Will XRP and Solana Experience August Rallies? Analytical Platform Explains
Highlights:
- Santiment has earmarked four top-capped cryptocurrencies for August rallies.
- BNB has fewer bullish narratives and might miss out on August rallies.
- XRP and Solana were top performers in July and could sustain the momentum.
The crypto analytical platform has shared why top capped cryptocurrencies, including XRP and Solana, will experience massive August rallies. Sharing a post via its verified X handle, Santiment highlighted some cryptocurrencies, explaining how they will skyrocket this month.
August just started, implying that crypto enthusiasts, particularly prospective investors, are probing for the best investment options. Therefore, this insight could be crucial for this category of traders and other long-term investors.
Market Participants’ July Trading Escapades
In a previous tweet, dated August 1, 2024, Santiment summarised investors’ actions in July. According to the analytical outlet, July suffered an aggressive downtrend that forced most investors into panic sales. “July’s crypto markets were capped off with an aggressive slide that has shifted many FOMO buyers into panic sellers,” Santiment noted.
For context, “FOMO” in the statement above meant “Fear Of Missing Out.” Hence, it implies that traders who were previously accumulating crypto assets eventually sold them off with little or no profits. Meanwhile, on a positive angle, July seems remarkable for whale investors. According to Santiment, whales have accumulated tremendously following slight bullish waves from political news, especially the United States presidential election saga.
XRP and Solana Among July Top Performers
In individual cryptocurrencies’ performances, the digital assets analytical outlet noted that while Bitcoin (BTC) gained slightly, most altcoins dropped. However, Solana and XRP were exceptions. Santiment cited that they had widened their leads over other top-capped cryptocurrencies like Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA).
Meanwhile, Bitcoin and Ethereum (ETH) recorded heightened discussions following the generalized market slumps on July 4. In addition, the July 29 price appreciations and Ethereum ETF sales also contributed to the increased discussion rates.
📊 July's crypto markets were capped off with an aggressive slide that has shifted many FOMO buyers into panic sellers. Political news sparked a mini bull run, then whales decided to come in like a wrecking ball. Enjoy our monthly recap here as we turn our views ahead to a… pic.twitter.com/F9T5u11C8T
— Santiment (@santimentfeed) August 1, 2024
Cryptocurrencies Likely to Experience August Rallies
In its most recent post, Santiment has predicted August rallies for top-capped crypto assets. Per the analytical platform, traders will focus on only top-capped cryptocurrencies this month. Going further, Santiment stated that FOMO will bear down slightly in August. The reduced FOMO will orchestrate a bullish run for BTC, ETH, SOL, and XRP. For Binance coin (BNB), the analytical outlet noted that it is the only top-capped crypto with less bullish narratives.
🐂🤞 Traders mainly have a bullish outlook toward top caps as the calendar has turned to August. Expect the FOMO to die down a bit before BTC, ETH, XRP, and SOL go on major runs. BNB is one of the few large caps seeing less bullish narratives than average at the moment. pic.twitter.com/jJ8gyWxx7J
— Santiment (@santimentfeed) August 1, 2024
Total Weighted Sentiment Chart and Likely Tokens for August Rallies
Per individual tokens weighted sentiment data, BTC topped the chart with 1.858. In addition, Bitcoin displayed higher bullish sentiment in 17 months, underscoring a promising outlook. XRP followed BTC in weighted sentiment with 1.094. Additionally, Santiment stated that XRP appreciated up to 29% in the past 30 days and has the highest bullish sentiment in 14 months.
In third place, Solana occupied the spot with 0.564 as the total weighted sentiment. Solana enthusiasts have remained highly bullish on SOL after outperforming every other altcoin in July. Ethereum was ranked fourth with 0.421 in weighted sentiment. Despite its relatively unimpressive market actions, traders have remained optimistic, considering ETH ETFs started selling a few days ago.
Unlike other top crypto assets, BNB’s total weighted sentiment was negative at 0.166. Describing BNB’s current situation, Santiment stated that the token is being ignored and under the radar as an investment.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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