XRP and Solana Outpace Bitcoin, Ethereum: Market Signals Point To Bullish Breakout

Posted on
  • Solana and XRP soared by 4% and 11%, respectively, in the last seven days performing above other top coins. 
  • The uptick comes as XRP daily addresses surge near its record high and news of  Ripple contemplating going public makes the rounds. 
  • Solana’s NFTs lose ground to BRC tokens, but its outlook is bullish despite the NFT downturn.

The digital asset market has regained lost ground recovering from four-week lows with slight gains recorded in Bitcoin (BTC) amid thriving altcoins.

XRP was the biggest gainer in the crypto market this past week, surging 11% following positive reports from its case with the Securities and Exchange Commission (SEC) and growth in its number of active users. XRP recorded a spike in network activity as the number of unique addresses increased to 490,000.

XRP also recorded a 45% Daily Active Address (DAA) spike in March, setting the tone for bullish traders expecting a similar rally following the recent data. Furthermore, talks of Ripple going public after its case with the SEC also sprung up around crypto circles last week, with bulls setting eyes on $10. 

Solana (SOL) showed strong signs at the start of the year before slowing down last month. SOL is up 4% in the past seven days as traders believe it can break past $24. Hovering below $20, SOL will need a 12% boost to overcome that resistance. The 24-hour trading volume for SOL stands at $303 million, a 59% gain from its previous averages, signifying growth. 

Market leader Bitcoin recorded slight gains amid soaring altcoin and eventually retested $28,000 before plunging below $27,000. The leading altcoin, Ethereum (ETH), moved past $1,900 within the week but currently exchanges hands at $1,844.

Solana’s NFT tanks…. again

Non-fungible tokens (NFTs) have been at the top of Solana’s growth attracting countless users and investors to the project. Previously, NFT activities on the platform have displaced Ethereum, with several pundits tipping Solana’s NFTs over top Ethereum releases.

The good days may be over for Solana as present figures remain a shadow of their former glory. In May, NFT sales plunged by nearly 50% to $44 million, and its overall activity declined by 12%. The slow growth in Solana marked a sharp spike in Bitcoin Ordinals.

The Bitcoin-based NFTs soared 475% in the last 30 days, with over 10 million inscriptions since its launch. Ordinal sales volume stands at $194 million in May from $32 million in April. While controversy surrounds Ordinals, it has displaced the community dubbed “kings of NFTs.” 

Source: Read Full Article