Is an altcoin rally in the works? What ETH, XRP and SOL can tell you
by Harold Vazquez March 7, 2024 in Finance
Is an altcoin rally in the works? What ETH, XRP and SOL can tell you
Ethereum was up more than 3% in the last 24 hours
Market Indicators Look Bullish on SOL and XRP
Bitcoin [BTC] The prices witnessed a massive correction soon after touching the all-time high. This created a bearish sentiment in the market, which also caused the prices of most altcoins to fall. However, a key metric reached a level indicating a potential altcoin rally.
So, AMBCrypto checked the status of top altcoins like Ethereum [ETH]solana [SOL]and XRP to see if investors should expect an uptrend.
What’s Happening With Altcoins?
Bitcoin managed to cross the $69k mark, but the coin’s value dropped soon after. Although this huge drop in price seemed bearish for the market as a whole, one metric suggested that altcoins could soon see a correction.
Mustache, a popular crypto analyst, revealed That the golden cross of the goner EMA in the monthly chart of altcoins finally happened.
Similar events occurred in 2016 and 2020, resulting in rallies in altcoins. To see what to expect from these top altcoins, AMBCrypto took a look at the current state of those cryptos.
A look at ETH, SOL and XRP
According to CoinMarketCap, ETH is up 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 data from Glassnode shows that the token’s network value to transactions (NVT) ratio has fallen over the past few days. Whenever the metric falls, it suggests that the asset is undervalued, increasing the likelihood of a price increase.
Source: Glassnode
Solana also gained momentum as its value increased marginally in the last 24 hours. At press time, SOL was trading at $130.58 with a market capitalization of over $57 billion. To better understand where SOL is headed, we took a look at its daily chart.
We observed that SOL’s Relative Strength Index (RSI) moved upwards after registering a decline. 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: Trading View
A similar trend was observed for XRP. The RSI and CMF of the token also increased. Furthermore, the MACD of the token displayed bullish gains in the market.
Source: Trading View
read ethereum [ETH] Price Forecast 2024-25
Not only this, but the bullish sentiment around the token has also increased in recent times, which is evident from the increase in its weighted sentiment. But its social dominance declined last week.
Considering all these metrics and indicators, it will be interesting to see if ETH, SOL, and XRP manage to start an altcoin rally.
Source: Sentiment
Next: How ETH spot volume reached $20B despite Bitcoin’s ATH
Source: ambcrypto.com
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