After an explosive performance this week, XRP and Solana have found strong resistance, causing them to retrace 4.48% and 6.48%, respectively.
However, analysts remain significantly bullish on the presale Bitcoin ETF Token as the SEC nears its 10 January approval deadline for Bitcoin spot ETF applications.
XRP and Solana Reject Macro Levels, but Trading Volume Remains High
With XRP and Solana up significantly over the past month, the recent pullbacks were unavoidable, providing time for market players to reassess their positions amid the massive volatility.
However, these pullbacks have occurred at critical macro levels, opening the door to more long-term pullbacks should the momentum shift bearish.
Starting with XRP, its retracement occurred at a trendline resistance beginning in July, with the price making lower highs since.
XRP retested the resistance on Saturday but closed significantly lower as it formed a bearish candle with a long upper wick.
However, since forming the trendline resistance, it has also developed a trendline support comprising higher lows.
Consequently, XRP is trading in a wedge chart pattern. This will likely create a significant move to the upside when it breaks out, but its recent pullback indicates it may first move toward its support level.
Analyst Cryptoes also noted its rejection has occurred at the resistance of a “cup and handle” pattern. The trader labeled this a “sign of weakness” but is awaiting its next move to understand its more long-term trajectory.
Moving to Solana, it pulled back at a resistance level established as support in the early stages of the bear market. The price almost doubled after bouncing in 2022, indicating this is a crucial level of interest for market participants.
A rejection at this level would establish Solana’s macro trading range between $47 and $77, but a breakout would be significantly bullish.
X commentator, FisherV noted that Solana is facing “strong resistance” at $78. However, the analyst also said technical indicators remain bullish, making a trend continuation to $90 possible.
One thing to consider for XRP and Solana is that trading volume is notably high despite these key resistance levels. This indicates increasing interest and liquidity entering the market, bolstering the chances of resistance breakouts.
Yet, regardless of XRP and SOL’s mid-term trajectories, analysts are firmly bullish on trending Bitcoin ETF Token, which is currently undergoing an explosive presale.
Deflationary Bitcoin ETF Token Primed to Surge After Raising $2.7M in 1 Month
The SEC’s deadline to approve the first batch of Bitcoin ETFs will occur on 10 January. Many speculators believe the applications will be approved, creating massive bullish momentum in the market.
According to CryptoQuant, Bitcoin spot ETF approvals could drive $1 trillion in liquidity into the crypto market, with $155 billion going to Bitcoin and the rest to altcoins. Considering crypto’s total market cap is just $1.7 trillion, many projects will explode with the added liquidity.
Yet, one crypto stands to benefit most from the ETF approvals. The project is Bitcoin ETF Token, a trending presale that has raised over $2.7 million in one month.
It rewards holders as Bitcoin ETFs are approved, meaning $BTCETF buyers are taking a bet on the SEC’s decision.
The team allocated 25% of its total supply to be burned across five Bitcoin ETF milestones, inducing scarcity while excitement is highest. It also features a 5% burn tax that reduces by 1% at each milestone.
There is also a staking mechanism, offering users an 82% APY. However, this decreases as more tokens are staked, so investors must act fast to maximize their gains.
Lastly, it offers Bitcoin ETF alerts, updating users on the latest Bitcoin news in real-time.
Investors can buy Bitcoin ETF Token for $0.0066, but the price will increase in three days.
