Even altcoins correct: Bitcoin, Solana, and Dogecoin

Since last night, a generalized correction of the crypto markets is underway. 

The primary correction is Bitcoin, which is also dragging altcoins behind it. 

In addition to Ethereum, in fact, Solana and Dogecoin are also correcting, along with XRP, BNB, etc. However, BNB is correcting very little, while XRP and ETH are correcting by 25% and 3%, respectively.

The correction of Bitcoin

Today the price of Bitcoin loses about 3% compared to 24 hours ago, which is slightly less than Ethereum. 

Despite this, its current approximately $111,000 is the lowest point since July 10, when it was in the midst of rising from $108,000 to $118,000.

To tell the truth, a correction had already started on August 18, but it then ended on the 22nd of the month just below $112,000. After that, the price of BTC managed to recover up to $117,000, but on Saturday a new correction began. 

This latest correction is also still ongoing, and it could even bring the price below 110,000$. 

However, it is not an unexpected and sudden correction, given that after reaching new all-time highs just before mid-August, a decline was more than possible. 

What is surprising is that it happens after Friday’s rebound, which had put an end to the previous correction. However, when a downward trend ends, it does not mean that another one cannot start even shortly after.

Furthermore, even in September 2017, things went similarly, before the huge exploit that took the price in three months from less than $4,000 to almost $20,000. 

Moreover, we are still in August, so well ahead compared to, for example, the timing of the second half of 2017. Therefore, a temporary correction after an excessive rise is absolutely normal. 

Much will depend on what happens in the coming days of this week, also in light of the data concerning the American economy that will be published between Wednesday and Thursday. 

The trend of Solana

The price of SOL, on the other hand, in the last 24 hours is losing more than 3.5%, which is even more than Ethereum. 

Note that after reaching new all-time highs between the end of 2024 and the beginning of 2025, the price of Solana entered a difficult period that saw it fall even below the level of the end of October, which is just before the Trump-trade. 

It is true that already in mid-April it had bounced back, going from $105 to $151 in a few days, but the maximum peak is almost $300, and now the market value is still below $200.

A first attempt to return to $200 was made in May, but it failed within just a few weeks. 

A second attempt began shortly before mid-July, and technically it seems to be still ongoing, provided that the correction underway is short-lived. 

It should be noted, however, that since then it has already risen above $200 three times, but always and only for a few days, or a few hours, as also happened in the weekend that just ended.

If Bitcoin does not stop putting a brake on the crypto markets, there is a risk that this second attempt will fail miserably, like the first, and that the price of Solana will return below $170.

It should be remembered that the boom of Solana at the end of 2024/beginning of 2025 was primarily due to the memecoin market, which at this moment is rather stagnant. Therefore, the price of SOL at this moment can only follow the general trend of the crypto markets, which in turn is strongly influenced by the price trend of BTC. 

The trend of Dogecoin

Dogecoin is the first and most important memecoin, but it is not a token on Solana. In fact, it is a cryptocurrency that was created as early as 2013, while Solana was created only in 2020. 

By now Dogecoin is not even just a memecoin anymore, because after Elon Musk’s big advertising campaign in 2021 it has become something more.

However, since then it has not been able to approach the highs again. 

Suffice it to say that compared to the $0.73 of May 2021, the current price is even 70% lower, and since then it has never managed to consistently rise even above $0.3, with the exception of the Trump-trade at the end of 2024. 

However, the bear-market of 2022/2023 has definitively ended, and starting from March 2024, a growing phase began that first took it from less than $0.10 to more than $0.20, and then also above $0.40 in December. 

In January of this year, however, the mini-bubble of the Trump-trade burst, and the price of Dogecoin then fell back below $0.20. In May, it attempted to climb back above this threshold with an initial rebound, which failed within a few days, but starting from July, it seems to have succeeded in a relatively stable manner. 

Note that often the price trend of Dogecoin proceeds with bubbles, or mini-bubbles, that burst within a few months, or a few weeks, but aside from that, it has been rising overall for almost a year and a half now.