The recently launched Tron-based Sundog (SUNDOG) meme coin has garnered massive attention from crypto enthusiasts and is poised for a significant price rally, potentially due to rising interest from whales. On September 14, 2024, the on-chain analytic firm Lookonchain made a post on X (Previously Twitter) that a crypto whale spent $500,000 worth of Tron (TRX) to purchase 1.16 million SUNDOG tokens.
Whale Interest in SUNDOG
This massive purchase comes after the crypto whale had bought $2 million worth of SUNDOG two days prior, as reported by CoinPedia.Â
Despite the massive purchase, SUNDOG remains stable and has not experienced a price surge similar to the one on September 12, 2024, when it surged more than 25%. At press time, it is trading near $0.34 and has experienced a price decline of over 2.75% in the last 24 hours. During the same period, its trading volume dropped by 11%.
This drop in trading volume is potentially due to the recent market correction following a mild price surge across the cryptocurrency market.Â
SUNDOG Price PredictionÂ
According to expert technical analysis, SUNDOG is experiencing a price correction and might remain bearish for a short period as it has experienced a price surge of over 85% in the past week. Based on SUNDOG’s recent price momentum, if it closes a daily candle below the $0.331 level, there is a strong possibility it could fall by 15% to the $0.288 level in the coming days.
Bullish On-chain MetricsÂ
Whereas, continuous support from whales and investors may change SUNDOG’s bearish sentiment. According to the on-chain analytic firm Coinglass, its future open interest is steadily rising indicating traders and investors are on a buying spree.Â
Additionally, SUNDOG’s Long/Short ratio currently stands at 1.029, indicating bullish market sentiment among traders. At present, 50.64% of top SUNDOG traders hold long positions, while 49.36% hold short positions, suggesting that bulls are dominating the asset.
Credit: Source link
