After several weeks of downward pressure, the tide may finally be turning for top altcoins. Ethereum, Solana, and XRP are beginning to showcase signs of recovery—could this be the inception of a more substantial rally?
Summary
- Growing momentum among altcoins as fears of a “Red September” diminish, supported by technical analysis indicating early bullish trends.
- Ethereum exhibits a robust increase of 21.9% over the past 30 days, trading above $4,250; dwindling exchange supply indicates the potential for a breakout toward $4,500.
- Solana reached a peak of $208 with a 26.3% gain over 30 days; increasing corporate treasury holdings and institutional purchases could drive the price closer to $220.
- XRP is trading between $2.73 and $2.90; decreasing exchange reserves coupled with new institutional interest might spark a rally toward $3.65 if it surpasses $3.08.
The cryptocurrency market has experienced a modest resurgence over the last 24 hours after a prolonged bearish trend. The anticipated “Red September” may be receding as several altcoins begin to record gains on both daily and monthly charts. But which cryptocurrencies have the most upside potential?
Ethereum (ETH)
Ethereum (ETH) is displaying strong recovery indicators, trading at approximately $4,437 at the time of writing. Market data indicate a 1.8% gain over the past week and a notable 21.9% increase over the last 30 days.
A primary catalyst driving this surge is a significant reduction in exchange reserves. According to data from CryptoQuant, the supply of Ethereum on centralized exchanges has fallen to a three-year low of 17.4 million ETH, hinting at a potential supply shock heading into Q4.
Additionally, Ethereum is witnessing record network activity, having surpassed 50 million monthly transactions for the first time, indicating robust user engagement. Furthermore, large investors are accumulating assets: Bitmine now holds 1.87 million ETH, while SharpLink has increased its holdings to 832,000 ETH.
Summing it up, public companies collectively own over 4.7 million ETH, valued at over $20 billion, according to crypto.news data. With the Relative Strength Index (RSI) approaching 50, ETH may be poised to challenge the $4,500 mark, with the potential to reclaim $5,000 if momentum sustains.
Solana (SOL)
Solana (SOL) is steadily climbing out of a bearish phase. Although its price remains down for the 24-hour and 7-day periods, it has achieved a remarkable 26.3% increase over the last 30 days, peaking at $208. Should buyers push past the $210 resistance, SOL could approach the $220 threshold, creating new monthly highs.
One significant contributor to this rebound is heightened institutional interest. DeFi Development Corp. recently acquired 196,141 SOL valued at around $40 million, bringing its total holdings above 2 million SOL. Data from Strategic SOL Reserve indicates that corporate treasuries are holding more than 8.28 million SOL in total.
The top three holders—DeFi Development Corp., Upexi, and Sol Strategies—govern over 70% of this corporate total, reflecting ongoing long-term confidence in the Solana ecosystem.
Ripple (XRP)
Ripple’s XRP (XRP) has exhibited mixed signals, trading between $2.73 and $2.90. Despite experiencing only 9 positive days in the past month, several bullish signals appear to be forming.
Notably, exchange reserves are dwindling, with XRPWallets reporting a drastic drop in Coinbase’s XRP reserves from 970 million in June to merely 165 million this week, indicating a decline in sell pressure.
On the institutional front, Thumzup Media—connected to Trump’s investment network—has announced plans to broaden its crypto treasury beyond Bitcoin to include XRP. This development adds to the narrative that XRP is increasingly favored among corporate treasuries. Technically, a breakthrough above the 50-SMA at $3.08 could pave the way for a rally towards XRP’s yearly high of $3.65, especially if the general market sentiment turns positive.
With the momentum gathering around altcoins like ETH, SOL, and XRP, there lies an opportunity for a broader market rally should key resistance levels be breached, supported by strong fundamentals and potential ETF approvals.
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