Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, stirring significant market reactions, especially among meme coins linked to the former president.

The event took place in Butler, Pennsylvania, the site of an attempted assassination of Trump in July.

Dark MAGA Meme Coin Jumps 227%

Musk, the owner of social media platform X, arrived at the rally wearing a black blazer, an “Occupy Mars” shirt, and a black MAGA hat. His appearance marked an important moment in his growing political involvement in the impending US November elections.

Observers noted Musk’s attendance at the rally highlights his strengthening ties with Trump. Trump previously mentioned that he would appoint Musk to head a government efficiency commission if re-elected. Meanwhile, Musk has emerged as a prominent Trump supporter, even hosting the former president on a live X Space session in August.

At the rally, Musk encouraged the crowd to register and vote in November, calling it “the most important election of this lifetime.” He stressed the urgency by urging attendees to get others involved in the voting process.

Read more: How Can Blockchain Be Used for Voting in 2024?

During his speech, Musk referenced Dark MAGA, a meme coin inspired by Trump. After his remarks, Dark MAGA’s value surged by 227%, reaching approximately $0.0073. Other meme coins also experienced gains. MAGA (TRUMP) rose 3%, Doland Tremp (TREMP) spiked 10%, and Super Trump (STRUMP) increased 5%.

“As you can see, I’m not just MAGA. I’m dark MAGA,” Musk stated.

Meanwhile, this rally in meme coins comes as election odds on platforms like Polymarket shift. This reflects a close contest between Trump and Vice President Kamala Harris.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

According to Polymarket, Trump has a 50.4% chance of winning, while Harris’s odds are 48.5%. This is the closest contest the platform has seen since mid-September, highlighting the uncertainty surrounding the upcoming election.

Ethereum (ETH) price recently faced a 13% correction, bringing the altcoin down from local highs. However, the cryptocurrency is showing signs of recovery, having secured a crucial bear market support level.

With market sentiment slowly improving, ETH appears poised for a potential rebound, though challenges remain.

Ethereum Losses Trigger HODLing

Ethereum has seen a spike in realized losses, which typically signals untimed selling from investors who may have exited positions during the downturn. Interestingly, these upticks can also indicate a shift in investor behavior, with many opting for HODL rather than risk further losses. By holding onto their assets, investors are waiting for Ethereum’s price to rise, giving them an opportunity to sell for a profit later on.

This change in strategy could help stabilize Ethereum’s price, as the reduction in selling pressure may prevent additional declines. Long-term holders are likely holding out for a better market environment, which could contribute to Ethereum’s gradual recovery.

Read more: How to Invest in Ethereum ETFs?

The overall macro momentum for Ethereum is looking more favorable, especially when analyzing the exchanges’ net position change. This indicator tracks the flow of ETH into and out of exchanges, and the recent decline shows that inflows into exchanges have dropped. Lower inflows typically suggest reduced selling pressure, as fewer investors are moving their assets onto exchanges to sell.

This shift in momentum reflects a positive change in market sentiment. As selling activity decreases, Ethereum could gain some breathing room to recover from its recent decline. Investors are showing increased confidence in the asset, which may lead to upward price movement in the coming days.

ETH Price Prediction: Bouncing off Support

Ethereum’s price is currently trading at $2,428, recovering from its recent 13% decline. The cryptocurrency has successfully secured the 23.6% Fibonacci Retracement line at $2,401 as a support level, signaling a possible continuation of uptrend.

With the aforementioned market factors in play, Ethereum could potentially breach the $2,591 barrier, which coincides with the 38.2% Fibonacci line. A successful breakout would bring ETH above $2,600, allowing it to regain some of the ground lost during the correction.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

However, if Ethereum fails to breach $2,591, the altcoin may enter a period of consolidation, trading between $2,401 and $2,591. This would keep Ethereum subdued and invalidate the current bullish outlook, delaying any further price rallies in the near term.

Solana’s (SOL) price recently dropped to $143, raising concerns about its recovery amid the current market conditions.

However, based on Solana’s historical performance and market trends, this could present a promising opportunity for long-term investors to accumulate SOL at this level.

Gains Ahead of Solana 

Solana’s Sharpe Ratio, a measure of risk-adjusted returns, is showing a familiar pattern. Every time the ratio turns deeply negative, Solana’s price rallies. This week, the Sharpe Ratio again dropped into negative territory, hinting at the possibility of an upward price surge. 

Historically, a negative Sharpe Ratio has signaled that the altcoin is oversold, attracting buyers and driving the price higher. This pattern could repeat itself, providing investors an opportunity to accumulate SOL before its next potential rally. As indicated by the Sharpe Ratio, the current market sentiment suggests that Solana could see renewed momentum in the coming weeks.

Read more: Solana vs. Ethereum: An Ultimate Comparison

The overall macro momentum for Solana is also showing positive signs. Initially, traders turned bearish as SOL’s price declined, anticipating further drops. However, this sentiment has since shifted, and traders have become bullish again. The renewed optimism reflects growing confidence in Solana’s ability to recover and rally.

This shift is supported by broader market conditions and the historical patterns noted in Solana’s Sharpe Ratio. The convergence of these factors suggests that Solana is in a position to regain its lost momentum and start climbing again.

SOL Price Prediction: Barriers Ahead

Solana’s price remains above the crucial $140 support level, which is a positive indicator for continued recovery. Holding this level is essential for SOL to attempt a breakout, particularly as it targets $161 once again.

Given the current market conditions and positive indicators, Solana’s price could see an uptick if it manages to break through the $155 barrier. Breaching this resistance would pave the way for a rise back to $161, marking a solid recovery for the altcoin.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

However, if Solana fails to break $155, it could experience a pullback to $140. While this would still offer short-term gains for investors, it would invalidate the bullish outlook, leaving SOL holders vulnerable to further losses. Maintaining support above $140 is key to sustaining the upward trajectory.