The crypto markets are contracting again as the Bitcoin price is losing grip over the rally as the token is struggling to sustain above $98,500. This has caused the other top altcoins, like Ethereum, to lose support as it drops below $3,900. As a result, the other altcoins within the top 10 like XRP & Solana are facing massive selling pressure. The tokens have printed huge bearish candles and hence are believed to test the pivotal support.
Will the XRP $ SOL price retrace this week? If yes, here are the levels it may reach before the weekend.
The XRP price has been trying hard to rise above the interim highs at around $2.75 since the start of the month, but the bearish hold seems to be higher than the buying pressure. Therefore, the price is dropping at a faster rate. Besides, the volume also has decreased, suggesting the bulls could be facing some exhaustion and after maintaining a sluggish trend, they are expected to utilise all their accumulated strength and push the price above $3.
The STF chart of XRP suggests the price is facing immense upward pressure. The bulls remain passive as they await the token to reach their buying range. After the rejection from the resistance of the expanding channel, the price is on its way to reaching support, which could confirm the end of the correction. Besides, the RSI is forming constant lower highs and lows, validating the bearish claim. Therefore, the price is expected to hit the support close to $2 as the Ichimoku cloud is about to go bearish with the base & conversion line heading towards a bearish crossover.
Regardless of the growing bearish case, the XRP price is still primed to rise and reclaim the lost level and eventually revamp a strong ascending trend, marking the highs above $4.
Solana tried to make a move above the bearish formation but eventually failed to clear the pivotal resistance around $245. Due to this, the bulls have lost most of their strength, pushing the price back within the bearish range. With this move, the lower targets for SOL price close to $210 remain active, provided the bulls fail to hold the token above $220.
The SOL price trades within a falling wedge in the short term, hence displaying a huge possibility of a rebound. The stochastic RSI enters the oversold range and prepares for a bullish crossover. The MACD indicates the selling pressure continues to grow, which may compel the price to drop below the support at $223 and after reaching the support just below $220, a strong rebound could elevate the levels back to $235. If the bulls display strength, then the price is believed to break the range and enter the resistance zone between $247.78 and $249.59.
A rise above the range is expected if the bulls display strength and if the market sentiments turn extremely bullish, then the Solana (SOL) price rally is expected to mark a new ATH close to $275.
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