Crypto Price Prediction: The Bitcoin price rise above $64,000 on May 5 maintained the upward trajectory for the altcoin market. So far, the month of May has shown strong bullish signs for the cryptocurrency market, with a revived interest in BTC ETFs playing a significant role in this trend.
In a recent update from SpotOnChain, Bitcoin ETFs saw a significant net inflow of $217 million from May 6, 2024, with no outflow for two consecutive days. The Fidelity ETF ( FBTC ) recorded the day’s highest inflow at $99.2 million, while the Grayscale ETF ( GBTC ) saw an inflow of $3.937 million despite a decrease in volume. This trend indicates strong investor confidence and a potential bullish outlook for Bitcoin as an investment vehicle
With several analysts suggesting the start of a post-halving rally, investors can find promising bullish opportunities in leading altcoins such as Ethereum (ETH), Solana (SOL), and XRP.
Also Read: Bitcoin Price Analysis: End Of Correction Pattern Hints $BTC Rally To $73k In May
1) Ethereum (ETH)
Ethereum stands as the second largest cryptocurrency by market capitalization, which is characterized by its robust smart contract functionality that enables decentralized applications (dApps) to be built on its platform.
Over the past three, the ETH price has actively consolidated two horizontal levels for $3300 and $2850. The coin price has rebounded three times from each of the mentioned levels creating a narrow range indicating a lack of dominance of buyers and sellers.
A recent reversal of the range’s lower bound has sent the Ethereum price up 8% to currently trade at $3101. The data from Coinmarketcap shows Ethereum at a market cap of $372.2, while the 24-hour trading volume increased by 40% to $13.2 billion.
For buyers to regain control of this asset, the Ether price must overcome the overhead resistance and descending trendline for a descending wedge pattern. For ETH holders, the $3730 and $4100 stand as solid resistance, while the $2870 and $2700 provide strong support.
Also Read: Ethereum Price Prediction As DeFi TVL Jumps To $57B, ETH Poised For $4,000 This Week?
2) Solana (SUN)
Solana is recognized for its high-speed blockchain, which supports a wide variety of decentralized applications and crypto projects with significantly lower transaction costs and faster processing times compared to many other blockchains.
SOL, the native cryptocurrency of the Solana ecosystem, has seen a buying spree in the past seven that has seen its value rise from $118.5 to $156. This 32% upswing in the daily chart reveals the formation of a bullish reversal pattern called a double bottom.
The Solana coin is currently the 5th largest cryptocurrency with a market cap of $3.013 billion.
With continued buying, the SOL price is poised to break the overhead resistance at $160, providing buyers with suitable support to chase the $210 target.
Also read: Why Solana (SOL) can sustain weekly gains despite pressure
3) XRP
Created by Ripple, XRP is primarily designed for fast and low-cost international money transfers, serving as a bridge currency in cross-border transactions.
As of the latest update, XRP is trading at $0.538, with yesterday’s candle showing a strong rejection, suggesting a prevailing sentiment of selling during bullish rebounds.
At press time, the XRP price was trading at $0.538, and overhead supply evident from the long rejection of yesterday’s candle indicates that market sentiment continues to sell against a bullish bounce.
The market cap of XRP currently stands at $29.7 billion, while the trading volume is hovering at $1.78 billion, predicting a gain of 116% since yesterday.
A potential breakout above the overhead trendline would serve as a crucial indicator of a trend reversal, paving the way for XRP to potentially regain $0.643 and $0.748 levels.
Key takeaways
The recent recovery rally in Bitcoin shifted sideways last weekend and stabilized above $63,000. This consolidation followed an earlier rally in the week, where BTC climbed 14.4% from $56,500. This lateral trend could rejuvenate buyers, potentially restoring bullish momentum and driving the BTC price above $70,000. Retrieving this psychological level could generate significant buying interest in altcoins.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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