This week, we examine Ethereum, Ripple, Solana, Dogecoin, and Binance Coin in greater detail.

Ethereum (ETH)

Ethereum closed the week in red, and its price fell by 6%. This comes after buyers failed to move it above $2,800 on Monday. Since then, sellers have taken the initiative and dominated.

The current downtrend is quite steep and may see the price revisit the support at $2,400. This is where buyers managed to reverse the price action in the past. Until then, the momentum remains bearish, at least on lower timeframes.

Looking ahead, Ethereum appears to lag the most compared to other market leaders. Both Bitcoin and Solana, for example, have done much better this week, with SOL, in particular, booking an 11% price increase. This begs the question of why ETH continues to underperform.

Ripple (XRP)

XRP could not hold above 54 cents, and the price fell, closing the week with a 5% loss. If buyers don’t show up soon, this cryptocurrency may go to the next key support level at 48 cents. The previous level at 54 cents is now acting as resistance.

The biggest problem for XRP is the lack of volume, which has been declining since its local high in March 2024. This made any attempt at a breakout weak. Sellers were also quick to capitalize on this weakness and take over the price action every time buyers pushed XRP above 60 cents.

Looking ahead, the bias is somewhat bearish after this recent breakdown. If buyers manage to stop this downtrend at 48 cents, then XRP could return on an uptrend to face the resistance at 54 cents.

Solana had a fantastic week and closed with an 11% price increase. This is in sharp contrast to ETH or XRP, which struggled. The price also broke above $164, putting it in an uptrend with clear bullish momentum that may intensify based on its increasing volume.

As the price moves higher, attention to Solana is only increasing. The current target and most important level on the chart is the level at $200 which was not revisited since March 2024. If the price manages to return there, then that will be considered a sign of strength and embolden bulls.

Looking ahead, Solana broke a key level as it moved above $164. As long as the price does not fall under it, buyers have the upper hand as they eye the next key target at $200.

Dogecoin (DOGE)

Despite the recent pullback, DOGE closed the week with a 2% price increase. This comes after it managed to move above 14 cents. This level is currently being disputed as a key support, and if it holds, this meme coin will maintain its bullish momentum.

Should the 14 cents level hold, then the way is open for DOGE to continue higher towards 18 cents first and later to the key resistance at 20 cents, which will likely put a fight as sellers returned there the last time it was visited in March.

Looking ahead, Dogecoin turned bullish after it managed to break away from its downtrend that started in April. With clear higher lows and higher highs, this meme coin is well-positioned to continue higher and challenge the key resistance levels ahead.

Binance Coin (BNB)

BNB is still looking for a clear trend since its price action has been ranging in the past few months without a significant breakout. The price closed the week with a 2% loss but managed to stay close to $600, which is a key resistance level.

Without clear momentum, Binance Coin shows indecision and has failed to make new highs since its June ATH. To resume its uptrend, the price has to break above $600 and hold above it. So far, sellers have not allowed it to do so.

Looking ahead, the price still struggles to find its direction. Until a clear trend is formed, do not expect any major moves from this cryptocurrency. However, this also offers a good opportunity to accumulate BNB if you are bullish on it later.

TL;DR

• Solana saw strong gains recently, with some analysts forecasting further growth.
• Rising on-chain volume and TVL suggest solid user engagement, potentially supporting future growth momentum.

Is the Projected Rally Plausible?

Solana (SOL) has been the best-performing cryptocurrency (from the top 20 list) in the past week, with its price surging by 11%. On October 24, it briefly spiked to $178 (per CoinGecko’s data), the highest level in nearly three months. Currently, SOL trades at around $171, while its market cap is well above $80 billion.

To put things into perspective, the market caps of well-known entities such as British American Tobacco, Spotify, Marriott International, Mitsubishi Corporation, and others are worth less than Solana’s.

According to some X users, SOL has yet to stun industry participants with impressive gains. Titan of Crypto is among the bulls, noting the emergence of a “massive bull flag” on the asset’s weekly price chart. The analyst expects the staggering 700% increase to over $1,400 sometime next year. 

This technical analysis pattern generally indicates that buyers are temporarily pausing after a price rally. However, it also suggests they may soon resume purchasing, pushing the valuation higher.

It is important to mention that such a price explosion would require SOL’s market capitalization to skyrocket to almost $600 billion. Currently, the only cryptocurrency with a higher cap than that is the market leader, Bitcoin (BTC), making the forecast quite challenging (to say the least). Ethereum (ETH) comes next with a little more than $300 billion.

Titan of Crypto’s forecast triggered a wave of comments, with some X users describing the target as plausible. Others, though, claimed those are “insane numbers.”

That are insane numbers, Think 400-500 most likely and everything above is a gift

— Fusel (@Fuselwhale) October 24, 2024

Closer Look on Solana’s Ecosystem

SOL’s latest price appreciation aligns with the rising on-chain trading volume on the network. DefiLlama data shows that the figure has been hovering above $2 billion for the past six days.

In addition, the total value locked (TVL) on Solana skyrocketed to a 34-month high of more than $6.7 billion on October 24. 

The resurgence could be considered a generally positive factor for SOL’s price, suggesting higher user engagement. A rising TVL indicates an increase in the amount of capital or assets held within Solana’s decentralized finance (DeFi) ecosystem. This might be viewed as a sign of confidence by market participants, fueling additional interest from investors. 

TL;DR

• The negative sentiment around XRP and SHIB might actually signal a good buying opportunity, as markets sometimes tend to defy crowd expectations.
• The meme coin shows potential for a rally due to positive factors like Shibarium’s growth and reduced selling pressure.

XRP and SHIB Flash the Buy Signal?

The cryptocurrency market witnessed a significant correction yesterday, with Bitcoin (BTC) briefly plunging below $65,500. The sector recovered some of the losses in the following hours, but crypto analytics platform Santiment suggested that a rising number of industry participants believe the bull run has come to an end.

The entity also outlined the top 10 digital assets involved in the most bearish narratives on October 23 (the day of the latest pullback). The first spot belongs to Chainlink (LINK), whose weighted sentiment dipped to -0.43. Bitcoin (BTC) ranks second with a ratio of -0.37, while Goateus Maximus (GOAT) comes third (-0.35).

Other well-known cryptocurrencies on the list include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Ripple (XRP).

While diminishing crowd optimism might sound like bad news for the bulls, it could, in fact, have the opposite effect. Santiment reminded that cryptocurrencies are highly speculative, and their prices sometimes move in the opposite direction of people’s expectations.

“Markets typically move the opposite direction of the crowd’s expectation, meaning the bearish narratives surrounding these coins can lead to rewarding results for those willing to go against the crowd selloffs that are beginning to mount,” the platform stated.

Focusing on SHIB

There are many other factors hinting that the self-proclaimed Dogecoin killer might be poised for a rally in the short term. One example is the booming meme coin sector, which is well in the green on a daily scale. Some of its best performers include cat-themed tokens such as Popcat (POPCAT) and Cat in a Dogs World (MEW). 

Another element is the resurgence of Shiba Inu’s layer-2 blockchain solution – Shibarium. Daily transactions processed on the network have been in the millions in the past few days, reaching early 2024 levels.

Lastly, we will touch upon the SHIB exchange netflow, which has been predominantly negative (outflows surpassing inflows) over the last 30 days. This suggests a shift from centralized platforms toward self-custody methods and could be viewed as a bullish move due to the reduced immediate selling pressure.