The crypto market's landscape is like a roller-coaster ride, brimming with sharp turns influenced by world affairs. From the agonizing scenes between Gaza and Israel to the Russia-Ukraine conflict showcasing the humanitarian potential of cryptos, the dynamics are ever-changing. And while the world sways between crises, investors have directed their compasses towards war-related stocks and oil price speculations.
With oil prices surging amidst the backdrop of global tensions, the crypto sector experienced its mini-whirlwind with approximately $730 million worth of Bitcoin and Ethereum options bidding adieu just last Friday. Yet, many traders seem optimistic about October, leaning towards call options. While these turbulences may seem to be passing, another one may be just around the corner.
Source: Messari.io
Cardano (ADA), Ripple (XRP), and Solana (SOL) are gaining considerable attention, with XRP constituting $26.84 billion or 59.87% of total crypto market cap, SOL $9.16 billion or 20.42%, and ADA $8.84 billion or 19.71% as of this writing. Let's take a closer look at how these cryptos’ prices could change.
Cardano (ADA) Price Analysis
When Ethereum's co-founder, Vitalik Buterin, hinted at staking and protocol tweaks to amp up decentralization, he probably didn't expect Cardano's founder, Charles Hoskinson, and the Cardano community to react so vociferously. Accusations flew about Ethereum dressing up as Cardano for Halloween, given Cardano's history with liquid staking. While the debate rages on about who's copying whom, it's clear that competition is heating up.
Taking a look at ADA technicals, Cardano's prices have seen some fluctuation. With a 52-week high of $0.4595 and a recent high of $0.3750, it's evident that ADA is trying to find its footing amidst the market turbulence.
If the coin maintains just above $0.2560 and begins an upward trend, passing through the first resistance level at $0.2628, it can be viewed as a positive signal. A breach of the 1-month high of $0.2692 and the subsequent resistance at $0.2731 could signal a resumption of the bullish trend. Should ADA approach or break past the 13-week high at $0.3750 and challenge the 52-week high at $0.4595, this would suggest substantial bullish momentum.
Conversely, if Cardano (ADA) starts to trend downwards from its current position and breaches support at $0.2457, this might suggest the onset of a bearish trend. If it continues to slide, moving closer to the 1-month low and the 13-week low, both at $0.2369, this will further validate bearish sentiments. A decisive bearish turn would be evident if the price approaches the 52-week low at $0.2357, indicating a potential long-term downtrend.
A final note of optimism, Cardano's future is bright with its high potential and scalability, as well as its clear goal of decentralization. However, if Ethereum succeeds in its proposed changes, ADA might find itself in a tough spot. An unpredictable market, yes, but isn't that where opportunities hide?
Cardano (ADA) Price & Sentiment
Source: Cryptocurrencychart.com
Ripple (XRP) Price Analysis
Deribit's latest move to list XRP options, alongside Solana (SOL) and Polygon (MATIC), could increase liquidity for these assets. Holding an impressive 85% grip on the global crypto options scene, Deribit's alignment with XRP could offer traders a goldmine of opportunities. Also, Ripple has recently been approved to operate as a major payments institution in Singapore by the Monetary Authority of Singapore (MAS). As altcoin traders widen their horizons, is XRP about to experience a monumental shift?
Ripple has shown promise recently, with a 13-week high and 52-week high both touching $0.9223. However, recent market fluctuations have seen its price dip to around $0.4969.
If XRP maintains its position above the pivot point of $0.5087 and starts an upward movement, breaking through the first resistance level of $0.5228, it can be seen as a positive signal. If it successfully breaches the 2nd resistance level at $0.5428 and continues its momentum beyond the 1-month high of $0.5471, this could lead to a stronger bullish trend. The ultimate bullish sign would be if it approaches or surpasses the 13-week and 52-week highs near $0.9223, suggesting a substantial upward momentum.
Ripple (XRP) Price & Sentiment
Source: Cryptocurrencychart.com
On the other hand, if XRP starts to decline and breaches downwards the first support level at $0.4887, it may signal the start of a bearish trend. Should it continue its descent past the 1-month low of $0.468261 and further towards the 13-week low at $0.4596, bearish sentiments could be solidified. A significant bearish trend would be evident if it starts moving closer to the 52-week low of $0.3166, which would be a major cause for concern for holders.
While the inclusion of XRP in Deribit offers promising prospects, challenges always lurk in the crypto shadows. The next few months could be pivotal in determining whether XRP can maintain its momentum or face another round of challenges.
Solana (SOL) Price Analysis
The recent Nansen report on Solana paints a promising picture, pointing to nearly doubled Total Value Locked (TVL) from the start of the year (as of this writing, Solana’s TVL stands at a commendable $312 million). As a result of past problems, such as network halts, Solana (SOL) has been through some turbulence. Visa's integration of USDC settlement on Solana has opened up potential avenues of growth. However, the FTX/Alameda uncertainty casts a cloud of doubt.
Solana’s price reflects its ongoing challenges and successes. With a 52-week high of $38.5941 and a $13-week high of 30.5800, SOL has demonstrated the potential for significant growth.
If Solana (SOL) maintains support above the $21.3686 level and starts to move upwards, breaking through the first resistance level of $23.4909, this could lead to increased bullish momentum. Successfully breaking the $24.8227 mark may pave the way towards the $25.6132 level, indicating strong bullish sentiment.
Solana (SOL) Price & Sentiment
Source: Cryptocurrencychart.com
Under the bearish scenario for SOL, a break below the initial support level of $21.3686 could cause a downward trend towards the $20.5781 support level. A break below this could see further bearish movement towards $19.2463, suggesting a stronger bearish sentiment.
While Solana has a lot of positive buzz, the uncertainty surrounding FTX/Alameda’s SOL holdings remains a potential stumbling block.
Conclusion
While geopolitical strains and market speculations keep traders on their toes, the underlying strength of the discussed cryptocurrencies and the innovations they represent cannot be ignored. Whether you're cheering for ADA's fierce decentralization spirit, XRP's expansion, or SOL's resilience, it's evident that these coins are more than just a passing trend. As with any investment, remember to tread wisely, but don't forget to appreciate the transformative power these digital assets hold for our future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
