Santiment Says Bitcoin, Solana, and XRP Ready to Bounce Back

• XRP, Solana, and Bitcoin are among the assets that have unfavorable social media buzz.
• These coins might display rapid bullish momentum, according to the santiment data.
• These three coins have strong fundamentals and are at the top in market capitalization, which could favor their rising prices.

Santiment has filtered some cryptocurrencies that can potentially witness a bull run. It has picked some coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Chainlink (LINK). These coins have the potential to outperform soon.

The platform has analyzed these digital assets and determined they are departing from bearish engagement and accepting bullish data. Based on the Santiment, coins with the most pessimistic crowd narratives had the highest chances of rising in the past.

Bitcoin Price Forecast: Can It Surge Ahead?

The market data displayed that the Bitcoin price was wandering near the $61,000 hurdle at press time. It is a leading coin and ranks 1st in terms of market capitalization.

Benjamin Cowen is a cryptocurrency analyst who has suggested that Bitcoin might consolidate for 9 months.

Notably, he had previously projected that the coin would go through a short-term consolidation phase (of six to nine months).

He believed that Bitcoin gains had reached a mid-cycle peak earlier in the year. Given that he made this prediction in April, it is important to recognize that the required 6-month period has passed.

According to Benjamin, the BTC price might experience a dip due to many factors, such as labor market shock. Bitcoin price has the potential to surpass the 100-week Simple Moving Average (SMA). This may end the consolidation phase and make a favorable condition for the bullish forecast.

For the past few days, buyers have dominated and made the price trade over the psychological level of $60,000. This represented a noteworthy recovery from the previous low noted last week.

The flagship cryptocurrency’s next significant resistance is currently $68,650. The coin has lost some of its recent gains due to the fluctuations it has recorded thus far.

Solana to capture additional use cases

The bearish momentum in the cryptocurrency market has impacted Solana. Solana’s price and trading volume have declined slightly.

When writing, Solana crypto was trading at $139.64, which has remained neutral over the past 24 hours. The 24-hour trading volume was $1.64 Billion, which has risen by 6.32%. It has a market capitalization of $65.57 Billion and ranks 5th in the cryptocurrency market.

According to the current data, its Transaction Per Second (TPS) has surged to 40,000. This milestone was reached at the same time as Frankendancer, a new validator client, launched on the mainnet in beta.

Solana is becoming more well-known in the cryptocurrency space at such a rapid rate. In the long run, this can increase its usefulness and uptake.

Analysts predict that the SOL price will continue to rise following current ecosystem trends. A parabolic recovery could aim for $560.

XRP ETFs Impacts on the Ripple Rally

The price of XRP fell sharply in the days leading up to Judge Analisa Torres’s XRP ruling’s US SEC appeal. XRP price slipped below the support level of $0.55 at press time and was trading at $0.5254.

Positively, asset managers are starting to implement their plans for XRP ETFs. After Bitwise submitted the first XRP ETF application to the SEC last week, Canary Capital took the necessary actions.

From here on out, Ripple CEO Brad Garlinghouse is confident that XRP adoption in TradFi will pick up steam. Long-term, this might act as a push for XRP.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.