title: Dogecoin (DOGE) Is Facing a Crucial Turning Point

A widely followed crypto analyst says that meme asset Dogecoin (DOGE) is facing a crucial turning point while updating his outlook on a handful of other altcoins.

Crypto trader Ali Martinez is keeping an eye on a crucial turning point for meme asset Dogecoin (DOGE) and updating his outlook on a handful of other altcoins. In a new thread, the trader says that the dog-themed digital asset is facing a crucial level of resistance that could decide the direction of the next move.

"This level remains the most important resistance wall for Dogecoin. A decisive close above the highlighted area at $0.26 could render the next key resistance at $0.30, which corresponds to the 50% Fibonacci retracement level of the 2023 down-trend," says Martinez.

The trader says that the resistance around $0.26 is a price area that appears to be a trend shift level for DOGE.

"This level is highlighted in yellow on the chart. It's clear that every time Dogecoin approached this zone during the highlighted period, it encountered resistance and bounced back down. However, if buyers manage to push through this barrier and secure a decisive candle close above it, then it could open the door for further gains towards the next resistance at $0.30."

Dogecoin is trading for $0.22 at time of writing, a 3.3% decrease during the last 24 hours.

Moving on to smart contract platform Solana (SOL), Martinez says that a breakout past $186 could trigger an exponential rally that sends the asset shooting past a $3,000 price tag.

"A breakout here could trigger a parabolic bull run for Solana! As highlighted in purple, the price action is testing a crucial breakout zone. A decisive close above the highlighted area at $186-$188 could pave the way for a substantial rally. As we can observe, this breakout zone coincides with the lower Fibonacci retracement level at $186 and the 200-week Simple Moving Average (SMA). Moreover, this breakout is anticipated to be exponential, with the next significant resistance levels at $2,000 and $3,000."

Solana is trading for $172 at time of writing, a 2.6% decrease on the day.

Turning his attention to the payments platform Stellar (XLM), Martinez says that it could witness a correction after moving below a diagonal support.

"XLM could be breaking out of an ascending channel, potentially targeting $0.26! Stellar is approaching a crucial diagonal support. A decisive close below this support could trigger a correction. As highlighted in purple, XLM is testing the lower boundary of an ascending channel, which it broke out of earlier this year. A breakout out of this channel is usually followed by a continuation in the same direction, which in this case, could take XLM to the Fib. level at $0.26."

XLM is trading for $0.28 at time of writing, a 1.5% decrease on the day.

Concluding his analysis with the native asset of the layer-1 platform Toncoin (TON), the analyst notes that it too looks to be on the cusp of breaking down of a symmetrical triangle pattern. In technical analysis, a move below the diagonal trendline of a triangle pattern suggests that an asset is primed for corrective moves.

"Watch out! Toncoin could be breaking out of a symmetrical triangle. After a period of consolidation, Toncoin appears to be making a move out of a symmetrical triangle pattern. A decisive close below the diagonal trendline of this triangle pattern could indicate the direction of the next trend."

TON is trading for $3.00 at time of writing, a fractional increase on the day.