Solana Network Activity Surge Ahead of Potential Breakout, XRP Forms Bullish Pattern

While Bitcoin and other altcoins have been setting new all-time highs, Solana (SOL) has been in consolidation. However, in the last week, Solana network activity has exploded, increasing by 22%, with investors expecting a major SOL price pump soon.

Lark Davis has predicted that the Solana price could increase above $425, with the formation of a cup and handle pattern on the monthly timeframe. Similarly, XRP has formed a bull flag confirmed by multiple analysts, which could lead to the altcoin price surging above $5. 

Solana Breakout Expected As Network Activity Rises Ahead of ETF Approval

In comparison to cryptos such as Bitcoin (BTC) and BNB, Solana has not performed well and has risen by just 1.3% in the past 30 days. The Solana price has been trading between $200 and $250. At the time of this writing, Solana is trading at an approximation of $221.

Despite the consolidation, there has been a major uptick in Solana network activity. According to data from Nansen, Solana recorded a 22% increase in seven-day network fees. The jump in network activity comes amidst an increase in activity across decentralized exchanges on the Solana blockchain.

The total value locked (TVL) of Solana is also up by 3.5% over the last 7 days, per data from DeFiLlama. The increase in network activity can be linked to the SEC’s decision on 16 Solana ETFs this month. The Grayscale and VanEck’s SOL ETF decision is expected on October 10, with approval odds near 100%.

In addition to the strong fundamentals, the popular crypto analyst and trader, Lark Davis, has shared a major bullish signal on the Solana price chart. The analyst explains that Solana is forming a bullish cup and handle pattern on the monthly timeframe.

Also, the monthly MACD indicator is forming a golden cross pattern. With the formation of two very bullish patterns on a long-term timeframe, the analyst has forecasted that the Solana price could skyrocket to $425. 

XRP Forms Bullish Pattern, Targets New All-Time High

After multiple failed attempts to break out of the $3 resistance level, Ripple’s XRP appears to be gearing up for a potential breakout. The XRP breakout rally could be sparked by the formation of a bullish flag pattern on the daily chart, confirmed by several analysts. 

The crypto analyst, Maxi, first shared this sentiment on X. MikybullCrypto shared that XRP has formed the same pattern, but on the 3D timeframe. According to MikybullCrypto, this is one of the most bullish patterns, and the XRP price breakout will be wild.

The XRP will first have to overcome the resistance at the level of $3. According to this bullish structure, the XRP may launch a new all-time high, and traders have already established pricing targets as high as $5.

The open interest of XRP has also increased above $3.1 billion, showing that investors are aligning themselves for the next XRP move.

In Summary

In the last few weeks, Solana and XRP have underperformed expectations. However, fundamental and technical trends are now favoring major breakout rallies for these altcoins. If SOL and XRP cross their current resistance levels, we could see their prices fly to new all-time highs.