Several cryptocurrencies have seen significant price increases today, leading many to speculate that altcoin season may have set in. According to CoinGecko, all trending altcoins have seen price increases.
Whether driven by whale activity or a surge in trading volume, these altcoins are dominating today’s cryptocurrency discussion. The top three altcoins include Ripple (XRP), Sun token (SUN), and Ondo (ONDO).
Ripple (XRP)
XRP is included in today’s trending altcoins in part because of its performance over the past few weeks. Over the past 30 days, XRP’s price has increased by 431%, making it the third-largest cryptocurrency by market cap.
This significant growth may be attributed to increased whale accumulation, some applications of the XRP ETF, and retail interest in altcoins. As of the time of this writing, XRP is trading at $2.67, the highest level reached since 2018.
From a technical perspective, XRP's Relative Strength Index (RSI) has reached 91.47, indicating strong momentum. RSI helps determine whether an asset is overbought or oversold.
When the RSI reading exceeds 70.00, the asset is considered overbought. Conversely, an RSI below 30.00 indicates oversold conditions. Given that XRP's RSI is above 70, the token is in the overbought zone, suggesting a possible pullback to around $1.79.
On the other hand, if the buying pressure for XRP continues to rise, the upward trend may persist, potentially bouncing back to $3.
Sun Token (SUN)
The Sun token is the first meme coin developed on the Tron blockchain and has become one of the trending altcoins due to its price movement. In the past 24 hours, SUN's price has risen by 14.50%, with trading volume significantly increasing by 50%, indicating strong interest in the token.
On the daily chart, the Parabolic Stop and Reverse (SAR) indicator is below the price of the Sun token (SUN), indicating strong support.
SAR helps identify potential trend reversals by placing dotted lines above or below the price. When the line is below the price, it indicates strong support; when the line is above the price, it indicates resistance.
Given the current support in the district, SUN's price may continue to rise. If this trend persists, the token could reach $0.045 in the short term. However, if SUN fails to break through the resistance level of $0.030, it may face a decline and could even drop to $0.016.
Ondo (ONDO)
Like XRP and SUN, ONDO has become one of today's trending altcoins due to its price increase. In the past 24 hours, ONDO's price has risen by 45.40%, reaching an all-time high.
This rise may be related to the increase in tokenized real-world assets (RWA). From a technical perspective, the rebound in altcoins is a result of a head and shoulders reversal pattern, which initially pushed the price down to $0.59.
Currently, Ondo's price has risen to $1.72, showing no resistance. If this trend continues, ONDO's value may climb to $2 within a week.
However, this situation may not occur if the cryptocurrency whales holding the tokens decide to sell. Instead, altcoins could drop to $1.35.
