Altcoins are indeed making waves in the crypto market, and the recent activities of Litecoin (LTC), Ripple-affiliated XRP, and Solana (SOL) are clear indicators of this trend. In the past 24 hours, all three have experienced notable gains, signaling a potential shift in the crypto landscape. As Bitcoin’s (BTC) dominance begins to waver, the spotlight is shifting towards these promising altcoins next week, with analysts predicting a notable surge in the price chart.
Altcoins Take Spotlight As BTC Price Consolidates
Despite the Federal Open Market Committee (FOMC) meeting and the anticipated 0.25% rate hike, the crypto market showed little volatility. Ethereum (ETH) and Ripple (XRP) saw modest gains, while Bitcoin remained stable. The market appears to have already factored in these macroeconomic events, returning to regular trading activity post-meeting.
As a result, Bitcoin’s consolidation below $29.5K has paved the way for leading altcoins like LTC, SOL, and XRP to outperform next week.
Litecoin (LTC) Price Analysis
Litecoin price is showing increased volatility in recent weeks as the halving event is set to take place in early August. Litecoin experienced a downturn from the 20-day EMA at $92, dropping below $88. However, bulls defended further decline as the price reversed to the initial resistance zone of $92.
By next week, the price needs to be driven and maintained above $95. This could initially lead to a rise to $106, followed by a potential rally toward the key resistance level at $115.
On the other hand, LTC might decline sharply ahead of the halving event if the price dips and breaches the $87 mark. The LTC price could continue its downward trajectory towards $81.8, a level that may lure buyers.
Solana (SOL) Price Analysis
Solana’s value is currently consolidating near the $25 mark, but it registered a significant gain in the last seven days. The current consolidation may be a sign of a bullish storm ahead as bulls are entering the market.
The market’s bullish investors bought into this dip, and they might soon push the price upward and break the current consolidation. If the SOL price breaks above $26, it will create more buying confidence, potentially sending the price to test crucial resistance at $30. However, the bears are all set to put up a strong fight there.
On the other hand, a decline below $22 will bring a consolidation toward $18-$20.
Ripple (XRP) Price Analysis
Despite XRP’s solid bounce back recently, bulls failed to capitalize on the momentum, indicating a decrease in demand as prices rise.
By next week, the bulls will try to push the price above the 50-day EMA and surpass $0.75. If this happens, it would imply that bulls are taking advantage of the dips to buy. This could result in the price surging toward $0.85.
Conversely, the bears might drive the price below $0.7, thereby gaining dominance. If successful, the XRP price might experience a significant drop to the support of $0.65, potentially increasing the probability of a drop to $0.56.