The cryptocurrency market has entered the second phase of the bull market, with asset prices rising sharply and investor enthusiasm rising accordingly. Bitcoin (BTC) continues to lead the way, creating a new high of $93,500. Although there has been a certain correction since then, it still remains above $88,000. The strong performance of the market cannot be ignored.
Solana and Dogecoin see big gains
Although Bitcoin’s gains remain solid, many altcoins are also quietly gaining momentum, especially Solana (SOL) and Dogecoin (DOGE). The performance of these two altcoins can be described as unexpected, showing strong upward momentum.
Solana has gained 29% in November and is currently trading above $225, just 13% away from its 2021 all-time high. This performance has led many analysts to see its huge potential in this bull run.
At the same time, Dogecoin has seen an astonishing increase this month, having risen 140% to its current price of $0.371. Although it is about 50% lower than its peak in 2021, its rebound momentum remains very strong, making it a highlight in this round of market rebound.
Is the rise of SOL and DOGE just the beginning?
The rise of Solana and Dogecoin is just the beginning of their bull cycle. The potential of the crypto market is far more than these current gains.
Ali Martinez pointed out that Dogecoin's MVRV ratio shows that it still has a lot of room to rise. Crypto Rand is also optimistic about the further rise of Dogecoin and other altcoins, believing that the upward trend of these currencies has just begun.
Solana targets $1,134, Dogecoin may break $2
Crypto Rand predicts that Solana's price could soar to $1,134 during this market cycle, a 422% increase from its current price. Although this would require considerable financial support, it is still achievable considering that Solana previously soared 963% between September 2023 and March 2024.
If Solana reaches $1,134, Crypto Rand predicts that Dogecoin’s price will not only break the $1 mark, but could potentially climb to $2.14, a 449% increase.
Ali Martinez similarly said that if Dogecoin can break through the key resistance level on the weekly chart, its price could soar to $2, a prediction that further increases the market's bullish sentiment for Dogecoin to break through $2.
The second phase of the current crypto market bull run has begun, and the market is heating up. The performance of mainstream currencies such as Bitcoin, Solana and Dogecoin is remarkable, and the strong rebound of altcoins has also given investors confidence. As the market heats up further, there may be more amazing gains in the coming months. If investors seize the opportunity, they may receive rich returns.
