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Bitcoin (BTC) price experienced a loss of nearly $4,000 after reaching $70,000. At the time of writing, it stands at $67,000. We shared the reasons for this increase in volatility with the latest news, and no significant pressure on the price is expected in the medium term. This suggests a better environment for altcoins in August. So, what are the current predictions for XRP, AVAX, and SOL Coin?
Solana (SOL) Analysis
SOL Coin price limited its losses during the downturn due to ETF news. However, today a BlackRock official stated they are reluctant about new crypto ETF applications. They specifically mentioned Solana, indicating no plans (for now). This is not very surprising. A few days ago, another BlackRock official (Digital President) mentioned that their clients are not very interested in assets other than BTC and ETH.
Still, with the final decision date approaching by March 2025, 2 ETF applications for SOL Coin could have positive effects on the price. The SOL Coin price, which is lingering at $185, has not yet lost the $182 support. However, if the support is lost, a new drop to $168 is possible.
In an accelerating sales environment, a new low could be seen in the $155 and $135 range. In the opposite scenario, SOL Coin surpassed $188 today but could not close above it. If it manages to do so, a quick recovery to $210 is possible. This will fuel hopes for a new rally to the $256 peak.
Ripple (XRP) Coin
XRP Coin attempts show that long lower and upper wicks indicate investors are fighting for short-term gains. Buy low and sell high is exactly what we are seeing. The key level for XRP Coin is $0.59, and with closures below this, a drop to $0.53 is possible. The level to be reclaimed for an upward movement is the parallel channel mid-area at $0.64.
If the mid-area of the channel can be reclaimed and closures above it occur, new upper wicks up to $0.74 are possible. With such strong short-term profit-taking continuing, it seems difficult to surpass this level in one go.
Avalanche (AVAX) Prediction
The $27.3 level is being maintained, but AVAX bulls are not very successful in their upward attempts. Considering the weakness in BTC price, it may not be possible for AVAX investors to see a significant upward movement without closures above $29 and $33.
