Santiment, a crypto analysis company, said that the crypto community is currently giving negative sentiment towards Altcoins, especially their main assets. However, this presents an opportunity for several major assets to experience price increases. Is it true?
You can see the analysis of various 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 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 drop in prices for the majority of its tokens. Major 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 drop cannot be analyzed with 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 is down -1.03% today, 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 to be declining. With this data, the decline in XRP prices is natural.
However, the macroeconomic waves 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 can be reached because XRP is currently 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 forecast will allow Solana to outperform BTC and ETFs for its total market cap. And this prediction can 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.
Currently, Solana price is experiencing a decrease 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 that 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 that a bearish trend may 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 may increase because many investors are interested in this cryptocurrency.
Currently, Ethereum is experiencing negative sentiment as its price continues to decline. A rise in the price of ETH did occur, but it did not last long and then immediately fell again.
You can see on the price chart above that ETH experienced a price drop 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 of negative sentiment and able to penetrate the $2,600 level as crypto analysts predict?
Deduction
This is an explanation of the current states 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 out on the Bitrue website.
You can use Bitrue features for free to check the price of crypto coins and stay updated with the different projects in the crypto ecosystem.
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!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
