- Summary:
- The crypto market has rallied this week, with big gains by SHIB and Solana Prices. XRP is a black sheep, but it fits in the top crypto too.
The crypto market has surged this week, with signals of a potential rally in the coming days. The market’s bellwether, Bitcoin is near two-month highs and the rest of the crypto assets have tagged along. However, in this article, we tell you how XRP’s strong upside potential is bubbling under, while Shiba Inu and Solana price actions join it as top cryptos.
Solana
Solana price has risen by 10 percent in the last seven days, reaching new monthly highs. As of this writing, SOLUSD price has gained 0.9 percent on the daily chart, with markets in the West just picking up momentum. Solana bulls will likely be pushing to have SOL price break into the $160 territory going into the weekend, but that will depend on market-wide sentiment.
Institutional interest in cryptocurrencies is back, with Solana being a key beneficiary. Hints of this were at play at the Solana Breakpoint 2024 Conference last week. Financial services giants Citigroup and Franklin Templeton announced last week that they would be using the Solana blockchain for next-generation money transfer services.
Citigroup is working on smart contract integrations and cross-border money transfers built on the Solana blockchain. On the other hand, Franklin Templeton plans to launch a mutual fund on Solana. The 2021 crypto market rally famously drew significant institutional interest, and a return to that era could trigger a substantial upswing.
Meanwhile, DeFi activity has also risen significantly in the last month, with Solana’s Total Value Locked (TVL) up by 6.5 percent. That exceeds DeFi’s largest blockchain ecosystem, Ethereum, which has seen its TVL grow by 3.8 percent and the second-largest blockchain, Tron, whose TVL shrunk by 3.4 percent during the same period.
Solana price today
Solana price will likely stay on the ascending trajectory as the bulls are currently in control. The pivot mark will likely be at 155.60, from which the upside momentum could move higher to the first resistance point at 158.10. However, a stronger bullish momentum could break above that barrier to test 160.00.
Conversely, a move below 155.60 will favour the sellers to take control. If that happens, initial support could come at 153.30. However, extended bearishness could break below that level, and the upside narrative will be invalid at that point. That could also result in further losses to test 151.80.
Shiba Inu
The dog-themed meme coin has been among the crypto market’s biggest gainers in the last week, having amassed gains of 38 percent. Furthermore, its momentum as of this writing is strong, with daily gains at 4.5 percent and the price at $0.00001950.
Shiba Inu’s claim to fame was due to explosive rally driven by unprecedented volatility in late 2021. Therefore a resumption of that volatility is music to the ears of its community who still hold nostalgic memories. This time around, however, Shiba Inu price has a stronger basis to rise even higher as the token has since integrated multiple use cases.
Shibarium fees have spiked in recent days, signaling increased user activity on the layer-2 blockchain. Meanwhile, crypto data aggregation site CoinMarketCap reports that SHIB trading volume is up by 79 percent in the last 24 hours. Rising trading volume in times of a price spike typically indicates bullishness.
Shiba Inu price forecast
The momentum on Shiba Inu price calls for further upside above the 0.00001939 pivot level. That will likely see further advances to the first resistance at 0.00001973, but a stronger upward push could extend gains to break past that mark and test 0.00002000.
On the other hand, a move below 0.00001939 will signal a shift toward the downside. With the sellers in control, the first support could come at 0.00001914. However, extended bearish control could enable a break below that level to invalidate the upside narrative and potentially test 0.00001882.
XRP
This might be an odd inclusion, considering that XRP price has traded virtually flat this week while the majority of the crypto market has rallied. XRP price is at $0.586, down by -0.7 percent on the daily chart as of this writing. However, the delayed growth spurt in XRP is attributable to the sentiment surrounding a potential appeal by the Securities and Exchange Commission (SEC) against a ruling made by a Federal court in early August.
The deadline date for the appeal is October 10, which is less than two weeks away. That raises the prospect of an appeal in the near-term, hence the muted enthusiasm around XRP. However, many analysts opine that the SEC’s grounds of appeal are not as strong as when the case started. Furthermore, the US Congress has added pressure on the regulator, with talk of an absence of a strong legal framework for the SEC to regulate digital asset securities.
As things stand, XRP price is weakened, but could potentially blow up if the SEC decides against persuing the appeal. The case has been ongoing for more than three years, but XRP has remained resilient despite the sour operating environment. Therefore, the asset is entering a critical period which could potentially see it rise by the highest margins in years.
XRP price today
XRP price is currently under bearish control, and the downside could prevail if resistance persists at 0.588. With the sellers in control, the downside could find the first support at 0.584. However, a stronger bearishness could break below that level to test 0.580.
Conversely, the buyers will have the upper hand if the price goes above 0.588. In that case, the next barrier could come at 0.592. However, if they extend that control, it could enable a break above that level and invalidate the downside narrative. Meanwhile, the price could rise further to test 0.580.
