Dogecoin (DOGE) price may have gotten the much-needed boost to kick off a rally, as network transactions have been increasing significantly. 

This uptrend in activity signals growing interest in the meme coin. But will this translate into a notable price surge?

Dogecoin Transactions Pick Up

According to data from IntoTheBlock, Dogecoin processed 1.93 million transactions last week, the highest since early July, signaling renewed interest in the coin. This could potentially lift DOGE’s price, which has dropped nearly 20% over the past 90 days.

However, transaction levels remain well below the peak seen between February and March, suggesting that a rally toward DOGE’s yearly high of $0.22 is unlikely in the near future.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Interestingly, user engagement with Dogecoin is also rising. Santiment data reveals that active addresses reached 53,900, the highest since mid-August.

This increase in active addresses — measuring user interaction — could point to further price movement, as heightened engagement typically correlates with more transactions and potentially higher prices.

Regarding the price, crypto investor Ted Pillows says Dogecoin could lead the market into an altcoin season.

“DOGE pump always triggers an Altseason. This happened in 2020-21 and also happened in Q4 2023. Right now, DOGE is forming a similar fractal as of 2021. If the DOGE starts to pump, get ready for a face-melting Altseason,” Pillows said.

However, Crypto Kaleo opined that the coin might wait till 2025 before that massive run begins.

“I still expect it to be rather boring for the next couple of months in the range I talked about in the last post in this thread. 2025 is going to be lit, though,” Kaleo explained in a thread.

DOGE Price Prediction: The Best Is Yet to Come

On the weekly timeframe, Dogecoin appears to be following the same pattern that led to its parabolic rally in 2021. During that period, the coin traded within a descending triangle as it consolidated between $0.026 and $0.036.

However, as soon as it broke out of this channel in November of the mentioned year, the coin rallied by over 22,000% within the following six months. 

Currently, Dogecoin (DOGE) is trading at $0.10, and a descending triangle pattern has formed since the price peaked at $0.22. If buying pressure intensifies, a breakout could occur. Historical trends suggest that if past performance influences future movement, DOGE’s price might increase by up to 461%, potentially reaching $0.56.

Read more: 10 Best Altcoin Exchanges In 2024

However, a drop below the $0.097 could invalidate the bullish outlook. A breakdown at this point might signal a return to a bearish trend, potentially pushing the price down to $0.057. 

XRP is rising in line with the broader crypto market on September 17, rallying 3.5% in the past 24 hours and hitting an intra-day high of $0.59, News.Az reports.

Similarly, the global crypto market capitalization is up by 4.5% over the same period to $2.1 trillion.

XRP surges as crypto traders anticipate the Fed’s rate cut decision

Data from Cointelegraph Markets Pro and TradingView shows that XRP price closed Sept. 16 at $0.58, putting down just 2.57% from the $0.60 level. The token finished down 27% from its $0.74 March 11 multi-year high.

XRP has risen two days in a row, and the potential for a move above $0.60 persists. Three strong moves in the recent past have pushed the token above this level.

Meanwhile, traders are now focusing their attention on how XRP price will react after the Federal Reserve’s highly anticipated decision on interest rates on Sept. 18.

The 20 bps or 50 bps debate remains the main focus, with futures markets pricing in a 61% possibility of a 50 basis points (bps) rate cut, according to the CME Group’s FedWatch tool. This is a notable increase from a 34% likelihood of a half-a-point rate cut last week. If this happens, XRP and other risk assets may see price rallies in the short term.

XRP open interest and trading volume rise

Accompanying XRP’s bullish price action today is a jump in its open interest (OI), which has risen by 7% over the last 24 hours to $661.7 million, according to Coinglass data.

OI is an important metric in derivatives trading that shows the total number of open or active positions in a contract. OI simply tracks the total number of active participants for a coin or a contract.

An increasing OI value means futures traders are focusing their attention on XRP at the moment as more investors inject more money into the market.

Additional data from CoinMarketCap reveals that XRP’s spot trading volumes increased significantly by 79% over the past week, totaling $1.2 billion at the time of publication.

Both metrics suggest that XRP’s rally involved both retail and futures activity, explaining the ongoing upward rally.

XRP’s market structure points to further upside

XRP price action is part of an ongoing recovery trend that began after the altcoin found support from the $0.52 demand area on Sept. 6. This upward trajectory has seen XRP reclaim a crucial support zone provided by the 50-day, 100-day and 200-day exponential moving averages (EMAs) between $0.55 and $0.56.

The bulls are now facing resistance from the $0.60 level. Note that a daily candlestick close above this level would show the bulls’ ability to sustain the recovery.

The position of the relative strength index at 57 suggests that the market conditions still favor the upside.

Bulls now eye a 6.4% recovery toward the neckline of the v-shaped recovery chart pattern above $0.63 over the next few days.

News.Az 

Solana (SOL) experienced a 1.73% dip, dropping to $128 during the Asian trading session. This decline aligns with a broader market cool-down following a brief early-week recovery.

Despite this decline, Solana remains poised for a potential bullish reversal. Critical drivers like the upcoming Breakpoint Conference 2024 and significant whale accumulation could increase prices. 

However, some analysts believe SOL might decline further, potentially dropping to around $80. But with the rising bullish sentiment in the market, things might turn green, leading to a more favorable price outlook. 

This analysis will explore whether these factors can steer SOL into a strong rally in the coming weeks.

SOL Set for Price Surge with Breakpoint 2024 and Whale Accumulation 

Since August 8, Solana (SOL) has been trading within a high of $160 and a low of $122. Today, September 17, SOL is forming green candles, trading at $132.

While it remains down slightly by 1.88%, Solana is gearing up for a potential price surge as Breakpoint 2024 approaches. On Friday, SOL reached $139.70 following a key announcement by Cypherpunk Holdings, a Canadian-listed company. 

The Cypherpunk Holding rebranded to SOL Strategies, shifting its focus to the Solana ecosystem. The company plans to explore growth in DeFi, NFTs, and decentralized applications (dApps), which could attract more interest in Solana.

Leah Wald, CEO of Sol Strategies, emphasized that the rebranding positions them to capitalize on Solana’s expanding ecosystem. 

Besides Cypherpunk’s rebrand, the upcoming Breakpoint Conference 2024, scheduled for September 20-21 in Singapore, could be bullish for SOL. The event will gather top developers, investors, and industry leaders to discuss the future of Solana. 

Also, whales have been increasingly accumulating and staking Solana tokens recently. One whale recently bought 10,000 SOL, worth approximately $1.37 million, bringing its holding to around 50,000 SOL. 

How These Factors Impact SOL’s Price?

The rebranding of Cypherpunk Holdings to SOL Strategies highlights a growing institutional interest in Solana’s ecosystem. By exploring DeFi and dApps, the company could attract more investments, which would help drive up SOL’s demand and price. 

Also, the Breakpoint Conference 2024 could bring more attention to Solana as industry leaders and developers focus on its future growth. Lastly, whale accumulation signals a strong belief in Solana’s potential, as large holders tend to stake tokens for long-term gains. 

This can create scarcity in the market, pushing the price higher as demand continues to grow.

Solana (SOL) Price Analysis: Bullish Sentiment Grows

On Solana’s 4-hour chart, the price bounced off from the lower Bollinger Band and is approaching the middle band. A breakout above this middle line could ignite bullish sentiment and increase prices. 

The fading red histogram bars also indicate that the bearish momentum is weakening, and a reversal could be imminent. The Relative Strength Index (RSI), which has increased from 36 yesterday to 40 today, suggests that buying pressure is returning. 

As more buyers enter the market, the likelihood of a positive price swing for SOL increases.

SOL is maintaining its trendline support while inching closer to trendline resistance. Breaking through this resistance could trigger intense bullish momentum, likely attracting more buyers and increasing prices.

Long-Term Outlook and Prediction

Some expert price predictions suggest that Solana will fluctuate between $144 and $155 through 2025. It might not hit $1,000 until March 2026. 

Waiting for a 7.5x return over two years might make sense for investors with larger capital. However, smaller investors may look for quicker returns in newer crypto projects like Memebet with higher short-term potential. 

Memebet Token: A Growing Alternative to SOL

The Memebet Token ($MEMEBET) presale has raised over $240,000, attracting strong interest from early investors. 

The token is building its ecosystem by combining two emerging trends: meme coins and online casinos. With its upcoming Memebet Casino launch, the project is poised for growth, giving investors exciting returns.

Features of Memebet Token

Memebet stands out by bringing real-world utility to meme coins. Unlike most meme tokens that lack tangible use, $MEMEBET integrates GambleFi. This feature lets players bet with popular meme coins like $DOGE, $SHIB, and $PEPE in the soon-to-be-launched Memebet casino.

The project also offers rewards such as airdrops and exclusive bonuses for casino players, adding more value to token holders.

What makes $MEMEBET particularly attractive is its unique blend of meme coin appeal and gambling thrills. This mix taps into two bubbling markets, offering opportunities for crypto investors who love high-risk and casino enthusiasts looking for fun and potential profits.

Large investors are already getting involved in Memebet. Just days after the presale launch, whale investors purchased $50K worth of $MEMEBET, showing confidence in the project’s long-term growth. 

The interest of well-capitalized investors hints at Memebet’s potential to become one of the biggest memecoins in 2024. This early backing from large investors could attract more investors, increasing the token’s value.

$MEMEBET token currently trades at $0.0252, and the price is set to rise soon. Moreover, the token’s utility and increasing investor backing position it for substantial growth once its ecosystem fully launches. So, now is a great time to purchase your $MEMEBET tokens before the price increases.

Visit the official Memebet Token website to learn more and buy the coins using ETH, USDT, or a bank card.

On Tuesday, the cryptocurrency market experienced a bullish rebound driven by speculation of a potential Fed rate cut. Bitcoin led the charge with a surge of over 4%, reaching $65,500, which ignited a recovery trend in various altcoins. As a result, DOGE also saw renewed momentum, reclaiming the $0.1 psychological level. This recovery aligns with a surge in network activity, positioning the Dogecoin price for further bullish movements in the near future.

Renewed Network Activity Pushes Dogecoin Toward $1.4 Price Target

Over the past two months, the Dogecoin price prediction showcased three failed attempts to breach the $0.091 support in a recent market correction. The long-tail rejection candles at this support highlight the active demand pressure and uplifted the asset 10.3% up to $0.11 with the latest push. 

Consequently, the Dogecoin market cap was boosted to $14.76 Billion. The daily chart analysis shows the DOGE price pierced the resistance trendline of a falling-wedge pattern established in March 2024.

Typically, this chart pattern drives a steady correction trend resonating between two converging trend lines before the asset builds sufficient momentum to break the overhead resistance. By the press time, the Dogecoin price traded at $0.101, seeking support from the breached trendline.

With sustained buying, the post-breakout rally could drive this dog-themed  13.8% up to challenge the $0.115 resistance, followed by an extended surge to $0.144.

Moreover, Dogecoin (DOGE) witnessed a significant boost in network activity, processing 1.93 million transactions last week, according to Intotheblock data. This marks the highest weekly transaction count since early July, signaling a resurgence in the cryptocurrency’s usage.

While still below its February peak, the recent uptick indicates the renewed network activity and could positively impact the DOGE price recovery.

Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.

Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo

— IntoTheBlock (@intotheblock) September 17, 2024

Furthermore, this meme cryptocurrency witnessed active accumulation from whale wallets holding 1 Million to 10 Million coins to reach the current value of 10.65 billion DOGE. The buying sphere from large holders is often a market with a downtrend bottoming and spreads a positive market sentiment.

On the other hand, if the Dogecoin price breaks below the lower trendline, the sellers will strengthen their grip and push the asset back to $0.091 support.

For a detailed analysis of DOGE, check out our top meme coin to buy article.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.