The cryptocurrency market currently stands at an important threshold, will it break through or adjust?
How might Bitcoin, Ethereum, XRP, Solana, and Sui grow? Analyzing MVRV data and whale behavior indicates potential bullish signs, but also warns of some resistance levels that need to be overcome.
MAIN CONTENT
Bitcoin may drop to around $110,000 before attempting to break through higher.
Ethereum and Solana maintain positive sentiment, with much room for growth.
XRP and Sui are not considered overheated, with potential for long-term price increases but requiring time.
What will Bitcoin explore at the $110,000 threshold before entering the next wave?
The MVRV index of Bitcoin shows that unrealized profits in the market are not at overheating levels. Historical data indicates that BTC usually peaks when the 3-month and 6-month MVRV are extreme, which has not yet occurred.
Whale wallets holding from 10 to 10,000 BTC currently possess nearly two-thirds of the total supply, having increased by about 536,320 BTC over the past year, equivalent to a 4.1% increase. Last weekend, Bitcoin attempted to conquer $123,000 but was unsuccessful. The strongest scenario currently is that the price may adjust down to around $110,000 to create a base before rising further.
If Bitcoin breaks through the $110,000 price level, a new growth phase is very likely to occur based on potential profit models and current whale behavior.
Brian, Cryptocurrency Data Analyst, 2024
How much room for growth does Ethereum have?
Ethereum is benefiting from positive sentiment due to the momentum of ETF approvals. The MVRV index shows that ETH has not yet reached the dangerous overheating zone. Additionally, the amount of ETH held by whales is increasing while the amount of staking withdrawals remains relatively low, reflecting confidence in this currency.
ETH is currently trading around $4,739, up nearly 30% in a week. The important resistance level is at $4,830; if surpassed, ETH may fluctuate within the range of $5,000–5,500, based on positive market momentum.
What is the potential for XRP to increase in price in the future?
MVRV data shows that XRP is undervalued compared to historical peaks. A lack of excessive enthusiasm may open up opportunities for sustainable growth, although it will take time for prices to show strong changes.
The main resistance of XRP is at $3.45. If surpassed, the area of $3.6–3.8 will be the next target. Whale activity is stable, but the real impact may come from the overall strength of the cryptocurrency market.
What is Solana's growth potential?
The MVRV index of Solana remains at a safe level, showing no signs of overheating. History shows that when MVRV rises high, SOL tends to make strong leaps.
The price of SOL has increased over 22% in the past week, currently trading around $205.83. The strongest resistance level is $220. If SOL conquers this level, the price range of $235–250 may be tested in the coming sessions.
Where does Sui stand in the cryptocurrency market?
Sui is a relatively new asset with plenty of room for growth. The MVRV index shows that SUI has not entered the overheating zone, opening up significant growth opportunities if the market returns to a positive state.
Adding to the sentiment, the European investment company 21Shares has just filed to launch a Sui ETF in the United States. Currently, SUI is facing resistance near $4.20; if surpassed, the potential price target is around $4.60–5.
The filing by 21Shares for a spot ETF for Sui is an important sign indicating the strong price increase potential of SUI in the short and medium term.
Brian, Analyst, 2024
Frequently Asked Questions
What price level can Bitcoin reach in the next quarter?
Based on MVRV and whale behavior, Bitcoin may adjust to the $110,000 area before challenging higher milestones like $123,000.
Does Ethereum have additional growth potential?
ETH is experiencing positive growth and still has room for development, especially with ETF approvals and stable staking.
Is XRP a safe choice for the long term?
XRP is not overvalued, indicating long-term growth potential but needing time to rise strongly.
Does Solana have the potential to break through?
With a safe MVRV status and identified resistances, Solana may break through if it surpasses the $220 mark.
How is Sui suitable for new investors?
Sui has much room for growth, and the appearance of a spot ETF will create attractive opportunities for investors seeking profits from this new coin.
Source: https://tintucbitcoin.com/btc-eth-xrp-sol-sui-xu-huong-gia/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to always stay updated with the latest news about the cryptocurrency market and not miss any important information!
