Dogecoin’s recent rally has reignited enthusiasm across its community, with the asset climbing 36% in just a week. But beneath the surface, key indicators suggest the uptrend could be fragile — especially as veteran holders begin to take profits.

On-chain data from ChainMind shows a surge in “age consumed,” a metric used to track the movement of dormant coins. This spike indicates that long-term holders, usually viewed as stabilizing forces in the market, are selling off a significant portion of their coins. It’s the most aggressive selling activity from this group since mid-2023.

This coincides with a decline in the "Hodl Count," which measures the number of coins that have not moved for at least 155 days or more. This metric is now at its lowest since February 2023, further supporting the narrative of long-term coins being spent.

However, short-term momentum still paints a hopeful picture. The relative strength index (RSI) on the four-hour chart is showing strength, suggesting that buyers have the upper hand in this timeframe.

Additionally, Dogecoin is trading above the Ichimoku Cloud on the same chart, which could be a bullish technical signal. This indicates that the current price is within a supportive zone, although sustained sell-offs from long-term wallets could undermine this strength and trigger a swift reversal.

Dogecoin is currently trading around $0.234, but analysts at Glass Node are eyeing $0.220 as a key level to watch. A break below this point could send the coin sliding toward $0.198, wiping out much of the recent gains.

With whales quietly exiting and macro sentiment turning cautious, Dogecoin’s next move will likely hinge on whether buyers can absorb this pressure — or fold under it.