As Donald Trump prepares to be inaugurated as the 47th U.S. President, the crypto market is abuzz with activity.
Solana-based meme coin $TRUMP is leading the charge as one of the most talked-about cryptocurrencies of the moment. At press time, $TRUMP is trading at $56.83, marking a 30% increase in the past 24 hours.
However, technical analysis suggests caution. The Relative Strength Index (RSI) for $TRUMP has hit 98.59, an extremely overbought level that hints at a potential price correction. The RSI, which ranges from 0 to 100, flags values over 70 as overbought and under 30 as oversold.
Should a correction occur, $TRUMP’s price could drop to $31.64. However, if bullish momentum continues, the meme coin might retest its all-time high of $78.
As the blockchain hosting the $TRUMP meme coin, Solana (SOL) is another altcoin to watch closely. The Solana network has seen a surge in activity following the launch of $TRUMP, driving its price to an all-time high of $295.83 on January 19.
However, recent market corrections have seen SOL’s price drop to $267.18, a 4% decline in the past 24 hours. Strengthening selloffs suggest SOL’s price may dip further, potentially reaching $239.39.
Conversely, an improvement in market sentiment could see SOL reclaim its all-time high and possibly rally beyond it, making it a key altcoin to monitor.
Ripple’s XRP has also emerged as a notable asset during Trump’s inauguration buzz. Speculation suggests XRP could play a role in Trump’s proposed “America-first strategic reserve” of cryptocurrencies.
Currently trading at $3.24, XRP has risen 38% over the past week. The altcoin remains above the green line of its Super Trend indicator, which provides dynamic support at $2.56. This indicator suggests a bullish trend, with buying activity outweighing selloffs.
If the uptrend persists, XRP could aim to reclaim its multi-year high of $3.41. However, a surge in sell pressure could drive XRP’s price down to the $2.56 support level.
As Trump’s inauguration ushers in a new era of crypto discussions and potential policy shifts, the performance of these three altcoins could offer a glimpse into the market’s trajectory under his administration. Traders and investors are keeping a close eye on $TRUMP, SOL, and XRP as the crypto space braces for a potentially volatile week ahead.
January 2025, Cryptoniteuae