The cryptocurrency market is set for an eventful week, with major catalysts such as interest rate decisions from the Federal Reserve and Bank of England, the ongoing geopolitical tensions between Iran and Israel, and potential Bitcoin and Ethereum ETF inflows. Here are the top three cryptocurrencies to watch closely this week: Solana, Ripple, and Zetachain.

Ripple (XRP): SEC Ruling on Franklin Templeton’s XRP ETF

XRP is a key cryptocurrency to monitor this week as the Securities and Exchange Commission (SEC) is expected to deliver a decision on Franklin Templeton’s XRP ETF proposal. The ruling is anticipated on June 17, and market analysts predict that the SEC may postpone the decision to further evaluate other ETF applications from companies such as VanEck, Bitwise, and 21Shares.

Crypto market sentiment suggests that the SEC, led by Paul Atkins, could approve these ETFs by the end of the year. Polymarket forecasts place the odds of approval at nearly 90%, which has bolstered optimism among traders.

From a technical perspective, XRP has been in a consolidation phase for several weeks, forming a symmetrical triangle pattern on the daily chart. This indicates a potential for a significant breakout or breakdown in the coming weeks. Many analysts believe that XRP is poised for a bullish breakout, especially if Bitcoin continues to show strength by surpassing its 8-year trendline.

“XRP has been consolidating for seven months after a dramatic 700% surge following its breakout from a 7-year pennant. The next major move is imminent and could coincide with Bitcoin breaking its 8-year trendline.”

Solana (SOL): $275 Million Token Unlock Could Drive Rebound

Solana has experienced a notable 21.7% price decline since reaching its peak in May, entering a local bear market. This decline has been exacerbated by the sell-off of several meme coins within its ecosystem. However, Solana remains a cryptocurrency to watch due to an upcoming token unlock event.

On Saturday, the Solana network is set to unlock tokens worth over $275 million, representing approximately 0.36% of its circulating supply. While token unlocks can sometimes put downward pressure on prices, technical analysis suggests that SOL may be on the verge of a rebound. The daily chart shows a bullish flag pattern, with a potential breakout if the price surpasses the upper boundary of the descending channel at around $160.

Investors should keep an eye on Solana’s price movement around this key level, as it could signal a shift in market sentiment.

Zetachain (ZETA): Token Unlock and Triple-Bottom Pattern

Zetachain has been in a prolonged downtrend, with its price declining by over 80% from its 2024 peak. This drop is largely attributed to its substantial monthly token unlocks, which have increased the circulating supply while demand remains relatively subdued.

This week, Zetachain is set to unlock tokens valued at $8.6 million, representing 5% of its total supply. Historically, such unlock events have added selling pressure to the token. However, the daily chart reveals a key technical formation—a triple-bottom pattern—at the $0.20 support level. This level has held firm since March, suggesting that ZETA could see a reversal if it maintains this support.

Traders should monitor ZETA’s price action closely. A sustained rebound from the $0.20 level could signify a recovery, offering potential opportunities for investors.

Key Takeaways for This Week

  • XRP: SEC ruling on Franklin Templeton’s ETF proposal could impact price movement. Watch for a potential breakout from its symmetrical triangle pattern.
  • Solana: A $275 million token unlock may influence market dynamics. Look for a breakout above the $160 resistance level to confirm a bullish reversal.
  • Zetachain: A triple-bottom pattern at $0.20 suggests a potential rebound, despite the risks associated with its token unlock event.

As the cryptocurrency market navigates these pivotal events, investors should remain informed and vigilant. Monitoring these developments could uncover opportunities within the ever-evolving digital asset space.

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