Over the past 24 hours, the market has grappled with the fallout triggered by President Donald Trump’s executive order establishing a Strategic Bitcoin reserve.
Amid this, certain altcoins are capturing investor attention. RedStone (RED), Jupiter (JUP), and Sonic (S) have emerged as some of the most-discussed assets today.
RedStone (RED)
The newly launched oracle token RED is one of today’s trending altcoins. However, its price performance has been impacted by the decline that has plagued the general market over the past 24 hours. It currently trades at $0.64, noting a 33% dip.
Amid this double-digit price drop, RED’s trading volume has exceeded $195 million, soaring by 1069% in the past 24 hours. This reflects the high selloffs among market participants.
When an asset’s price dips while trading volume spikes, it signals increased selling pressure as more investors offload their holdings. If this continues, RED’s price could plummet to $0.57
However, high volume during a price drop can also indicate potential accumulation by buyers looking to enter at lower prices, which may lead to a rebound. In this scenario, RED’s price could bounce to $0.67.
Jupiter (JUP)
JUP, the token that powers Solana-based decentralized exchange Jupiter, is one of today’s most searched altcoins. JUP’s price is down 5% over the past day, which mirrors the market slump.
In fact, during Friday’s early Asian session, the token plunged to a one-year low of $0.56. While it has since recovered and trades at $0.60 at press time, selloffs remain significant among JUP holders. The negative readings from its Elder Ray Index confirm this. Currently, the reading stands at -0.20.
The Elder Ray indicator measures an asset’s buying and selling pressure by analyzing the strength of its bulls (Bull Power) and bears (Bear Power) relative to its exponential moving average (EMA).
When the index is negative, it indicates that sellers are in control, with prices trading below the EMA. This suggests bearish momentum in the JUP market and hints at potential further downside.
If the decline persists, JUP could revisit its one-year low of $0.56 and continue its downtrend. In that scenario, it could fall to its all-time low of $0.43.
On the other hand, if new demand enters the market, it may push JUP’s price to $0.75
Sonic (prev. FTM) (S)
Sonic’s S is another altcoin that is trending today. It trades at $0.53, witnessing an 11% price drop over the past day.
At press time, its Relative Strength Index (RSI) was 41.70, below the 50-neutral line, highlighting the high selling pressure in its spot markets.
An RSI reading below 50 indicates weakening bullish momentum and suggests that sellers have more control over the market. This signals a bearish trend in the S market and hints at an extended decline.
In this case, S’s price could fall to $0.47.Conversely, a bullish shift in the market trend could send it toward $0.62.
Disclaimer
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