Crypto Market Update: Solana and XRP Price Analysis
The cryptocurrency markets are experiencing a surge with Bitcoin prices exceeding $38,000 and Ethereum prices surpassing $2,000. Most altcoins are gaining bullish momentum due to increasing buying pressure. Notably, Solana (SOL) and XRP have seen significant movements, with SOL aiming for a three-digit figure while concerns arise about XRP dropping below $0.6.
Solana (SOL) Price Analysis
Following recent price action, Solana’s price has risen above the short-term descending pattern. Bulls seem to be in control, indicating the potential for a sustained upward trend. The price is currently testing crucial resistance levels, and a breakout beyond these levels could signal the start of a healthy upswing.
The SOL price concluded the previous day on a bullish note, breaking through the descending trend line and reaching highs above $58. Despite expectations of a small correction, the day’s trade continued with an upswing beyond $60, establishing new daily highs at $61.48. Additionally, the DMI has turned bullish, with the +Di rebounding and surpassing the -Di levels, signaling the beginning of a bullish trend.
Therefore, it is anticipated that the SOL price will continue to rise and surpass the $62 threshold, potentially reaching $70 before the end of 2023.
XRP (XRP) Price Analysis
The XRP price started the monthly trade on a bullish note, surging more than 30% in the first fortnight and reaching levels above $0.75. However, it failed to sustain these gains, resulting in a significant drop of over 20% from the highs. Currently, the XRP price is struggling to reach the upper resistance of the channel, but technical indicators suggest a notable pullback may be imminent.
Since the rejection from the monthly highs, the XRP price has been trading within a descending parallel channel. Despite rebounding from the lower support and defending the ascending trend line, signs point to a potential rejection. The rally’s strength is diminishing as the DMI turns bearish, with a decline in ADX. Moreover, +Di & -Di are on the verge of validating a bearish crossover, confirming a bearish trend.
Hence, the XRP price may lose the pivotal support at $0.6, and after testing the middle bands of the channel at $0.55, a healthy rebound may be expected.
