- SOL rose almost 10%, while XRP rose 3% in the past 24 hours.
- Surprisingly, the market indicators of both tokens looked bearish.
The crypto market is known for its unpredictability Solana [SOL] may be about to trigger another such event by freaking out XRP the next few days.
This seemed like a possibility at the time of writing, as SOL’s market cap was moving closer to that of XRP.
Therefore, AMBCrypto planned to review the status of both tokens to check the viability of SOL in the top 5 list.
The price of Solana is rising rapidly
When the crypto market changed its dynamics, Solana was one of the main coins to benefit. According to CoinMarketCapSOL registered double-digit growth as its value increased by almost 10% in the last 24 hours alone.
At the time of writing, SOL was trading at $71.72.
Thanks to this recent price increase, the token’s market capitalization reached over $30 billion, making it the fifth largest crypto at the time of writing.
This moved the token one step closer to upending XRP, which ranked fifth among cryptos by market capitalization.
Therefore, AMBCrypto looked at the daily chart of SOL to see if it could maintain its uptrend. According to our analysis, SOL’s Chaikin Money Flow (CMF) registered a promising rebound, raising the chances of a sustained price increase.
However, the price had reached the upper limit of the Bollinger bands at the time of writing, while the MACD showed a bearish crossover.
Furthermore, Solana’s Relative Strength Index (RSI) registered a downward trend – evidence that the token’s price could not advance any further.
Source: TradingView
AMBCrypto’s look at Santiment’s data also revealed that market sentiment around the token was turning bearish, as evidenced by the huge dip in weighted sentiment.
Aside from the token’s value, the blockchain’s NFT ecosystem has also taken a hit in the past week. According to the latest data SOL‘s total NFT trading numbers plummeted sharply last week.
A similar downward trend was seen in the total NFT trading volume on the USD chart.
Source: Santiment
Can XRP maintain its lead?
Although Solana’s price registered a near double-digit increase over the past 24 hours, XRP took a backseat. From CoinMarketCapXRP is up only 3% in the last 24 hours.
At the time of writing, the altcoin was trading at $0.6272, with a market cap of over $33 billion.
If SOL manages to continue its bull rally, the possibility of it acquiring XRP seems high considering the difference in market cap was only $3 billion.
Therefore, AMBCrypto looked at the liquidation level of XRP to see what was limiting the token’s performance. According to our look at Hyblock Capital’s data: XRP‘s liquidation increased substantially near $0.634, as shown by the fluorescent line.
The token failed to move above the resistance level in the recent past as the price plummeted after reaching that level.
Source: Hyblock Capital
Taking the above statistics into account, it seems likely that SOL will overtake XRP before the end of 2023. So AMBCrypto checked XRP’s other metrics to better understand what to expect from the altcoin in the future.
In particular, XRP’s price volatility 1d has fallen sharply in recent days. Network activity also dropped, resulting in fewer new addresses being created to transfer the token.
Nevertheless, whale activity around the token remained high. Moreover, XRP’s MVRV ratio rose slightly after a sharp decline, raising hopes for a price increase.
Source: Santiment
A quick look at the daily chart of XRP
Just like SOL, AMBCrypto discovered that XRP‘s MACD also showed a bearish crossover. The Bollinger Bands indicated that the token’s price entered a less volatile zone, reducing the chances of an unprecedented near-term surge.
Read Ripple [XRP] Price prediction 2023-24
The token’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) chose to move sideways. Wherever such developments occur, they indicate quite a few slow days.
Taking into account all the above statistics, it will be intriguing to note which token will become the fifth largest crypto by the end of 2023.
Source: TradingView