Can Solana (SOL) Flip BNB And XRP?

Published on:

Due to the massive Solana (SOL) price increase in 2023, the altcoin has nearly flipped the market cap of XRP, the fourth biggest cryptocurrency.

Solana currently has a market cap of $32.9 billion, slightly less than the $33.1 billion of XRP. If SOL surpasses it, it can move toward BNB, which has a market cap of $39 billion.

BNB Bounces From Range Low

The BNB price has traded in a long-term horizontal range since the start of 2022. While the price has moved above and below these levels several times, it never managed to sustain the movement, falling inside the confines of the range again.

More recently, BNB fell below the range low in October (green circle. However, it reclaimed it shortly afterward and has increased since. The upward movement caused a reclaim of the range low of $215. The BNB price now trades inside an intermediate resistance area.

BNB/USDT Weekly Chart. Source: TradingView

Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

The weekly RSI has increased since the low and is above 50 (green icon). This is considered a bullish sign.

If the BNB price continues to increase, it can reach the range high of $350, a 35% upward movement from the current price. 

Despite this bullish BNB price prediction, a rejection from the minor resistance of $260 can trigger a 15% drop to the range low of $215.

The weekly RSI gives a bullish reading since it is above 50 and increasing. If the upward movement continues, XRP can increase by another 40% and reach the next resistance at $0.85.

XRP Price Movement
XRP/USDT Weekly Chart. Source: TradingView

Despite this bullish XRP price prediction, a close below the $0.60 horizontal area will invalidate the breakout. Then, the XRP price will likely fall by 30% to the ascending support trend line at $0.43.

For BeInCrypto‘s latest crypto market analysis, click here


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Source link