Dogecoin Whales Accumulate, SOL Points to Consolidation as Market Takes a Pause
A human and machine perspective on modern markets.
Shaurya Malwa, AI Boost | Edited by Omkar Godbole, Parikshit Mishra Updated April 16, 2025, 1:24 pm Published April 16, 2025, 7:51 am
What you need to know:
- Bitcoin and leading cryptocurrencies are down more than 3% on profit-taking after a recent rally, with Bitcoin falling to nearly $83,500.
- Solana is showing resilience in a volatile market, trading near its 50-day moving average and possibly poised for further gains.
- Dogecoin whales have accumulated over 800 million DOGE in the last 24 hours, which may indicate confidence in the asset's short-term prospects.
Bitcoin (BTC) and major cryptocurrencies fell more than 3% on profit-taking after Tuesday's rally.
The overall crypto market cap has fallen 3.3% in the last 24 hours, with BTC falling to nearly $83,500 from a high above $84,200 the previous day. Ether (ETH) and Cardano's ADA have fallen 5%, leading the losses among the major cryptocurrencies.
The cryptocurrency market has grown by 8% in 7 days, stabilizing at $2.7 trillion since Saturday.
Alex Kuptsikevich of FxPro notes that the rise could boost hopes for a further upside, but these expectations “will only be confirmed after a sustained consolidation above the 200-day moving average, which currently stands at around $2.97 trillion.”
“Bitcoin continues to move cautiously higher, trading above its 50-day moving average and reaching $85,700. This is an important technical attempt to overcome the downtrend. Interestingly, the 200-day moving average is quite close, so a second confirmation of the trend change could happen quite quickly,” Kuptskevich added, noting that Bitcoin has entered a resistance accumulation zone where “the strength of the initial rebound may weaken.”
Solana shares are showing strength in a depressed market, making them poised to rally if overall conditions improve.
“Solana is recovering faster than many of the major altcoins, trading at its 50-day moving average around $130. A break above that would open the door to $145, the area of previous peaks. A sustained move above that would signal a reversal of the downtrend and could lead to a rally to $180,” Kuptskevich said.
Renowned market analyst Peter Brandt takes a more pessimistic view and is not optimistic that Bitcoin will reach new highs in the current cycle.
“Trendline break does NOT mean BTC trend change. Sorry,” trader X noted in response to the bullish bounce rate optimism.
Many chartists have noted this trend.
Of all the charting, trend lines are the LEAST meaningful. A trend line break does NOT mean a $BTC trend break
Sorry pic.twitter.com/GpSBFMW5Aq— Peter Brandt (@PeterLBrandt) April 15, 2025
Trendlines are a subjective approach to price action analysis, less reliable than moving averages or key levels. A breakout used in conjunction with technical analysis can hint at a change in direction.
This is what market analysts look like
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