Solana has posted the strongest returns among the market's leading altcoins since Wednesday, around 16%, ahead of Cardano's 14% and XRP's 11%. Chart structure across all three tokens points to further upside this month, while altcoin leverage stays below the level that would signal an overextended market.
So long as Bitcoin does not suffer a steep pullback, Solana is likely to keep registering better returns than Cardano and XRP for the rest of September, based on the three tokens' current chart structure.
Altcoin leverage stays below its risk threshold
Crypto market intelligence platform Glassnode said in a post on X that altcoin leverage remains below its risk threshold. The altcoin market would be considered overextended once its open interest comes within a few percentage points of Bitcoin's, but those conditions are far from being met. Solana, Cardano, and XRP each carry bullish chart structures into the rest of September.
Solana breaks higher, Cardano and XRP hold gains
Solana's daily structure turned bullish after it breached the $98.41 swing level. The token was rejected near $110 and briefly dipped below $100, but bulls defended the $95-$100 demand zone and drove prices higher. The next resistance level to watch is $119.6.
Cardano has been on a bullish run since a structure shift in July and has set a series of higher highs since then. This week's retracement saw it retest the $0.19 support level, and the bounce from there leaves it positioned to challenge resistance at $0.23 and $0.255.
XRP also holds a bullish structure, but it is pushing into a long-term supply zone that has repeatedly driven the bulls back. For that reason, XRP may struggle to be the most bullish of the three tokens for the rest of the month.
Solana widens its lead on the trio
Only Solana has broken above the highs set in late August, when Bitcoin pulled back and dragged the altcoin market down with it. That gap seemed to suggest XRP and Cardano have room to catch up and could return greater profits this month. Yet Solana has kept proving its bullish momentum by making new local highs.
Source: AMBCrypto
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