Crypto Rand, a prominent market analyst, presents his Dogecoin price prediction in a market scenario where Solana could rise to $1,134.
The crypto market has slipped into the second phase of the ongoing bull run, with asset prices skyrocketing to impressive levels. Expectedly, Bitcoin (BTC) has led the current charge, briefly hitting a new peak of $93,500 yesterday before facing another pullback.
DOGE and SOL are Already in an Uptrend
Despite the market pullback, the leading cryptocurrency has maintained a level above $90,000. Altcoins such as Solana (SOL) and Dogecoin (DOGE) have also posted massive gains, even though the anticipated altcoin season has yet to begin.
For instance, Solana is up 29% in November, as it trades at $217, just 19% from its 2021 all-time high. Meanwhile, Dogecoin has rallied 140% this month, making it one of the biggest gainers in the ongoing market rally. With its price sitting at $0.3880, DOGE is about 90% away from reclaiming the 2021 peak.
However, most market analysts believe these gains from altcoins like SOL and DOGE are only a fraction of the growth they would witness in this bull run. Notably, Ali Martinez confirmed that Dogecoin’s MVRV ratio suggests it still has more room for growth.
Crypto Rand is one analyst who also expects further price spikes from Dogecoin and other altcoins. He recently presented price predictions for five altcoins, suggesting their rallies are only at the infancy stage.
Dogecoin Price if Solana Hits $1,134
According to Crypto Rand, Solana has the potential to reach a price of $1,134 for this market cycle. Such a price level would translate to a massive 422% increase from Solana’s current price. Further, the altcoin would have to rise 337% from its 2021 ATH to claim the $1,134 target.
Such a rally would not be unfeasible for Solana, considering the asset spiked 963% from September 2023 to March 2024 during the first phase of the ongoing bull run. However, despite the feasibility, climbing the projected 422% could pose more troubles due to the extra capital necessary.
Meanwhile, in a scenario where Solana reaches the $1,134 price, Crypto Rand expects Dogecoin price to not only claim the $1 level, but to double this value. The market analyst believes DOGE has the potential to reach $2.14, marking a 449% increase from its current price.
Interestingly, Ali Martinez also predicted a possible rise in Dogecoin price to the $2 level if it can breach the middle level of an ascending channel structure on the weekly chart. The alignment of the $2.14 and $2.40 price levels confirm the conviction among market watchers.
Besides Dogecoin and Solana, Crypto Rand also presented predictions for other altcoins. The market commentator expects Bittensor (TAO) to reach $5,398, a 910% increase. He sees Render (RENDER) rising 675% to $53, and Sui (SUI) surging to $18.7, a 454% rally.