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Recent Binance Updates, Top SOL and DOGE Forecasts, and More: Bits Recap August 7

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Binance will delist four trading pairs on Saturday and pause certain services the following day.

Solana is at risk of plummeting to $50, while Dogecoin (DOGE) might be on the verge of a major revival.

The Latest Binance Announcements

The world’s biggest crypto exchange will remove the spot trading pairs QNT/BTC, RPL/USDC, SIGN/BNB, and SKL/USDC on August 7. The decision comes after its most recent analysis, which checks whether all supported pairs meet important criteria like adequate liquidity and volume.

The company will also briefly pause US stock trading on the platform on August 8 due to a scheduled system upgrade carried out by a partner broker. The process is set to be completed in about three hours, and after that, operations should resume.

This won’t be the first time Binance has halted certain services to support advancements. At the start of July, it temporarily suspended deposits and withdrawals on the Bitcoin (BTC) network to perform wallet maintenance.

Later that month, it briefly stopped TRX deposits and withdrawals due to an improvement related to the Tron Network and supported a Zcash hard fork, making ZEC transactions unavailable for a short period.

There haven’t been reports or complaints of major issues in all of the aforementioned cases, meaning the upcoming wallet maintenance shouldn’t be a concern to users.

What’s Next for SOL?

Solana’s native token has dropped just below $73.50 after witnessing a 5% monthly decline. Its current level puts it under the crucial zone of $73.70, which analyst Ali Martinez recently labeled as a “make-or-break” moment.

He claimed that over 50 million coins were purchased around that mark, predicting that a sustained close to the downside could open the door to a collapse to as low as $50.

In contrast, Michael van de Poppe and Pepesso issued more optimistic forecasts. The former envisioned a potential uptrend to $120 if the price breaks $76, while the latter argued that the “clean accumulation setup” remains valid as long as SOL stays above $45.

DOGE’s Chance to Break Free

Several days ago, the OG meme coin dropped to a three-year low of around $0.067, representing a staggering 90% crash from its ATH reached in 2021. It currently trades slightly above that zone, and when it reached its bottom, some market observers identified a major bullish signal.

X user Ash Crypto told their more than two million followers that DOGE’s monthly Relative Strength Index (RSI) has reached its most oversold level since the 2022 bear cycle. Such a development could indeed benefit the bulls because it points to seller exhaustion and an increased possibility for a strong rebound. Conversely, overbought territory is typically interpreted as a warning for an incoming pullback.

MikybullCrypto echoed a similar theory, saying:

“You don’t remain bearish at this current macro support level. The most oversold level in RSI. $1 is coming next during its bullish reversal.”

Another positive signal coming from Dogecoin’s ecosystem is the rise of weekly active DOGE addresses that have jumped 16%: from approximately 38,000 toward the end of July to roughly 44,000 by August 5.

Pranešimas Recent Binance Updates, Top SOL and DOGE Forecasts, and More: Bits Recap August 7 appeared first on CryptoPotato.

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