Crypto's September Surprise: Dogecoin and Solana Buck the Trend
Altcoin Season Index Hits Record High
Crypto investors are feeling hopeful as Dogecoin and Solana show strong gains, defying the usual September slump. The Altcoin Season Index hit 80 points, its highest in 2025, while the Crypto Fear and Greed Index rose to 53, showing growing confidence.
Wall Street Boosts Risk Appetite
On Wall Street, the S&P 500 and Nasdaq hit record highs, with the S&P 500 up 0.85% and the Nasdaq up 0.72%. This boosts the mood for riskier investments, like crypto. The Federal Reserve is expected to cut interest rates by 0.25% at their September meeting, which could free up about $7 trillion from money market funds into riskier assets.
Dogecoin's Strong Momentum
Dogecoin has surged over 11% in the past week, but today it dropped about 5%, trading at $0.2649. Despite this dip, technical indicators like the RSI and ADX suggest strong momentum.
- RSI: 60 (bullish momentum but not overbought)
- ADX: 26 (strong trend)
Support Levels: $0.25 and $0.22 Resistance Levels: $0.28214 and $0.30000
Solana's Impressive Performance
Solana is also performing well, up nearly 10% since last Monday, trading around $232 with a market cap above $126 billion. The token peaked at $244.08 before consolidating.
- RSI: 65
- ADX: 33
Support Levels: $218 and $207 Resistance Levels: $244.08 and $260.00
Investor Optimism for Solana
Investors are optimistic about Solana's future, with a 90% chance it hits $250 before dropping to $130, and a 59% chance it reaches a new all-time high above $294 this year.