Highlights:
- Solana ETF by 3iQ in Canada could drive SOL’s market presence, potentially leading to price surges amid bullish breakout forecasts.
- PEPE shows promising recovery signs, with technical analysis indicating an imminent breakout from its descending channel, signaling potential gains.
- Shiba Inu’s current bull flag pattern and Elliott Wave analysis predict a significant rally, possibly reaching a new high.
The US Securities and Exchange Commission (SEC) announced that it has dropped its investigation into whether Ethereum qualifies as a security. This announcement has ignited a recovery among several top cryptocurrencies that had struggled in the recent bear market. Notably, the trading of an Ethereum ETF could commence as early as July.
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Besides Ethereum, three altcoins have shown promising signs of a price rise in July: Solana, PEPE, and Shiba Inu. These coins are set to benefit from the renewed investor confidence following the SEC’s decision. Moreover, this positive momentum in the market could lead to further gains, posing these altcoins for a bullish breakout and ones to watch closely in the coming weeks.
Solana (SOL)
Canadian investment fund manager 3iQ recently announced plans to launch North America’s first Solana exchange-traded fund (ETF). The proposed Solana Fund (QSOL) is awaiting regulatory approval and aims to bring Solana’s innovative blockchain technology to a broader investor base.
This move follows the solid establishment of Bitcoin ETFs in the U.S. and the imminent launch of Ethereum ETFs after their recent approval. 3iQ’s initiative marks a significant step in expanding the range of crypto investment options available in North America.
Moreover, British bank Standard Chartered predicted Solana and XRP would likely be the next cryptocurrencies to receive ETF approval from the Securities and Exchange Commission (SEC). This prediction aligns with the growing interest in diversifying crypto investments beyond the leading Bitcoin and Ethereum.
The introduction of a Solana ETF in Canada is expected to enhance Solana’s market presence, potentially leading to a bullish breakout in the coming months.
Solana Price Analysis
As of press time, Solana is trading at $125, down by more than 1 percent as the bearish activity holds its ground tight. Over the past week and month, Solana has recorded a decline of 1% and 17%, respectively. The market capitalization is at $62 billion, while the trading volume has recorded a decline of 36% at $1.45 billion, indicating heightened activity in the Solana market.
According to crypto analyst Jelle, Solana is showing significant market movement, reminiscent of its mid-cycle consolidation in 2021. The current price pattern exhibits bullish divergence, similar to what was observed in 2021. The Relative Strength Index (RSI) has also dropped to lower levels, indicating an imminent price bounce.
$SOL still reminds me of 2021’s mid-cycle consolidation.
Bullish divergence locked in, in similar fashion.
Most people may have given up on solana, but I haven’t.
Bring on new all-time highs. pic.twitter.com/w4GYrLeMNh
— Jelle (@CryptoJelleNL) June 26, 2024
This analysis suggests that despite some traders potentially giving up on Solana, the cryptocurrency could be poised for a significant upward movement. Jelle remains optimistic about Solana’s potential to reach new all-time highs, reflecting confidence in the cryptocurrency’s long-term value.
Jelle’s observations highlight that Solana’s current price behavior could be a precursor to a bullish phase. The market’s pattern, similar to previous successful periods, reinforces the belief in the potential for a significant price increase.
Solana’s journey through fluctuating market cycles and its ability to bounce back strongly underscore its resilience. The bullish divergence and the RSI trends provide a technical basis for predicting an upcoming surge.
Pepe (PEPE)
PEPE, inspired by the popular Pepe the Frog meme, has experienced a notable recovery after a period of decline. Throughout June, the PEPE saw a significant drop, with its price falling from $0.00001725 to $0.0000113, a decrease of 25%. However, recent market activity shows a promising upward trend.
As of the time of writing, PEPE is exhibiting a bearish trend following the broad market downturn. On the daily chart, PEPE is exchanging hands at $0.00001224, down 3.04%. It has a market cap of $5.14 billion and a trading volume of $571 million.
Crypto analyst Mags recently provided an insightful update on PEPE’s cryptocurrency performance, revealing a significant market breakout. This development marks a key moment for PEPE as it demonstrates a solid upward trajectory in its pricing chart since the beginning of the year.
$PEPE breakout 🔥 pic.twitter.com/H7GOeAGt0i
— Mags (@thescalpingpro) June 26, 2024
Initially noted in early March, Mags’s entry point underscored the start of an aggressive ascent, positioning PEPE for the observed breakout. According to his chart analysis, the price has maintained momentum above crucial support levels, suggesting robust market confidence. This consistent performance is especially notable from May onward, when PEPE has established a series of higher lows, indicating sustained buyer interest.
As the graph projects, PEPE’s future looks promising, with expectations of continued growth. The upward trend suggests that PEPE could achieve new heights in the coming months.
Shiba Inu (SHIB)
Currently, SHIB is trading at $0.00001709, with a decline of 2.89% in the past 24 hours. SHIB is down 8% and 30% on the weekly and monthly charts. The market cap and the trading volume stand at $10 billion and $193 million, respectively.
Crypto analyst Crypto Lalit has identified a significant trading opportunity in the Shiba Inu market. He suggests a breakout above a key trendline could initiate a notable ascent. According to his analysis, surpassing this threshold would make a compelling case for investors to consider a 10x leveraged position in SHIBUSDT.
Let $SHIB break this Trendline will go long in #SHIBUSDT with 10X pic.twitter.com/MYJCLrYrye
— Crypto Lalit (@CryptoLalit151) June 25, 2024
Currently, Shiba Inu trades beneath a descending trendline that has capped price action for several weeks. A decisive close above this line, which has been a recurring barrier, might signal the beginning of a robust upward trend.
The possibility of a Shiba Inu rally aligns with broader market trends where key technical levels play key roles in determining asset trajectories. The stakes are high, and a successful trendline breach could indeed offer a lucrative pathway for those positioned to capitalize on the movement.
Conclusion
The bullish forecasts for Solana, PEPE, and Shiba Inu, buoyed by the SEC’s positive stance towards Ethereum and broader market recovery, point towards potential gains for these altcoins in July. With upcoming ETFs and technical indicators favoring bullish breakout, investors should closely monitor these cryptos for significant price movements.
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