Analyst Says Dogecoin Facing ‘Most Important’ Resistance Wall, Updates Outlook on Solana, Stellar and Toncoin

7 Total views

A widely followed crypto analyst says that meme asset Dogecoin (DOGE) is facing a crucial turning point while updating his outlook on a handful of other altcoins.

In a new thread, crypto trader Ali Martinez tells his 138,500 followers on the social media platform X that resistance around the $0.26 level is key for the dog-themed digital asset.

-->

The trader shares a chart suggesting that $0.26 is a price area that appears to be a trend shift level for DOGE.

“This level remains the most important resistance wall for Dogecoin.”

Dogecoin is trading for $0.22 at time of writing, a 3.3 decrease during the last 24 hours.

Moving on to smart contract platform Solana (SOL), Martinez says that a breakout past $186 could trigger an exponential rally that sends the asset shooting past a $3,000 price tag.

“A breakout here could trigger a parabolic bull run for Solana!”

Solana is trading for $172 at time of writing, a 2.6 decrease on the day.

Turning his attention to the payments platform Stellar (XLM), Martinez says that it could witness a correction after moving below a diagonal support.

“XLM could be breaking out of an ascending channel, potentially targeting $0.26!”

XLM is trading for $0.28 at time of writing, a 1.5 decrease on the day.

Concluding his analysis with the native asset of the layer-1 platform Toncoin (TON), the analyst notes that it too looks to be on the cusp of breaking down of a symmetrical triangle pattern.

In technical analysis, a move below the diagonal trendline of a triangle pattern suggests that an asset is primed for corrective moves.

“Watch out! Toncoin could be breaking out of a symmetrical triangle.”