With increased price volatility in the cryptocurrency market, top tokens have regained momentum. Moreover, altcoins such as Solana and Ripple have gained significant attention from the crypto space due to their extremely volatile price action over the past few days.
Will these two altcoins lead the crypto market toward a new all-time high during the upcoming time? In this article, we have covered the potential market sentiments and price analysis of Solana (SOL) and Ripple (XRP) crypto tokens.
Solana Price Records Increased Bullish Action!
After trading under a consolidated range for a brief period, the SOL price has successfully regained momentum by adding 14.18% to its portfolio over the past week. Moreover, it is on the path of reclaiming the $180 level, indicating increased bullish sentiment for it in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the 1D time frame. Moreover, with its EMA 50/200-day recording a bullish curve, this altcoin hints at a bullish outlook during the upcoming time.
If the crypto market continues favoring the bulls, this could push the SOL coin price breaching its important resistance level of $181 and potentially heading toward its $200 mark. On the contrary, a bearish reversal could pull the price toward its support trendline of the channel pattern.
XRP Price Enters Crucial Watch Zone!
Despite increased price turmoil for the Ripple token, it has maintained its value above the $0.50 mark. This highlights a strong bullish support for the altcoin at that level. However, with a drop of ~5% in 7 days, it is on the verge of a retest.
The technical indicators EMA 50/200-day and MACD have both recorded an increase in negative sentiment. However, the social sentiments show a significant increase, suggesting a potential bullish reversal this Q4.
Suppose, a bullish trend reversal occurs, under such a situation, the XRP token will regain momentum and attempt a retest toward its upper resistance level of $0.630. On the contrary, an intensified bearish action could pull the price toward its $0.480 level.
Wondering if the XRP price will hit $1 in 2024? Our Ripple (XRP) Price Prediction answers that and more!
Source: https://coinpedia.org/price-analysis/crypto-bull-run-top-2-altcoins-to-lead-the-next-altseason-rally/