Bitcoin rose above $20,000 again on September 9, reaching the $21,000 level. At the time of writing, the leading cryptocurrency gained 3.09% and was trading at $21,354. However, altcoin prices also moved upwards with the rise of the leading cryptocurrency. Meanwhile, 3 market analysts updated their forecasts for Shiba Inu (SHIB), Tezos (XTZ) and Solana (SOL). Here are the most recent price predictions…
Whale activity on the rise in Shiba Inu (SHIB)
The Shiba Inu price remained relatively dormant until the end of August 2022. Since then, there has been a huge increase in the price of SHIB. Whale activity is considered one of the main driving factors for the SHIB price. The surge in large-volume trades triggered a rally in Shiba Inu price. Based on the new observations, we see an increase in whale activity in the Shiba Inu. Accordingly, 1.11 trillion Shiba Inu have been on the move for the past two days. Therefore, the bears have eased and the Shiba Inu price has risen steadily.
The Shiba Inu’s on-chain activity increase has slashed the bears and triggered a rally in SHIB price. According to data from Santiment, the supply of Shiba Inu has reached 128.7 billion in the last 24 hours. The rally in SHIB is consistent with the resulting rise in the circulating supply of the meme coin. In August 2022, 7.61 trillion SHIBs were put into circulation, which were held idle. After that, a massive rally in SHIB price ensued. Now, a potential bull run is on the cards as whales make big moves in the Shiba Inu.
“SHIB will make a new rally”
Crypto analyst, nicknamed Shib Knight, expects bullish in the Shiba Inu. Accordingly, the analyst has set a target of $0.00001483 for the Shiba Inu price. SHIB managed to sustain the support above $0.00001301. That’s why analysts predicted steady gains in the Shiba Inu.
Tezos (XTZ) bounces off support
Tezos price broke a key support range between $1.50 and $1.60 twice in two weeks. Thus, he created a double-bottomed model. Altcoin prices were generally bullish on Friday. Meanwhile, Tezos price broke the neckline of the model, confirming the chart pattern. A double bottom pattern often reveals a potentially major trend reversal. The chart shows that the price of XTZ will increase by 15.41% to the $1.80 tag. The MACD indicator is also strengthening the bullish sentiments for XTZ.
A move from the $1.42 support to the current price of $1.66 marks a buy signal when the 12-day EMA breaks above the 26-day EMA. Santiment’s Sentiment Weight metric reveals that Tezos’ mood is trending downward despite the rise. However, the price tends to move in the opposite direction of what the crowd expects. Tezos price sensitivity is at -1.18%. Therefore, the metric supports a long bullish move.
Solana (SOL) signals bullish due to this development
cryptocoin.com As we reported, the Helium team has proposed a migration to the Solana network to increase the efficiency of the network. Voting on the proposal will take place within the next 48 hours. But the SOL is already witnessing the impact of this possibility. In the days following the August crash, the RSI highlighted the consistent selling pressure on the SOL. This caused the price drop. However, during the week, the situation has greatly improved with buying pressure returning to the market.
The increase recorded in the RSI comes from the 12.22% increase in the price over the last 72 hours. But as the shrinking Bollinger Bands show, volatility is pretty low right now. This means that SOL is not susceptible to any random price fluctuations. So, price will continue its required gradual recovery as Solana is still below the 23.6% Fibonacci retracement level. This is an important territory for the altcoin because once breached it will take action to return to the local top.
