- Ripple's price is likely to decline as on-chain data reveals a bearish trend.
- Ethereum has lost its "ultra" sound money status and is now confronting a significant resistance challenge within a key rectangle pattern.
- Solana bears are taking control of the market, as the SunPump event may have reduced demand for SOL.
Ripple's price is expected to decline as on-chain data indicates a bearish trend.
Ripple's (XRP) price seems poised to erase most of its recent gains after retesting and failing to break through the daily resistance level on Saturday, leading to a 4.23% decline over the following two days. As of Tuesday, the price has seen a modest recovery, trading up by 1%. However, on-chain data suggests a continuation of the bearish trend, with indicators like the negative OI-Weighted Funding Rate and a long-to-short ratio below one supporting further downside potential.
Ethereum has lost its "ultra" sound money status and is now facing a critical resistance within a key rectangle pattern.
Ethereum (ETH) rose by 0.5% on Thursday, despite a recent analysis suggesting that the leading altcoin has lost its "ultra" sound money narrative. Meanwhile, ETH ETFs saw net inflows for the first time after nine consecutive days of outflows.
Solana bears are dominating the market, with the SunPump event potentially decreasing demand for SOL
Solana (SOL) dropped 2.5% on Thursday, driven by bearish signals in its funding rate and total fees captured. The weak performance may also be attributed to reduced traction on its meme coin platform, Pump.fun, following the launch of its competitor, SunPump, on the Tron blockchain.
