This week, the cryptocurrency market is influenced by various factors, including central bank decisions and news events. We will look at three key cryptocurrencies: Ripple, Solana, and Zetachain.
Awaiting SEC Decision on XRP ETF
The price of Ripple (XRP) is under close scrutiny as the U.S. Securities and Exchange Commission (SEC) is expected to announce its ruling on the Franklin Templeton ETF on June 17. The most likely outcome is a postponement of ETF approval as they consider other proposals from companies like VanEck, Bitwise, and 21Shares. Most traders believe that the SEC, under Paul Atkins, will approve these ETFs by the end of the year. Approval odds on Polymarket have jumped to nearly 90%. XRP has been in a consolidation phase recently, indicating potential for a breakout or breakdown in the upcoming weeks.
Expected Solana Growth After Token Unlock
The price of Solana (SOL) has fallen 21.7% from its peak in May, resulting in a local bear market. This decline has coincided with the sell-off of most meme cryptocurrencies. However, this week, over $275 million in tokens will be unlocked, representing about 0.36% of its float. Technical analysis shows a bullish flag pattern, and growth in price will likely be confirmed if the token rises above resistance at around $160.
Zetachain Token on Support Border
The price of Zetachain (ZETA) continues to be in a downtrend, hovering at its lowest level this year, having dropped over 80% from its peak in 2024. This week, the unlock of tokens worth $8.6 million, representing 5% of the float, is expected. The daily chart shows that ZETA has struggled to move below the support level of $0.20; a triple-bottom pattern has formed, suggesting a possible bounce back if support holds.
This week, the cryptocurrency market will be influenced by key events and technical factors for Ripple, Solana, and Zetachain. Investors should closely monitor developments, as these could impact short-term and long-term price trends.
