Solana (SOL) leads the charge and Ripple (XRP) gets ready to follow
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$SOL and $XRP are altcoins with large communities that are primed for further price growth as altcoins look to usurp dominance from Bitcoin.
While bitcoin is still leading the way for the whole of the cryptocurrency market, a few altcoins are outperforming, and some are beginning to build the price structure on which the next phase of price growth will be built.
Solana arrives at resistance
The real stand-out performer for the entire cryptocurrency sector has to be Solana. This is a layer 1 that aims to be a serious competitor to ethereum, and with the development of its Firedancer validator client , which offers simply huge improvements in performance, $SOL is being bought up quickly by the savvier investors.
Source: Trading View
After an electrifying 73% in less than three weeks, $SOL is really flying. As can be seen in the weekly chart above, the price has arrived at the top of the up-sloping channel and is also meeting some resistance.
There isn’t much more room in the weekly Stochastic momentum indicator, given that this is starting to top out. It seems that the next big obstacle for the $SOL price is here, and it just remains to be seen whether there is enough strength to break through the top of the channel (an extremely bullish move), or whether the price will be rejected.
$XRP builds on previous price structure
Since $XRP fell through support at around $0.56 all the way back in May of 2022, the price has wicked up to this level on several occasions, with one explosive surge through it in July of this year, but which came back down to earth and fell back through the support over following weeks.
Source: Trading View
All this testing of this particular resistance has formed a solid price structure which $XRP has just confirmed on top of at the end of last week.
With such a solid price structure beneath it, and having broken out of the bullish ascending triangle set up, $XRP is looking primed to move into its next bull market phase. With such a large community behind it, and now sailing in much fairer weather as regards regulatory factors , $XRP can be one of the leading altcoins to ride the tail of this Bitcoin-led bull market.
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.
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
