Santiment has handpicked a few cryptocurrencies that it believes may lead the next bull run. It singled out many coins including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Chainlink (LINK) among others. XRP price could see the much needed bounce while BTC and ETH could skyrocket too.
The platform noted that these assets are at the receiving end of negative engagement from the community this season. Per Santiment, coins with the most bearish crowd narratives historically have the best chance of soaring.
Bitcoin Gains Momentum For Next Price Gain
Last week, market analyst Benjamin Cowen hinted at the possibility for BTC to consolidate further for the next nine months.
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Noteworthy, he had earlier predicted a short-term consolidation phase (between 6-9 months) for the coin. In his opinion, Bitcoin had hit a mid-cycle top earlier in the year. Considering that he made this forecast in April, it is worth acknowledging that the 6-months minimum has elapsed.
Consequently, Cowen suggested that a further BTC dip could emerge from several factors including a labor market shock. Should this happen, BTC might surpass the 100-week Simple Moving Average (SMA). This might signify the end of its consolidation phase.
In the last couple of days, BTC has built enough momentum to trade above the $60,500 support level. This marks a significant bounce from the previous low recorded last week. Currently, the next critical resistance for the flagship cryptocurrency comes in at $68,650. Thus far, it has recorded some fluctuations, causing the coin to lose some of its recent gains.
For now, Bitcoin price was trading at $60,394.45, down by 3.1% in the past 24 hours. A bullish outlook for BTC price can aid SOL and XRP price as well.
Solana to Record More Use Cases
The drop in the boader crypto market has also dragged Solana. The coin has recorded a slight drop in some of its key metrics including price and trading volume.
According to market data, SOL price is currently down 3.21% to $139.64. The Solana trading volume is also down by 11.32% and comes in at $1.67 billion.
Recently, its Transaction Per Second (TPS) metric spiked to 40,000. This milestone coincided with the mainnet-beta launch of a new validator client, Frankendancer. With such speed, Solana is gaining more traction in the crypto industry. Ultimately, this can boost its utility and adoption in the long term.
Per current ecosystem trends, analysts anticipate upward momentum for SOL, with a potential parabolic recovery targeting $560.
XRP ETFs Could Trigger XRP Price Rally
In the first few days preceding the US SEC appeal of Judge Analisa Torres’s XRP ruling, the coin XRP saw a significant drop.
XRP price has remained below the support level of $0.55 until this writing. It is currently trading at $0.5247.
On the brighter side, asset managers are beginning to move forward with their plans for XRP ETFs. Bitwise filed the first XRP ETF application with the SEC last week, and Canary Capital followed the steps.
Ripple CEO Brad Garlinghouse strongly believes that the adoption of XRP in TradFi will continue to pick up from here. This could serve as a push for XRP price in the long run.
