- Ethereum was up by more than 3% in the last 24 hours
- Market indicators looked bullish on SOL and XRP
Bitcoin [BTC] witnessed a massive price correction soon after it touched an all-time high. This triggered bearish sentiment in the market, causing most altcoins’ prices to plummet as well. However, a key metric reached a level hinting at a possible altcoin rally.
Therefore, AMBCrypto checked the states of top altcoins like Ethereum [ETH], Solana [SOL], and XRP to see whether investors should expect a bull rally.
What’s up with altcoins?
Bitcoin managed to cross the $69k mark, but the coin’s value dropped soon after that. Though this massive drop in price looked bearish for the entire market, a metric suggested that altcoins might make a recovery soon.
Moustache, a popular crypto analyst, revealed that the Golden Cross of the Gooner EMA in the monthly chart of altcoins finally happened.
Similar incidents happened back in 2016 and 2020, which resulted in altcoin rallies. To see what to expect from these top altcoins, AMBCrypto took a look at those cryptos’ current states.
A look at ETH, SOL, and XRP
According to CoinMarketCap, ETH was up by more than 3% in the last 24 hours. At the time of writing, the token was trading at $3,810.42 with a market capitalization of over $457 million.
In fact, our analysis of Glassnode’s data revealed that the token’s Network Value to Transactions (NVT) ratio dropped in the last few days. Whenever the metric drops, it suggests that the asset is undervalued, increasing the chances of a price uptick.
Source: Glassnode
Solana also turned bullish as its value moved up marginally in the last 24 hours. At press time, SOL was trading at $130.58 with a market cap of over $57 billion. To better understand where SOL was headed, we took a look at its daily chart.
We found that after registering a drop, SOL’s Relative Strength Index (RSI) moved upward. Additionally, its Chaikin Money Flow (CMF) also followed a similar trend.
These two market indicators suggested that Solana was gaining bullish momentum, increasing the chances of an altcoin rally.
Source: TradingView
A similar trend was noted for XRP. The token’s RSI and CMF also went up. On top of that, the token’s MACD displayed a bullish advantage in the market.
Source: TradingView
Read Ethereum’s [ETH] Price Prediction 2024-25
Not only that, but bullish sentiment around the token also went up in the recent past, which was evident from the hike in its weighted sentiment. But its social dominance fell last week.
Considering all these metrics and indicators, whether ETH, SOL, and XRP manage to start an altcoin rally will be interesting to watch.
Source: Santiment