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.
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As the cryptocurrency market continues to experience an uptick, excitement surrounding XRP and Solana has been on the rise. Despite a recent pullback in prices, the two altcoins continue to benefit from analysts predicting they are set to explode next.
XRP is a cryptocurrency developed by Ripple to serve as a bridge currency for international payments. It has been on a streak since mid-April, achieving an all-time high of $0.76 recently, thanks to reports Ripple was in talks with a leading Saudi Arabian bank to join their blockchain and also rumors of potential partnerships between Microsoft and Coinbase. The positive momentum has since pulled back, with XRP dropping more than 15% in value.
Solana, meanwhile, is an open source proof of stake blockchain developed by a team of developers led by former Coinbase and Uber executive Anatoly Yakovenko. The altcoin experienced a big rally in April following the release of its new bonded proof of stake consensus mechanism. Price had skyrocketed from around $6 to peak at $56 in little more than a week.
However, the altcoin has since pulled back. Still, some analysts remain bullish, suggesting the pullback is just a temporary issue. According to them, in the long-term, Solana is still set to explode.
In particular, they point to Solana’s scalability, which stands out from other altcoins. As compared to Ethereum’s current 15 transactions per second, Solana can handle up to 50,000 transactions every second. This capability makes Solana suitable for applications that require high-level performance like DeFi and gaming.
At the same time, XRP is looking more attractive after its brief pullback in price. Analysts note that Ripple has been touting its ability to facilitate payments in a much faster and cost-effective manner than most other cryptocurrencies, making it a prime candidate for large-scale adoption.
With both XRP and Solana fitting the bill for long-term success, analysts believe the two altcoins are set to see prices seemingly skyrocket as investor demand strengthens. As such, the recent pullback in prices may have been a good opportunity for investors to enter while they still can.