- Ethereum may rebound as BlackRock shifts interest from Bitcoin to ETH.
- Solana shows signs of recovery despite recent price resistance.
After May’s strong rally, the crypto market is pulling back to kick off June. Bitcoin briefly fell from its all-time high of $111,814 to around $104,000, causing a widespread drop in altcoins. Three cryptocurrencies, Ethereum (ETH), Solana (SOL), and TRON (TRX), however, appear to be standing their ground, which could fuel a short-term reversal this weekend.
Ethereum Gains Institutional Attention as Bitcoin Faces Rotation
New on-chain data suggesting asset reallocation from Bitcoin showed that Ethereum may attract renewed investor interest. According to Arkham Intelligence data, the world’s largest asset manager, BlackRock, has dumped part of its BTC in favor of ETH, according to data from Arkham Intelligence. Although the firm has validated the move, an alteration in wallet activity points to this change in institutional preference.
Such shifts tend to precede capital inflows, especially when volatility rises, and major players look to rebalance exposure. The Pectra upgrade significantly boosted the scalability and functionality of Ethereum just a couple of months ago. Even with a market pullback in price, ETH maintains institutional support and technical improvements to potentially fuel a weekend rally.
Solana Faces Resistance
Even during May’s market-wide uptrend, Solana has failed to break past the $190 resistance. While the asset reached close to $186 last month, it has dropped sharply since. However, SOL continues to be a high-interest token, and many traders are following its price movements.
As the current price drop suggests, SOL is on a potential technical rebound. If weekend sentiment improves, short-term upside could ensue from its consolidation just below key resistance levels. However, a moderate bounce should still be expected, and if Bitcoin can stabilize, it could produce a breakout beyond $190.
Additionally, SOL’s network activity has remained stable, even amid market drawdowns, according to market watchers. This resilience provides confidence in short-term bullish projections.
TRON Defies Broader Market Slump
Unlike most altcoins, which remain in the red, TRON is showing gains across different timeframes. On daily charts, TRX is one of the few major assets in the green and, thus, relatively strong. While it did dip a little in recent sessions, its trajectory has so far been more stable than that of other assets.
Recently, the TRON network has also shown considerable growth throughout its ecosystem, which could be helping to strengthen investor confidence. However, if market volatility subsides, TRX can still prove a major outperformer and maintain a bullish momentum on weekends.
TRX also has the advantage of still holding gains when the broader market declines, making it a standout candidate for near-term upside. Analysts contend that independent strength is often seen in assets during recovery phases and adds to trading volumes.
Sentiment has been rattled across the crypto space, with the broader correction since the highs in May. However, digital assets always rally on weekends, particularly on trades from which traders replenish or exploit the oversold condition. Solana, Ethereum, and TRON are the three clearest setups for potential recovery at the moment.
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Source: https://www.crypto-news-flash.com/why-you-should-watch-these-3-cryptos/?utm_source=rss&utm_medium=rss&utm_campaign=why-you-should-watch-these-3-cryptos