Introduction: The Rise of Crypto ETFs in 2024
With the approval and listing of the Bitcoin ETF earlier this year and the subsequent approval of the Ethereum ETF in May, 2024 is proving to be the year of crypto ETFs. The SEC’s evolving stance towards crypto ETFs, particularly notable leading up to the U.S. presidential elections, has sparked optimism for more altcoin ETF applications.
Now, with Cardano, XRP, and Solana ETFs in the pipeline, market sentiment is buoyant, anticipating positive decisions from the SEC. The approval of ETFs like Bitcoin and Ethereum has further fueled expectations of a bullish rally in the prices of Cardano, XRP, and Solana.
Cardano (ADA) Price Performance
The performance of Cardano in 2024 has been underwhelming, with a negative year-to-date growth of 22%, indicating underlying weakness in the altcoin. Currently, the ADA price exhibits sideways movement near the merged 200 and 50 weekly EMAs.
If a bull run commences with a golden crossover, ADA’s price could potentially reach $1 in the coming weeks. Additionally, approval of the ETF and the ensuing hype could propel the altcoin to its all-time high of $2.78, representing a 5x surge over the next 12 months.
Hence, the current 86% discount from its all-time high presents an attractive buy-the-dip opportunity.
Ripple (XRP) Price Performance
In 2024, the XRP price has declined by almost 16% year-to-date, reflecting an overall downturn in the altcoin. Despite attempts at a bullish comeback, XRP price has been trending laterally for weeks.
However, buyers maintain dominance above the 50W EMA and challenge the 23.60% Fibonacci level. Weekly candles show higher price rejection with long wicks, indicating slim chances of an uptrend for Ripple.
Nevertheless, a broader market recovery coupled with ETF approval could boost XRP’s market value, potentially breaking past the descending trendline and reclaiming the $1 psychological mark. If bullish momentum persists, XRP could target the $3.11 mark over the next 12 months.
Solana (SOL) Price Performance
Solana, one of the best-performing top altcoins, has exhibited resilience and perseverance after a challenging phase in 2022. The bullish turnaround in SOL price has seen a 63% increase year-to-date.
The altcoin presents a rounding bottom pattern in the weekly chart, with a neckline at $250. Currently trading above $150, SOL is striving to surpass $200 and is positioned above the 61.80% Fibonacci level, aiming for the 78.60% level.
If the Solana ETF receives approval this year, the bullish momentum could propel SOL price above the $250 neckline for an extended uptrend. Optimistically, the altcoin shows potential to reach the 2.618 Fibonacci level at $637.
