Solana Leads Altcoin Social Activity, Will ETH, XRP, DOGE Follow?
The post Solana Leads Altcoin Social Activity, Will ETH, XRP, DOGE Follow? appeared first on Coinpedia Fintech News
In a recent tweet, Lunar Crush revealed that Solana has had more total social engagements than ETH in the last six months. The data comes from multiple social channels and shows the top altcoins, TON, DOGE, XRP, and BNB, following the trend.
As the social engagement of these tokens is on the rise, the price action reveals a bull run ahead. So, will the rising demand lead to new swing highs for these tokens?
Top Altcoins With Social Activity Surge: Ethereum (ETH)With the following wedge breakout in the daily chart, the Ethereum price action reveals a bullish trend ahead. The uptrend in the altcoin surpasses the crucial 50-day EMA and is ready to reclaim the $2,700 mark.
The Ethereum price is trading at $2,646, following the last-night recovery run of 2.55%; a bullish engulfing candle teases an uptrend continuation. With the next resistance at $2,878 near the 200-day EMA, the rising social engagement of Ethereum bolsters the chances for the biggest altcoin.
Solana (SOL)The recent bullish reversal in SOL price from the $125 support zone is facing opposition near the $150 psychological mark. Nevertheless, with the potential morning star forming at the 50-day EMA, the upside chances are increasing for the altcoin to challenge the $163 swing high.
Based on the Solana price action, the upside targets are present at $187 and $201.
XRPComing to the XRP, the recovery run in XRP faces resistance from a long-coming resistance trend line, keeping the bullish growth under check since March 2024. The V-shaped reversal in the altcoin shows a decline at the 61.80% Fibonacci level near the $0.60 mark.
A bullish breakout for XRP will likely hit $0.65 or $0.72, near the 78.60% or 100% Fibonacci levels, respectively.
Curious if the XRP price will hit $1 in 2024? Find out now in Coinpedia’s XRP price prediction for 2024 and the years to follow.
Dogecoin (DOGE)With a triangle breakout rally in the daily chart, the Dogecoin price is ready for a bullish trend ahead. However, Dogecoin’s price struggles to bounce from the 50-day EMA as it shifts sideways.
Currently, the altcoin is trading at $0.1082, as it asserts dominance over the $0.10 psychological mark. With the next resistance at the 200-day EMA at $0.1177, the Dogecoin price will likely challenge the 23.60% Fibonacci level at $0.1239.
With a long-coming triangle pattern breakout, the V-shaped recovery in Dogecoin teases a high likelihood of a trend reversal rally. Furthermore, in the recent surge in social engagement, Dogecoin revealed 1.36 billion engagements, which has increased by 10 million.
Toncoin (TON)With a falling channel pattern in the daily chart, the uptrend in Toncoin struggles to reach the overhead trendline. Currently, the TON price takes a lateral shift below the 200-day EMA and takes support at the 23.60% Fibonacci level at $5.47.
Nevertheless, the improving Toncoin market sentiment and the growing social engagement bolster the chances of a bull run. Based on the Fibonacci levels, an upside breakout in the altcoinn can reach the 78.60% Fibonacci level at $7.42.