Contrary to predictions that Bitcoin’s price would quickly exceed $48,000 and settle around $50,000 following SEC’s approval on spot ETF, the pump is yet to occur. Meanwhile, the altcoin market has seen a notable rise, with leading altcoins showing an average growth of 10%-20%. In addition, Ethereum (ETH) has surpassed its $2,500 resistance mark, reaching close to $2,700, with XRP and SOL prices set to capitalize on the current momentum.
Bitcoin’s Recent Failure Induced An Altcoin Pump
Following the SEC’s decision on the spot ETF application, which did not have the expected impact on BTC’s short-term targets, the altcoin market witnessed a surge in buying interest. ETH investors grew more confident about the possibility of a spot ETH ETF approval.
Additionally, investors are looking forward to a potential XRP ETF, which may materialize in the coming years, given the ongoing SEC lawsuit against Ripple. Furthermore, the recent approval of a Bitcoin ETF is expected to inject billions of dollars into the market, significantly increasing the DeFi market cap and potentially leading to further gains in Solana’s price.
In the past few hours, the altcoin season index has seen a remarkable exponential increase, rising from a low of 56 to reach 67. It’s worth highlighting that should this metric exceed 75, it could signal the start of an altcoin season. In such a scenario, many investors may shift their focus to altcoins if Bitcoin fails to show any promising trends.
XRP Price Analysis
XRP is currently facing a decline following Bitcoin’s rejection at $49K. However, the downtrend might not intensify as the market holds bullish momentum. As of writing, XRP price trades at $0.598, surging over 6.7% from yesterday’s rate.
Currently, the 100-day EMA is holding buying confidence and the RSI is trading below the overbought region, suggesting an advantage for the bulls. In the coming days, we might see a bullish attempt to break the crucial resistance at $0.66, pushing XRP’s price above $0.74.
Ethereum Price Analysis
Ether experienced a significant surge from its 20-day EMA, reflecting strong buying interest at lower prices. However, this upward momentum faced a rejection soon as the price reversed from $2,700, suggesting bearish dominance near that level. As of writing, ETH price trades at $2,585, surging over 6.1% from yesterday’s rate.
Should the price remain stable above $2,500, it would signal a continuation of the upward trend. In this scenario, the ETH price may retest $2,700, followed by a potential climb to the significant $3,000 mark.
Solana Price Analysis
Solana price is hovering within a descending channel pattern as it continues to struggle near the resistance line at $107. However, bulls are defending the SOL price above moving averages. Currently, Solana is trading at $99.3, surging over 4.9% from yesterday’s rate.
The EMA lines are showing a leveling trend, and the Relative Strength Index (RSI) is trading close to the midpoint. This reflects a state of equilibrium between the supply and demand. If SOL breaks the current momentum above the channel’s resistance line, we might see a surge toward $120.
