Dogecoin (DOGE) Has Made Its Move to the Solana Blockchain

DOGE's move to the Solana blockchain-a big step forward in its evolution. Wormhole's Native Token Transfers (NTT) made that possible.

Dogecoin (DOGE) has made its move to the Solana blockchain—a big step forward in its evolution. Wormhole’s Native Token Transfers (NTT) made that possible. With Psy and RISC Zero’s help, they implemented zero-knowledge proofs to make seamless and secure DOGE transfers across chains.

Why does this matter?

Well, known for speed and low transaction fees, Solana is a perfect fit for DOGE. This meeting of two industry giants is sure to bring new possibilities to the crypto space.

And with over $11.5 billion in capital already bridged to Solana, its DeFi ecosystem is booming. Dogecoin's arrival will undoubtedly add to this momentum.

As for chart signals, they're looking bullish for DOGE. TraderTardigrade highlighted a Cup and Handle pattern on DOGE's daily chart. This formation often signals a continuation move to the upside. The "cup" has been forming over several months, and the "handle" is a shallow pullback, suggesting that buyers are firmly in control.

Moreover, DOGE has already cleared a critical resistance at $0.245 and is holding within an ascending price channel. If momentum and volume continue to increase, this pattern could take DOGE to $0.355, which is roughly a 45% upside from current levels.

What to watch in the short term

DOGE is currently consolidating near $0.2439 after pulling back from $0.2480. A bearish engulfing candle just below resistance at $0.2531 suggests some hesitation but not a change in the uptrend.

DOGE is respecting its 50-period EMA (currently at $0.2336) as a support floor. Momentum is still positive, with the MACD above the zero line. However, the pace might slow down in the short term.

Keep an eye on $0.2380 as a potential bounce point.

Resistance levels: $0.2531 and $0.2599

Support levels: $0.2336 and $0.2291

For new traders: This is a textbook "buy-the-dip" opportunity. A bullish engulfing or hammer candle formation near $0.2380 would be a strong signal for re-entry. As long as DOGE manages to stay within the rising channel and above the 50-EMA, the trend favors the bulls.

Despite delays in DOGE ETF approvals, market interest in the meme coin remains high.

Dogecoin is currently trading at $0.2439, with a market capitalization of $36.12 billion and a 24-hour trading volume of $2.83 billion.

Options volume surged 130% to $349.57 million, while open interest grew over 11% to $2.97 billion. On the other hand, spot volume decreased by 3.93%. This suggests that traders are betting on further upside and potentially positioning for a breakout beyond the $0.2531 resistance.