Santiment, a crypto analysis company, stated that the crypto community is currently giving negative sentiment toward Altcoins, especially their major assets. However, this provides an opportunity for several major assets to experience price increases. Is that true?
You can see the analysis of several coins, namely XRP, Solana, and Ethereum in this article. The analysis will take the form of reading the price chart at the time this article was written so that you can get additional data to consider before buying these tokens.
Current Crypto Market Conditions
According to data from Santiment, the top 20 Altcoins receiving negative sentiment are:
Currently, the crypto market is experiencing a decline in prices for the majority of its tokens. Large tokens, such as BTC, Solana, Ethereum, XRP, and USDT price are currently in the red zone.
The size of the price drop varies, from -0.03% to Solana’s -3.19%. Of course, the reason for this price decline cannot be analyzed using just one indicator because there are many factors, ranging from global economic conditions, and conflicts between countries, to the most recent release of the HBO documentary about the revelation of the figure of Satoshi Nakamoto.
XRP: Potential to Break $12?
XRP Price today it is down by -1.03% so it is trading at $0.5251. Previously, XRP was at its highest price of $0.5345 in the last 24 hours.
XRP’s RSI value is below 50 so the selling trend is more dominant than the buying trend. The MACD line is also seen declining. With this data, the decline in XRP prices is natural.
However, the macroeconomic waves that are predicted to occur make XRP look positive for price increases. In fact, XRP holders and the community hope that the price of this token can reach the $12 level.
This high target price could be achieved because currently, XRP is applying for a second XRP-based ETF in the United States. If this ETF is approved, it is likely that XRP will experience a drastic price increase.
Solana: Price Rises if Trump Wins
A giant global banking company, Standard Chartered, predicts that Solana will experience a price increase of up to 5 times by 2025.
This prediction will allow Solana to outperform BTC and ETFs for its total market capitalization. And this prediction could happen if Donald Trump is elected as president of the United States for the next period.
Standard Chartered predicts that by 2025, SOL will rise 5x, ETH will rise 4x, and BTC will rise 3x. This is because the Trump administration with its regulations supports Solana more than all existing crypto assets.
At the moment, Solana price is experiencing a decline of -3.46% and is trading at $138.05. Even though the percentage decline in SOL is greater than other major assets, the RSI value of SOL is actually at 50.62, which means the buying and selling trends are balanced.
Even though the RSI value is still positive, Solana’s MACD line has dropped quite low which predicts a bearish trend could occur in the near future.
Ethereum: ETH Price Rises if Vitalik Buterin Wins Nobel Prize?
Vitalik Buterin is predicted to win the Nobel prize on October 14 as a figure who innovated a new currency. Vitalin Buterin is known as a figure who can revive the blockchain ecosystem and encourage Ethereum as a competitor to Bitcoin.
If the founder of Ethereum really gets the Nobel, Ethereum price can rise because many investors are interested in this cryptocurrency.
Currently, Ethereum is experiencing negative sentiment because its price continues to fall. An increase in the price of ETH did occur, but it did not last long and then immediately decreased again.
You can see from the price graph above, that ETH experienced a price decline of -2.17%. Currently, the price of Ethereum is $2,382 and was previously at a 24-hour high of $2,472.
Will Ethereum be free from negative sentiment and be able to penetrate the $2,600 level as crypto analysts predict?
Conclusion
That is an explanation of the current conditions of XRP, Solana, and Ethereum. For those of you who are interested in these three coins and want to do more in-depth research, you can check them on the Bitrue website.
You can use Bitrue features for free to check the price of crypto coins and keep up-to-date on the various projects in the crypto ecosystem.
via Vritimes