On April 26, spot Bitcoin ETF data started coming in, and GBTC witnessed an outflow of $82.4 million. The entries are significantly weak. Before next week’s Fed meeting, investors in both the cryptocurrency markets and the ETF channel are reducing their risks. The decline in volumes also confirms the weakening of risk appetite. So, what are the latest predictions for SOL, XRP, and DOGE?
Current State of Cryptocurrencies
James Butterfill, the head of research at CoinShares, shared details from his latest survey with institutional investors. In a survey conducted with 64 crypto-focused investors, 15% of participants stated they invested in Solana (SOL). This rate was zero in January. Although a limited number of investors were surveyed, SOL Coin is outperforming its competitors with its triple-digit price.
Mark Yusko, CEO of Morgan Creek Capital, mentions that a new wave of investors is on the horizon, and in this bull market, massive entries through the ETF channel could push the market value to $6 trillion. This prediction for the total market value of cryptocurrencies might be overly optimistic for now.
Solana (SOL)
On April 24, SOL Coin turned away from the $162 resistance and became a victim of the general market downturn. At the time of writing, the price is at $139. The 20-day EMA (153 dollars) is gradually falling, and ongoing closures below the key price region could lead to deeper corrections. If the decline intensifies, new lows will be sought between $126 and $107.
Ripple (XRP)
XRP is below the 20-day EMA ($0.54), and the weakness seen across altcoins continues here. Below, targets of $0.46 and $0.4 are found. If BTC unexpectedly rebounds, XRP Coin price could climb to the 50-day SMA ($0.59) and $0.69 with closures above $0.54.
Dogecoin (DOGE)
The symmetrical triangle indicating indecision and the overall weak outlook for altcoins could lead to a drop to $0.12. A break below the triangle could lead to deeper support levels below $0.10. Conversely, if the price turns upward from its current level and breaks above the triangle, targets of $0.18 followed by $0.23 could be pursued. The outlook for Dogecoin is not much different from general market predictions.
