The crypto market is popular for its unpredictability, and Solana [SOL] may be on the brink of managing another such occasion by turning XRP in the coming days.
This appeared like a possibility at the time of composing, as SOL’s market capitalization was inching closer to that of XRP.
AMBCrypto prepared to take an appearance at both tokens’ states to examine the practicality of SOL going into the leading 5 list.
Solana’s cost is pumping quick
As the crypto market altered its characteristics, Solana was among the leading coins to make the most of it. According to CoinMarketCap, SOL signed up double-digit development as its worth rose by almost 10% in the last 24 hours alone.
At the time of composing, SOL was trading at $71.72.
Thanks to this current rate uptick, the token’s market cap reached over $30 billion, making it the fifth-largest crypto at press time.
Since of this, the token came one action more detailed to turning XRP, which stood at the 5th area on the list of cryptos by market cap.
AMBCrypto took an appearance at SOL’s everyday chart to see whether it might preserve its uptrend. Based on our analysis, SOL’s Chaikin Money Flow (CMF) signed up an appealing uptick, increasing the possibilities of an ongoing rate increase.
Its rate had actually touched the upper limitation of the Bollinger bands at press time, while its MACD showed a bearish crossover.
Solana’s Relative Strength Index (RSI) signed up a downtick– proof of the token’s cost getting limited from moving even more ahead.
Source: TradingView
AMBCrypto’s take a look at Santiment’s information likewise exposed that market belief around the token turned bearish, as seen from the enormous dip in its Weighted Sentiment.
Apart from the token’s worth, the blockchain’s NFT community took a blow in the last week. According to the current information, SOL’s overall NFT trade count plunged dramatically recently.
A comparable decreasing pattern was seen in its overall NFT trade volume in the USD chart.
Source: Santiment
Can XRP keep its lead?
Although Solana’s rate signed up an almost double-digit boost in the last 24 hours, XRP took a rear seats. Based on CoinMarketCap, XRP just increased by 3% over the last 24 hours.
At press time, the altcoin was trading at $0.6272, with a market cap of over $33 billion.
If SOL handles to sustain its bull rally, the possibility of it taking control of XRP appears high, as their distinction in market cap was just $3 billion.
AMBCrypto took an appearance at XRP’s liquidation level to see what limited the token’s efficiency.
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