Altcoins typically dump hard before altseason. Will history repeat?

Solana started a fresh increase above the $188 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone.

• SOL price started a fresh upward move above the $185 and $188 levels against the US Dollar.
• The price is now trading above $200 and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $208 resistance zone.

Solana Price Jumps Further Above $200

Solana price started a decent increase after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone.

The price even smashed the $188 resistance. The bulls were able to push the price above the 61.8% Fib retracement level of the main drop from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair.

Solana is now trading above $202 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $208 level and the 76.4% Fib retracement level of the main drop from the $225 swing high to the $155 low. The next major resistance is near the $218 level.

The main resistance could be $225. A successful close above the $225 resistance zone could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.

Another Pullback In SOL?

If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level.

A break below the $195 level might send the price toward the $190 support zone. If there is a close below the $190 support, the price could decline toward the $180 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $199 and $190.

Major Resistance Levels – $208 and $218.

MiniDoge is now live on X Layer, a move that means the token can be used on more chains with stronger liquidity and faster performance. This event shows growth for the project and could bring new users or traders. Expanding to other networks sometimes leads to higher demand and price increases, as more people can use or buy the token. However, the real price impact will depend on if users see true value and if the token’s ecosystem grows. Read more in the team’s announcement source.

The RP-6 vote for Renzo is about a buyback and burn plan, which could remove 10% of the tokens from supply across six months. This type of event usually helps the price, because less supply often means higher value. If the community supports this plan, it might build more positive feeling, leading to buying. However, the vote must still be approved first, and big changes depend on the size of market interest. If people want to hold for the long-term, the impact could be stronger. Learn more from the team’s announcement source.

WhiteBridge Network (WBAI) will list on Gate.io, with trading in the WBAI/USDT pair starting soon. Listings on big exchanges often create more interest and higher liquidity, because more people can buy or sell the token easily. Usually, the price could move up after the listing, at least for a short time. But sometimes, there is selling after the early excitement, which might push the price back down. Long-term effects depend on project developments and trading volume. Watch for volatility when trading begins. Read more information here source.

In a market shaken by liquidations and fear, one chart pattern on Dogecoin’s higher time frame continues to whisper a story most traders seem to be missing. According to crypto analyst Cantonese Cat, the monthly DOGE structure still forms the handle of a larger cup-and-handle formation that has been developing since 2021.

Dogecoin Cup and Handle Still Targets $2

Despite Friday’s sharp crash across altcoins, the analyst argues there’s “no technical damage.” His chart shows that the handle wick retraced as far as the 0.382 logarithmic Fibonacci level before rebounding to hold the 0.618 retracement as support, preserving the symmetry of the broader bullish setup that points toward the long-discussed $2 extension zone.

“This is a handle to the cup that wicked as far down as the 0.382 log fib but is currently holding 0.618 back as support. There is no technical damage in the greater scheme of things. Only emotional damage,” Cantonese Cat wrote via X.

The chart maps a rounded base from the 2021–2023 decline into a mid-2023–2024 upswing that peaked at the 1.000 Fibonacci marker at $0.48442 in December 202, thereby completing the “cup.”

Price has since carved the “handle,” with Friday’s crash extending below the 0.382 retracement at $0.11771 before recovering above the 0.618 at $0.20205. At the time of the snapshot, DOGE traded at $0.20568 on the monthly candle, down 11.74% for the period, with open, high, and low printed at $0.23304, $0.27043, and $0.10305, respectively.

The immediate inflection remains the 0.618 pivot near $0.20205; sustained acceptance above that shelf keeps the handle constructive. Overhead, the 0.707 and 0.786 retracements—$0.24770 and $0.29681—frame the next resistance band. A close through those levels would re-expose the prior swing zone around the 0.886 at $0.37315 and the 1.000 at $0.48442.

Cantonese Cat’s roadmap also includes standard Fibonacci extensions derived from the completed cup. The 1.272, 1.414, and 1.618 projections sit at $0.90288, $1.24968, and $1.99344, respectively. The latter aligns with the widely cited “$2” objective and is the technical anchor behind the analyst’s headline claim.

On the downside, the 0.500 at $0.15422 and 0.382 at $0.11771 mark the key retracement supports already stress-tested by the month’s wick; a decisive monthly close below 0.382 would compromise the handle symmetry, but that condition has not been met on the current candle.

Altcoin Momentum Also Still Intact

To contextualize last week’s washout across altcoins, the analyst published a second monthly chart of the “OTHERS” market-cap index (total crypto market cap excluding the top 10). The panel overlays 20-period Bollinger Bands and shows a classic squeeze preceding an abrupt spike in realized volatility.

According to the readout, the index opened the month near $300.19 billion, posting a high at $332.18 billion and a capitulation low at $156.59 billion before rebounding to $270.35 billion. Notably, that recovery carried back above the 20-month moving average—the Bollinger middle band—currently at $264.88 billion, after wicking to the lower band at $167.44 billion.

The upper band resides at $362.31 billion. Arrows on the chart highlight a near-identical pattern during the March 2020 COVID deleveraging: a monthly lower-band wick within a band squeeze that preceded a sustained upside cycle once the candle reclaimed the mid-band.

In commentary accompanying the charts, Cantonese Cat likened the weekend’s crypto drawdown to a“COVID-like deleveraging.” He wrote: “What happened this past weekend with altcoins is very similar to the deleveraging that happened in COVID based on technicals, with monthly Bollinger band squeeze and wicking down to lower Bollinger band. These moves are necessary for us to move up if the bull market is not over yet.”

He also pointed to US small-cap equities—via the Russell 2000 ETF (IWM)—as evidence of broader risk appetite, arguing that small caps’ V-shaped rebound from their own lower Bollinger Band and approach toward all-time highs helps explain why Bitcoin miners are outperforming spot cryptocurrencies. In his view, market-wide liquidity exists, but clearing excess leverage in altcoins was a precondition for the next leg higher.

At press time, DOGE traded at $0.21124.

South Korean authorities have resumed their review of Binance's acquisition of local crypto exchange Gopax after a delay of over two years, local news agency Newsis reported Tuesday.

This indicates that Binance, the world's largest crypto exchange, could soon re-enter the South Korean market, after initially shutting down local operations in 2021.

According to Newsis, South Korea's Financial Intelligence Unit (FIU) is currently assessing the formal report from Gopax on changing its key executives and is reviewing it favorably, with approval of the Binance-Gopax change expected as early as the end of 2025.

Under the current South Korean legal framework, there is no distinct suitability review for major shareholders of crypto exchanges. Consequently, this executive change report is viewed as essentially a review of Binance’s major shareholder qualification.

Binance and Gopax first submitted the executive change report in March 2023, after Binance became the largest shareholder of Gopax by acquiring 67% of its shares. Local authorities stalled the approval process since then, citing potential anti-money laundering risks.

In June 2023, the U.S. Securities and Exchange Commission sued Binance for illegally offering services in the U.S., while the Department of Justice accused the exchange of money laundering violations, resulting in the exchange paying $4.3 billion in penalties.

FIU's latest move appears to be influenced by the resolution of those compliance issues in the U.S., Newsis noted.

The Block has reached out to the FIU and Binance for comment.

What is Gopax?

Gopax is one of the five South Korean cryptocurrency exchanges authorized to handle cash-to-crypto transactions, a privilege granted only to platforms that meet rigorous know-your-customer and AML requirements.

Gopax faced a serious withdrawal crisis in 2023 when its DeFi partner, Genesis Global Capital (GGC), froze customer funds tied to Gopax's GoFi deposit product. 

This issue was triggered by GGC halting withdrawals and subsequently filing for Chapter 11 bankruptcy in January 2023 following the collapse of FTX. This resulted in an estimated $47 million (around 56.6 billion Korean won) in GoFi customer funds being frozen. 

The crisis directly led Binance to step in, acquiring a majority stake in Gopax in February 2023 with the stated intention of injecting capital to help repay the affected GoFi users.

As the takeover process stalled, Binance sought to sell a large portion of its Gopax shares to local cloud service provider Megazone, in an aim to become the second-largest shareholder. However, that deal fell through as of late 2024, according to local news outlet The Bell, indicating that Binance remains Gopax's largest shareholder.

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