Dogecoin is venturing into new horizons by integrating with Solana, with a potential price of $0.355 according to the latest technical analysis. Explore the details of this multi-chain expansion and bullish forecasts for the memecoin.
Dogecoin has recently expanded its presence in the crypto market by being now available on the Solana network. This integration, made possible by the Wormhole technology and the adoption of Zero-Knowledge Proofs (ZKP), opens up new possibilities for DOGE as a native token of Solana. This collaboration between Wormhole, Psy, and RISC Zero aims to facilitate secure and verifiable transfers across chains.
“Associating DOGE with Solana combines two major forces in the industry… and we are excited that Wormhole is the infrastructure provider making this connection possible,” stated Wormhole.
Wormhole claims to have facilitated more than $11.5 billion worth of inflows into Solana, more than any other interoperability platform in the market. With this integration, DOGE joins an ecosystem already hosting numerous assets and stablecoins across multiple chains.
Technical analysis of DOGE’s daily chart reveals the formation of a “cup and handle” pattern, typically seen as a bullish continuation pattern. This setup suggests a potential price increase for DOGE towards $0.315, after clearing a resistance area at $0.245.
DOGE’s price has recently broken above this resistance area, which could pave the way for further upside. Strong activity in trading volume would support this bullish outlook.
Simultaneously, open interest in DOGE futures contracts has increased by over 11% to reach $2.97 billion, a sign of growing bullish speculation. This suggests that more traders are positioning themselves in anticipation of potential price movements.
However, the DOGE spot exchange volume has declined, indicating that traders are focusing more on derivatives while awaiting a confirmed breakout above $0.245.
Dogecoin continues to expand its footprint in the crypto ecosystem, notably with its integration into the Solana network via Wormhole. This multi-chain expansion, coupled with bullish technical signals, could lead to a breakthrough in DOGE’s price towards $0.315, representing a potential 27% increase from its current price.
The 3-day Woodies CCI indicates resistances at $0.272 and $0.31, the next targets for DOGE in the coming days. Currently, its Woodies CCI clearly confirms the bullish continuation.
To buy DOGE on Bitget while awaiting its launch on Solana, here is a practical guide:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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