Can Dogecoin keep up? Solana comes back from the dead and rises by 80%: leading the altcoin rally, can Dogecoin keep up?

https://www.panews.io/zh_hk/articlede...

Friends of the Dogecoin Chinese community, everyone is at peace.
Today is November 3, 2023, Friday
This is the news station of the Dogecoin Chinese community
The news we are going to introduce today comes from PANews
This news was published on November 2, 2023, Taiwan time
The headline is Solana comes back from the dead and rises by 80%: Leading the rise of altcoins, can Dogecoin keep up?

The cryptocurrency Solana’s token SOL has performed well recently, rising nearly 80% in one month, significantly ahead of other currencies in the cryptocurrency market. Analysts believe that this rise is partly due to a short squeeze, while some also believe that Solana’s technical advantages are the driving force for its rise. Although the FTX crash hit Solana hard, the continued support of developers and the enthusiasm of Solana believers have not diminished, allowing it to show strong resilience in the market. Patrick Felder believes that the short market imbalance was exploited by the Solana community, forming a short squeeze phenomenon. Although the dispute between Solana and FTX has not been completely resolved, the continuous growth of its developer community and the market's confidence in its future have enabled Solana to rebound strongly in the face of adversity.

From these news, we can analyze the price trend of Dogecoin from the following perspectives:

1. From Solana’s rebound to the restoration of market confidence: Solana’s strong rebound even after experiencing heavy losses is a clear market signal, indicating that the cryptocurrency market’s support for technological innovation and the developer community remains firm. Dogecoin, a popular altcoin, may also benefit from this shift in market sentiment. Especially during bull markets, market confidence in altcoins usually increases.

2. Short squeeze and the potential reaction of Dogecoin: The article mentioned that Solana’s rise was partly due to the short squeeze phenomenon. In the cryptocurrency market, similar short squeeze events may also occur in other altcoins, including Dogecoin. If the market becomes too bearish on certain altcoins, a reversal in sentiment could lead to an increase in the price of Dogecoin.

3. Rally from Solana to the overall altcoin market: Solana’s rise is not just a win for the coin, it may also be seen as a positive sign for the entire altcoin market. In this case, market participants may show more interest and confidence in other altcoins, including Dogecoin. There is historical precedent for the altcoin market’s bull run in the past several cryptocurrency bull cycles, such as 2017 and 2020-2021, where we witnessed a pattern of altcoins following the rise of mainstream cryptocurrencies. This trend has occurred many times in market history.

Overall, Solana has come back from the dead and is up 80%, leading a wave of altcoin gains, which provides the possibility for other altcoins such as Dogecoin to rise. The market's restored confidence in technological innovation and the developer community, coupled with the historical pattern of past increases in the altcoin market, all imply that Dogecoin has the opportunity to keep up with this wave of altcoin increases. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.