Key Points
- DOGE has broken past resistance with substantial volumes, gaining 8% amid major institutional interest.
- Solana recently hit $191 after $11M in short liquidations and $39M in fund inflows.
- Ethereum has reached a 7-month high, showing altcoin strength while Bitcoin consolidates.
All eyes have shifted to the altcoins, as Bitcoin continues its sideways trend. DOGE, SOL, and ETH have emerged as some of the best performers among the top 100 cryptocurrencies.
They are strongly backed by rising institutional interest. So far, the recent performance of these top altcoins shows a bullish change in sentiment. It also indicates a renewed appetite for risk among crypto investors.
DOGE Shows Strength as Volume and Buying Pressure Surge
Dogecoin has turned up as a surprise leader in the current altcoin rally. The memecoin gained more than 8% over the last 24 hours. It jumped from $0.255 to $0.277, before settling around $0.271. What makes this move impressive isn’t just the price, it’s its volume.
Trading volume for Dogecoin hit over 2 billion DOGE according to CoinMarketCap. It is nearly three times the 24-hour average.
Analysts believe this breakout shows that institutional buying is still intact, and more gains might follow. Data shows over 1.08 billion DOGE, worth approximately $250 million, was accumulated by large wallets in just two days.
In addition to this, the bullish structure is solid. This is because the sustained price action above support at $0.264 points to strength.
So far, Bitget analysts have speculated that a close above $0.277 could spark a further rally. It could eye the targets of $0.295 or even $0.315.
Adding more optimism, speculation is heating up around a possible DOGE ETF. With this, prediction markets show nearly 80% odds of an approval.
SOL Soars as Shorts Get Wiped Out
SOL also caught fire and surged above $191.50 after a strong liquidation spree, according to Coinglass. Over $11 million in shorts were wiped out. With his, the most significant single liquidation came in at $1.13 million near the $188 mark.
Bears were unprepared for the speed and strength of this move. However, it wasn’t just shorts driving the rally. Institutional capital is flowing in, too.
CoinShares reported that Solana-based investment products attracted $39 million in new inflows during the week ending July 19. That made SOL one of the top altcoin picks for big investors.
Technically, SOL’s structure is also impressive. Support at $178.30 held firm, while resistance at $183.20 was broken on substantial volume.
So far, there is still a strong bullish bias, as long as the price stays above $190. If SOL can maintain its current standing, the charts show that it could retest its ATHs in the coming months.
ETH Leads the Pack with a Strong Rebound
While DOGE and SOL are making waves, Ethereum quietly leads the way. On July 21, ETH crossed $3,750 for the first time since December last year.
According to analyst Michaël van de Poppe, the ETH rebound is “absolutely phenomenal.” He noted that Ethereum has reclaimed its macro range between $2,200 and $3,900. Also, ETH could be on track for further gains.
ETH’s rise is also significant from a market structure standpoint. It shows that institutional players are becoming more comfortable with altcoins. As ETH holds above $3,750, traders are eyeing a push toward the December highs near $3,900.
What Comes Next for DOGE, SOL, and ETH?
If the cryptocurrency holds above $0.270 and clears $0.277 for DOGE, it could rally to $0.295 or $0.315. On the other hand, SOL needs to maintain levels above $190 to sustain its bullish strength.
It is also worth noting that the $200 zone is a major psychological level to watch out for. A break above could unlock new highs for the cryptocurrency. Finally, ETH has momentum on its side. If it pushes through $3,900, the next target could be $4,200.
