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 can likely be attributed to increased whale accumulation, some adoption of the XRP ETF, and retail interest in altcoins. As of this writing, XRP is trading at $2.67, which is the highest level it has reached since 2018.
From a technical perspective, XRP’s relative strength index (RSI) has reached 91.47, indicating strong momentum. The RSI helps determine if an asset is overbought or oversold.
When the RSI reading is above 70.00, the asset is considered overbought. Conversely, an RSI below 30.00 indicates oversold. Given that XRP’s RSI is above 70, the coin is in overbought territory, indicating a possible retracement to around $1.79.
On the other hand, if the buying pressure on XRP continues to climb, the uptrend is likely to continue and a rally to $3 is possible.
Sun Token (SUN)
The Sun coin is the first meme coin developed on the Tron blockchain and is currently one of the trending altcoins due to its price action. In the past 24 hours, the price of SUN has increased by 14.50% and the trading volume has increased by a massive 50%, indicating a strong interest in the coin.
On the daily chart, the Parabolic Stop-Reverse (SAR) indicator is below the Sun Token (SUN) price, suggesting strong support.
SAR helps identify potential trend reversals by placing dotted lines above or below the price. When the lines are below the price, it indicates strong support; when the lines are above the price, it indicates resistance.
Given the current support from the SAR, the price of SUN is likely to continue to rise. If this trend continues, the coin could reach $0.045 in the short term. However, if SUN fails to break the $0.030 resistance, it could face a decline and could even fall to $0.016.
ONDO
Along with XRP and SUN, ONDO is one of the altcoins trending today due to its rising price. In the past 24 hours, ONDO price has increased by 45.40% to a new all-time high.
The rally could be related to the rise in tokens related to the tokenization of real-world assets (RWA). From a technical perspective, the altcoin’s rally was the result of a reversal head and shoulders pattern, which initially pushed the price down to $0.59.
Currently, the price of Ondo has risen to $1.72 with no resistance in sight. If this continues, the value of ONDO could climb to $2 within a week.
However, this may not happen if crypto whales holding the tokens decide to sell. Instead, the altcoin could drop to $1.35.