Solana
Will Cardano, XRP and Solana Price See a 5x-10x Rally in the Next 12 Months Ahead of ETF Approval
With the Bitcoin ETFs the approval and listing earlier this year and the approval of the Ethereum ETF in May 2024 is proving to be a year for crypto ETFs. Observing the SEC’s change of heart towards crypto ETFs a few months before the US presidential elections, more and more altcoin ETF applications are becoming bullish.
With Cardano, XRP, and Solana ETFs in the works, the broader market is expecting a positive ruling from the SEC. Additionally, a bullish recovery in Cardano, XRP, and Solana prices is possible with the approval of ETFs like Bitcoin and Ethereum.
So let’s take a closer look at the price charts of the top altcoins with their ETF plans in the works to determine the potential for a 5x-10x rally over the next 12 months.
Cardano Price Performance
Cardano’s disappointing performance in 2024, with negative growth of 22% year-to-date, reflects underlying weakness in the altcoin. Currently, the weekly ADA price trend shows sideways stagnation near the weekly merged 200 and 50 EMAs.
Considering that the bull run begins with a golden crossover, the ADA Price could reach the $1 mark in the coming weeks. Furthermore, the added boost provided by the ETF approval and the hype surrounding it could help the altcoin reach the all-time high of $2.78 for a 5x increase over the next 12 month.
Therefore, the continued 86% discount from the all-time high provides an excellent dip buying opportunity.
Ripple Price Performance
In 2024, the XRP Price is down almost 16% year to date, reflecting an overall decline in the altcoin. Additionally, XRP price is struggling to return bullish and move sideways for weeks.
However, buyers maintain their dominance above the 50W EMA and challenge the 23.60% Fibonacci level. Higher price rejection is visible in the long-wicked weekly candles, so the chances of a Ripple uptrend are slim.
Nonetheless, a broader market recovery and a boost from the ETF approval will increase the market value of XRP. With some optimism, the move will break above the descending trendline while reclaiming the psychological $1 mark.
Over the next 12 months, if the bullish momentum continues, the uptrend could reach the $3.11 mark according to Fibonacci levels.
Solana Price Performance
One of the best performing altcoins, Solana, shows resilience and perseverance after a winter phase in 2022. The bullish turnaround of the market SOL Price the trend is regaining momentum and is up 63% since the start of the year.
Additionally, the altcoin shows a rounded lower trend in the weekly chart with a neckline at $250. Currently, SOL price is above $150 but is struggling to break above $200. Additionally, the altcoin is above the 61.80% Fibonacci level, aiming to surpass the 78.60% level.
If the Solana ETF gains approval this year, the SOL price rally could surpass the $250 neckline for an extended uptrend. Optimistically, the altcoin shows upside potential to reach the 2.618 Fibonacci level at $637.
Also discover: Bitcoin, Ethereum and XRP Price Prediction: Will the Market Rally Towards a New High in June?