Recently, critical analyzes about XRP, INJ, ATOM and SOL have come to the fore. It is worth noting that these analyzes are bullish. Here are the expectations for each altcoin…
XRP analysis and more: The Crypto Dog shared his INJ comment
One of the prominent voices in the cryptocurrency space, The Crypto Dog, recently expressed his bullish sentiment towards INJ. The Crypto Dog, who has a significant follower base of 742,700 people on social media platform X, is known for his insightful market analysis. He believes INJ is on track to revisit its all-time high (ATH) of $24.89 reached in April 2021. Trader said, “INJ is making a small boom for now while the rest of the market is stagnant. If this happens monthly, it seems quite likely that it will go to ATHs,” he says. INJ’s resilience throughout the year did not go unnoticed. The Crypto Dog previously noted that INJ has had one of the most impressive midcap charts in the crypto space all year. This strength has raised expectations for INJ to break all-time highs next year.
While optimism surrounds INJ, other analysts maintain a cautious stance. Altcoin Sherpa, who has a significant follower base of 197,200 on X, agreed with INJ’s bullish outlook but warned of a potential corrective move as the coin approaches a critical resistance level on the weekly chart. Altcoin Sherpa said, “INJ: I like INJ but given the market cap and the upcoming overhead resistance area, I will not be buying here. “Still, it is one of the strongest coins on the market,” he said. Fellow analyst Pentoshi also expressed concern, noting that INJ is trading very close to a historically strong resistance level at $14. He advised potential investors to be patient and wait for a move into a lower price range or for INJ to regain the resistance level cleanly.
Cosmos continues to evolve
While Cosmos, also known as Atom, has witnessed significant adoption since its inception, it has recently experienced a decline in excitement and activity. Data from Token Terminal shows a 12.5% decrease in Daily Active Users, a metric that typically reflects user adoption and can impact token prices. Despite the decrease in the number of active users, there was no significant impact on the value of Cosmos’ native token, ATOM. At the time of this writing, ATOM is priced at $7.02, maintaining a similar price to 30 days ago.
The recent increase in the number of active users can be attributed to the extension of the Inter-Blockchain Communication (IBC) protocol to the Binance Smart Chain. This open source protocol is designed to facilitate data transfer between blockchains and potentially create more staking opportunities for ATOM holders. Additionally, Cosmos is actively working to ensure its longevity and development activity by engaging with its constituent program. Santiment’s data shows positive results from these efforts. The Development Effectiveness metric increased to 16.22, indicating an increased commitment from developers to the stability and functionality of the network. Cosmos has also experienced fluctuations in market awareness, reflecting ever-changing sentiment in the crypto space.
Call for “mega rally” for XRP
On the other hand, market analyst EGRAG made a bold prediction regarding XRP, suggesting that the cryptocurrency could experience a significant rise at the beginning of next year. If realized, this increase could push XRP to a significant price of $27, marking a potential increase of approximately 4,853 percent from its current value. EGRAG’s projection is based on historical patterns observed during previous crypto bull markets. The analyst highlights that Bitcoin (BTC) rose 23x during the last bull run, while Ethereum (ETH) saw an impressive 58x increase.
EGRAG’s analysis attributes XRP’s underperformance in late 2021 to the SEC’s lawsuit against Ripple, which caused several exchanges to suspend support for the altcoin. With the legal clarity emerging following Judge Analisa Torres’ ruling, EGRAG believes XRP is poised for a significant upside. The analyst outlines a potential path for XRP to reach its ambitious price target of $27, including a series of resistance levels. The first significant resistance level is at $3.3, which coincides with XRP’s all-time high in January 2018. Breaking this level will pave the way for new all-time highs. EGRAG also identifies the next major resistance at the $5.5 price point, which represents the next macro resistance that XRP must overcome during its rally.
“Bullish” expectation for SOL
Finally, an analyst known as Bluntz reset Solana (SOL), suggesting it is in the midst of a significant five-wave impulse to the upside. This analysis is based on Elliott Wave Theory, which aims to predict price movements that are influenced by crowd psychology and often occur in waves. Bluntz believes SOL could reach the $47 range before making its next move.
Bluntz’s confidence in SOL’s future performance stems from his belief that SOL will outperform Bitcoin (BTC) and Ethereum (ETH) in the near future. Its technical analysis shows that Bitcoin is showing strong bullish momentum and a drop to $32,000 seems unlikely. He predicts that Bitcoin will experience another upward move after consolidating within a bullish triangle formation. Bluntz says:
I think it is quite bullish for BTC to be accepted at these levels after a strong break of $32,000. I don’t think we will ever retest $32,000, too many people missed this move and want to retest it and I don’t think the market will give it to them. I predict this will likely end up as a triangle and break higher.
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