The post Will Cardano, XRP and Solana Price See 5x-10x Rally in the Next 12 Months Ahead of ETF Approval appeared first on Coinpedia Fintech News
With the Bitcoin ETF approval and listing earlier this year and the approval of the Ethereum ETF in May, 2024 turns out to be a year of crypto ETFs. Observing the SEC’s change of heart towards crypto ETFs months before the presidential elections in the U.S., more altcoin ETF applications are becoming optimistic.
With the Cardano, XRP and Solana ETFs in the pipeline, the broader market anticipates a positive decision from the SEC. Furthermore, a bullish rally in the Cardano, XRP, and Solana prices is possible with the approval of ETFs like Bitcoin and Ethereum.
So, let’s have a closer look at the price charts of the top altcoins with their ETF plans in the pipeline to determine the potential for a 5x-10x rally in the next 12 months.
Cardano Price Performance
The underwhelming performance of Cardano in 2024, the negative YTD growth of 22%, reflects an underlying weakness in the altcoin. Currently, the weekly trend in ADA price shows a sideways stagnation near the merged 200 and 50 weekly EMAs.
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Considering the bull run begins with a golden crossover, the ADA price could reach the $1 mark in the coming weeks. Furthermore, the additional boost with the ETF approval and the hype around it could help the altcoin reach the all-time high level of $2.78 mark for a 5x surge in the next 12 months.
Hence, the ongoing discount of 86% from the all-time high brings an excellent buy-the-dip opportunity.
Ripple Price Performance
In 2024, the XRP price is down by almost 16% to date, reflecting an overall downfall in the altcoin. Furthermore, the XRP price struggles for a bullish comeback and trends laterally for weeks.
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However, the buyers maintain dominance above the 50W EMA and challenge the 23.60% Fibonacci level. Higher price rejection is visible in the weekly candles with long wicks, so Ripple’s chances of an uptrend are slim.
Nevertheless, a broader market recovery and a boost from ETF approval will pump the market value of XRP. Optimistically, the decision will break past the descending trendline while reclaiming the $1 psychological mark.
In the next 12 months, if the bullish momentum sustains, the uptrend could reach the $3.11 mark as per the Fibonacci levels.
Solana Price Performance
One of the best-performing top altcoins, Solana, shows resilience and perseverance after a winter phase in 2022. The bullish turnaround in the SOL price trend reclaims momentum and is up by 63% year to date.
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Furthermore, the altcoin shows a rounding bottom pattern in the weekly chart with a neckline at $250. Currently, the SOL price is above $150 but is struggling to surpass $200. Further, the altcoin is above the 61.80% Fibonacci level, with the aim of surpassing the 78.60% level.
If the Solana ETF gets approval this year, the bull run in the SOL price could break above the $250 neckline for an extended uptrend. Optimistically, the altcoin shows upside potential to reach the 2.618 Fibonacci level at $637.
