution of cash by long-term holders — a basic attribute of bull market peak phases — has now begun. The final time this occurred was additionally in November final 12 months.

Bull market “nonetheless has a methods to go”

In the meantime, additional numbers monitoring “older” BTC additionally hints that Bitcoin’s oldest arms will proceed to sit down tight.

Associated: Bitcoin cut price: Third-biggest whale deal with provides 207 BTC at $62K

As famous by on-chain analyst William Clemente this week, dormancy movement — Bitcoin’s market cap divided by annualized dormancy — stays low close to BTC/USD all-time highs.

Excessive dormancy, Clemente defined, signifies older cash being spent.

“Seeing dormancy movement presently so low means older cash stay comparatively dormant,” he added in Twitter feedback Wednesday.

“This Bitcoin bull market nonetheless has a methods to go in keeping with the metric.”