The cryptocurrency market recently experienced a wave of panic selling following Robinhood’s decision to delist tokens dubbed as securities by the SEC. This move has sent ripples across the market, affecting various digital assets in different ways. Two such cryptocurrencies that have been in the spotlight recently are Matic and Solana.
According to a recent analysis on TradingView, Matic, part of the Ethereum ecosystem, is expected to see a significant drop in its price. This prediction is based on the ongoing efforts to make the Ethereum system more efficient and cost-effective. As new systems are developed, older ones like Matic may see a decrease in value. The analysis suggests that Matic’s price could drop by over 60% from current levels.
On the other hand, Solana, often touted as an “Ethereum killer,” is showing bullish signs. The analysis points out that Solana has taken on a fully bullish stack to its daily SMAs and is above both clouds. The MACD is positive and looking to cross bullishly over the signal line. This setup, combined with Solana’s positioning as a more efficient alternative to Ethereum, suggests potential for a significant rally.
In another analysis, XRP, the native cryptocurrency of the Ripple network, is showing signs of forming an inverted Head and Shoulders pattern on the daily chart. If this pattern breaks out, XRP could potentially march towards $0.633. The analysis also mentions the ongoing case with the SEC and the upcoming release of SEC documents on June 13th, which could be extremely bullish for XRP. If Ripple wins the case, it could lead to institutional interest and buying, pushing the price even higher.
Turning our attention to the overall crypto market, the top gainers of the day according to CoinMarketCap are Cardano (ADA), Polygon (MATIC), and Cronos (CRO), with 24-hour increases of 11.07%, 7.99%, and 7.32% respectively. On the other hand, the top losers are KuCoin Token (KCS), Frax Share (FXS), and Render Token (RNDR), with 24-hour decreases of 5.83%, 5.64%, and 4.22% respectively.
In conclusion, the crypto market continues to show diverse trends across different digital assets. While Matic may be due for a drop, Solana and XRP show bullish signs. As always, investors are advised to do their own research and consider their risk tolerance before making investment decisions.
