$XRP It only took one month to rise from $0.5 (FDV 50 billion USD) to now $2.4 (FDV 240 billion USD). High market cap coins can continue to soar. Since Trump took office, this coin hasn't stopped. After over three years of consolidation and dormancy, it reached its historical ATH in just four weeks, making it the third largest cryptocurrency in the world!
$SOL, as the most eye-catching public chain in this round, has risen over 30 times from its lowest point of 8u. Even in the past month, it has doubled, showing great strength, and has been influenced by MEME without a significant correction.
However, we can feel that the recent MEME in the SOL ecosystem is a bit weak, which is very normal after experiencing a wave of hot trends, with at least ten times the wealth effect, such as GOAT, LUCE, BAN, SLOP, PNUT, ACT, etc.
After this wave, a phenomenal Desci emerged, but it hasn't been as strong as everyone expected. The entire SOL ecosystem's MEME has entered a period of wealth vacuum.
During this period, there were many projects that acquired a large amount of SOL, which is also a potential selling pressure. From a technical perspective, SOL has reached the peak area of the 2021 bull market, where there is significant resistance, and it won't be easy to break through. Many people are likely to take profits here.
Additionally, there is the eagerly anticipated ETF, but don't expect the ETF to push SOL's price too far.
Currently, Wall Street's favorite is still Bitcoin. The funding data for ETH, which is second, can't compare to Bitcoin, let alone SOL. Moreover, in the future, XRP, LINK, AVAX, and others are also likely to get ETFs, so the positive expectations for ETFs are continuously lowering for the market.
I think if there isn't a particularly innovative and strongly consensus-driven MEME narrative emerging, it will be very difficult for SOL to break historical highs and continue to rise in its current state!
Back to the market, BTC is near the lower boundary of the 4-hour range. Pay attention to the support around 94,700. If it breaks below, it will likely continue to dip. If it holds, it will continue to oscillate within the range. As for altcoins, they have significantly retraced due to Bitcoin's pullback.
In a bull market, sectors rotate, and the coins you hold will all rise. The most detrimental thing is frequently switching positions and chasing highs while cutting losses. It's important to maintain a good mindset in a bull market.
Since you've read this far, please give a follow + like before you go. I am Qing Tian, a seasoned investor who sincerely wishes you great wealth!
