Ethereum
Solana Poised to Break $200? Ethereum Breaks Resistance, XRP Poised to Break $1
Arman Shirinyan
Market is moving closer to a full-fledged bull cycle as investors return to the market
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With a current trading price of around $190 and indications of a possible $200 hit, Solana is having a remarkable run. Solana has managed to break through a number of local resistance levels following this surge, which is a sign that things will continue to rise. But reaching $200 is not without its challenges.
According to the price chart, Solana has been steadily breaking above the resistance levels and has been in a strong uptrend. Support has come from the 50-day and 100-day moving averages, and SOL has managed to hold its position above these important moving averages.
This upward dynamic raises the possibility that GROUND Bitcoin price is expected to continue rising, possibly reaching the $200 mark. The fact that current trading volume is still quite low should not be overlooked, even with this optimistic outlook. In order to maintain upward momentum and break through important resistance levels, high trading volume is often essential.
The low volume could be a sign that it will be difficult to keep prices where they are, let alone break above $200. The sentiment of the market as a whole is also a big factor in Solana’s price action. Signs of recovery for Bitcoin and Ethereum have been seen with the ETF approval. If Bitcoin maintains its current upward trajectory, it could provide SOL with the support it needs to break above the $200 barrier.
The rush to Ethereum
Ethereum Bitcoin price is trading near $3,360 and appears to be making a major breakthrough. The second-largest cryptocurrency by market cap could be gearing up for a stronger performance as this move suggests a potential turning point.
But unlike other assets like Solana, the momentum behind this uptrend isn’t as strong as some might have hoped. For Ethereum, the 50-day exponential moving average has proven crucial. It’s common to interpret a break above the 50-day exponential moving average as a bullish signal, suggesting that price gains could continue.
The sustainability of this uptrend is, however, questionable given the current low trading volume. In terms of market success, Ethereum’s momentum is still lower than that of Solana, which has seen a sharper and more consistent uptrend thanks to encouraging technical indicators.
There are a number of possible reasons for this performance gap, such as trading volume, market sentiment and general market conditions. Potential for reversal. Although Ethereum Recent moves are promising, caution is still advised. The asset still lacks strong momentum to ensure a long-term uptrend.
XRP forms a triangle
On its daily chart, XRP is currently displaying a traditional triangle formation, which often precedes notable price changes. Converging trendlines indicate that this formation, which could lead to an upside or downside breakout for XRP, is approaching this point.
XRP XRP has a good chance of breaking out of the resistance zone and reaching higher price levels in the near future, given the recent bullish momentum in the market. As we can see from the chart, XRP is consolidating inside a symmetrical triangle with the price oscillating between the upper resistance and lower support levels.
This type of pattern usually signals a phase of market turbulence where neither the bulls nor the bears are in complete control. But the probability of a breakout increases as the price approaches the apex of the triangle. Around $0.70 would be the next immediate resistance level to watch if XRP is able to break through the upper trendline of the triangle.
Since this milestone has always been a major hurdle to clear, it could open the door to more success. After $0.70, the psychological threshold of $1.00 becomes the next important target. Reaching this level could potentially attract more investors, as it would not only mean a considerable price increase, but also a significant milestone for XRP.
A breakout must be accompanied by a sharp increase in trading volume to be sustainable. This would also support the breakout by showing significant buying interest. Given the current relative calm in volume, it appears that traders are holding off on taking new positions until they receive a clear signal.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.