Bitcoin Breaks $86,000, Will Ripple, Solana, and Cardano Begin a Joint Surge Rally?

▲ Ripple (XRP) ©

As Bitcoin breaks the $86,000 mark, a favorable wind blows across the virtual asset market, and the three major altcoins, Ripple, Cardano, and Solana, are simultaneously attempting to break through technical resistance levels, raising expectations for a full-fledged upward rally.

According to FXStreet, an investment media outlet, on October 2 (local time), Ripple (XRP), Cardano (ADA), and Solana (SOL) led the market rebound, showing gains of over 2% during Friday's trading. As Bitcoin (BTC) surpassed $86,000 on the back of inflows into spot exchange-traded funds (ETFs), buying sentiment spread to the altcoin market. However, in institutional fund flows, there is a clear difference in sentiment across different assets.

The Ripple ETF recorded an inflow of $4.07 million, bringing its weekly cumulative inflow to $8.02 million, but institutional demand has somewhat slowed compared to last week's $75.59 million. In terms of price, it reclaimed the psychological resistance level of $1.50 and is currently trading around $1.52. On the daily chart, the 50-day Exponential Moving Average (EMA) at $1.3822 and the 200-day Exponential Moving Average (EMA) at $1.3765 formed a Golden Cross, and if it decisively breaks above $1.5442, it could extend its upward movement to $1.8209.

On the other hand, the Solana ETF saw a net outflow of $5.91 million on Thursday alone, marking two consecutive days of outflows, and its weekly net inflow plummeted from last week's $188.22 million to $1.13 million. However, bolstered by strong buying in the futures and spot markets, SOL's price rose over 3% to around $122. If it confirms a breakthrough above $122.94, an upward path to the previous high of $148.74 opens up, while on the downside, $116.88 and the 50-day EMA at $104.43 act as support levels.

Cardano has risen over 3% to above the $0.25 mark, based on solid retail investor demand. While futures open interest (OI) continued to rise to $557.86 million, the funding rate sharply rebounded from negative to 0.0102% compared to the previous day, leading to active entry into long positions. Technically, it is attempting to break through the 78.6% Fibonacci Retracement resistance level at $0.2632, and if it surpasses this point, a bullish rally is highly likely to continue through the short-term swing high of $0.3136 to the Fibonacci extension level of $0.3916.

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