XRP and Solana Defy Crypto Market Consolidation with Continued Rally

Crypto News- Amidst the recent period of consolidation in the wider altcoin market, XRP and Solana have emerged as standout performers, defying the trend with their impressive upward momentum.

XRP and Solana Defy Crypto Market Consolidation with Continued Rally

XRP, in particular, has demonstrated its resilience with a 3% surge in price over the last 24 hours, inching closer to the $0.60 threshold and boosting its market capitalization to $31.7 billion. The on-chain data provides insight into this surge, revealing increased activity from prominent cryptocurrency holders, often referred to as “whales.”

According to Santiment, a reputable on-chain data provider, XRP has reached the $0.60 mark, a price level that has not been seen since August 16th. Significantly, an escalating number of whales have entered the market, leading to a record-breaking 277,620 wallets holding at least 10,000 XRP. Presently, XRP faces an immediate resistance at $0.68. Should it manage to break through this level, some market analysts anticipate the possibility of a rally to $0.90 in November 2023.

On the flip side, the current resistance phase for XRP appears to suggest a consolidation period rather than a substantial price drop. It is worth noting that many altcoins are grappling with liquidity challenges in the cryptocurrency market, and an improvement in liquidity could pave the way for further upward movements in prices.

Shifting our focus to Solana, the cryptocurrency’s bullish trajectory continues unabated, as it has surged by 7% in the past 24 hours, surpassing the $38 mark at the time of this report. This remarkable performance extends Solana’s weekly gains to more than 22% and its monthly gains to an impressive 80%. On-chain data underlines the heightened interest in Solana, with discussions around the cryptocurrency reaching their highest point in the last five months.

Santiment’s data further illustrates the rise of Solana in the market cap rankings, as it reclaims the #7 position, enjoying a remarkable 62% surge in value throughout the month of October.

Notably, Solana’s growing presence is evident in the fact that nearly 2% of all discussions within the top 100 assets center around $SOL. With an increasing trading volume, the cryptocurrency seems poised for continued positive momentum.