After weeks of being as dull as a damp squib, the top altcoins have finally turned green again, much to the surprise of everyone who thought they were dead. 🌈✨
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A major factor fueling the rally is a significant decline in exchange reserves. According to CryptoQuant, Ethereum supply on centralized exchanges is at a 3-year low of 17.4 million ETH, signaling a potential supply shock in Q4. 🧵💰
Other bullish indicators include record network activity. Ethereum has now surpassed 50 million monthly transactions for the first time, reflecting strong user demand. Meanwhile, large players continue accumulating. Bitmine now holds 1.87 million ETH, and SharpLink has expanded its holdings to 832,000 ETH.
In total, public companies collectively hold over 4.7 million ETH, worth more than $20 billion, per crypto.news data. With the RSI climbing toward 50, ETH could test $4,500 and potentially reclaim the $5,000 mark if momentum holds. 🚀
Solana (SOL)
Solana (SOL) is gradually climbing out of bearish territory. While the asset remains in the red on both 24-hour and 7-day timeframes, it has posted a notable 26.3% gain on the 30-day chart, reaching an intraday peak of $208. If buyers can push above the $210 resistance, SOL could retest the $220 level, marking a new monthly high.
One key driver behind this rebound is rising institutional interest. DeFi Development Corp. recently added 196,141 SOL worth $40 million, pushing its total holdings above 2 million SOL. The total value of Solana held by corporate treasuries now exceeds 8.28 million SOL, according to Strategic SOL Reserve data.
The three largest holders, DeFi Development Corp., Upexi, and Sol Strategies, control more than 70% of that corporate total, showing growing long-term confidence in the Solana ecosystem. 🎉
Ripple (XRP)
Ripple’s XRP (XRP) has shown mixed signals, oscillating between $2.73 and $2.90. The asset has posted just 9 green days in the past month, reflecting ongoing uncertainty. However, several bullish catalysts are forming.
Exchange reserves are shrinking rapidly. According to XRPWallets, Coinbase’s XRP reserves dropped from 970 million in June to just 165 million this week, a sign that sell pressure may be declining. 🪄
At the institutional level, Thumzup Media, which is linked to Trump’s investment network, disclosed its crypto treasury will expand beyond Bitcoin to include XRP. This adds to speculation that XRP is becoming a favored asset among corporate treasuries. Technically, a breakout above the 50-SMA at $3.08 could open the door for a rally toward XRP’s yearly high of $3.65, particularly if broader market momentum becomes bullish. 🚀
Altcoin momentum is building, with ETH, SOL, and XRP showing recovery signs. If key resistance levels break, fueled by strong fundamentals and potential ETF approvals, a broader market rally could be on the horizon. 🌟
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2025-09-05 18:04