The recently launched Tron-based Sundog (SUNDOG) meme coin has garnered massive attention from crypto enthusiasts and is poised for a significant price rally. This heightened interest is potentially due to rising interest from whales, substantial investors in the cryptocurrency market.
Whale Interest in SUNDOG
On September 14, 2024, the on-chain analytic firm Lookonchain revealed on X (Previously Twitter) that a crypto whale had spent $500,000 worth of Tron (TRX) to purchase 1.16 million SUNDOG tokens. This massive purchase comes after the same whale had bought $2 million worth of SUNDOG just two days prior, as reported by CoinPedia.
Despite these significant acquisitions, SUNDOG has remained relatively stable and has not experienced a surge similar to the one on September 12, 2024, when it soared by more than 25%. As of the latest data, SUNDOG 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%, potentially due to the recent market correction following a mild price surge across the cryptocurrency market.
SUNDOG Price Prediction
According to expert technical analysis, SUNDOG is currently undergoing a price correction and might remain bearish for a short period. The coin has experienced a price surge of over 85% in the past week, indicating a volatile market. 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 Metrics
Despite the bearish outlook, continuous support from whales and investors may change SUNDOG’s sentiment. According to the on-chain analytic firm Coinglass, SUNDOG’s future open interest is steadily rising, indicating that traders and investors are on a buying spree.
Additionally, SUNDOG’s Long/Short ratio currently stands at 1.029, suggesting a bullish market sentiment among traders. At present, 50.64% of top SUNDOG traders hold long positions, while 49.36% hold short positions. This data indicates that bulls are currently dominating the asset, providing a glimpse of hope for a potential price rally.
In summary, while SUNDOG is experiencing some bearish trends, the strong interest from whales and positive on-chain metrics suggest that the meme coin has the potential for future growth. Investors and traders should keep a close eye on market developments to make informed decisions.
