The cryptocurrency market is currently experiencing volatility, with major tokens XRP, Solana (SOL), and Cardano (ADA) each seeing a roughly 6% price slump in the past 24 hours amid broader macroeconomic pressures. Recent market narratives reflect uncertainty surrounding U.S. policies, including tariffs and the hawkish stance of the Federal Reserve which predicts fewer rate cuts in 2025, providing a fundamental backdrop for potential further declines in crypto majors.
Here’s a closer look at the technical analysis and price action for these tokens in the near term.
XRP Price Analysis
XRP, the token closely associated with payments firm Ripple Labs, is currently trading below critical support levels, with the next significant threshold around the $1.60 mark. As highlighted by Coinglass data, high leverage in XRP trading positions suggests that further downward pressure may occur before any potential recovery.
A potential double bottom pattern is forming near the $1.80 mark, indicating that while there have been modest recovery attempts from the $1.60-$1.70 range, the overall market structure remains bearish.
Technical indicators present deeply oversold conditions with the RSI at 22.41, while the MACD and Chaikin Money Flow (-0.17) signal strong bearish momentum as it appears money is flowing out of the asset. The 50% Fibonacci retracement level at $1.91 is currently acting as a pivotal point for a potential trend reversal in the near term.
Price action shows a series of lower highs from the $2 support zone. A bullish divergence has emerged on lower timeframes, suggesting stabilization. The previous support level at $2 is now acting as resistance.
Despite the overall bearish sentiment, momentum indicators have shifted from bearish to neutral in recent trading. The RSI’s oversold conditions hint at potential for a reversal if bullish momentum begins to build. However, the MACD’s bearish crossover reinforces a downward bias unless a reversal signal develops.
SOL Price Analysis
SOL has seen a decrease of over 8% in the past week, currently residing in a crucial support zone between $100 and $110. This ongoing slump suggests a possible revisit to these support levels or even lower, particularly given that thin liquidity below $100 may lead to a sharper decline, potentially reaching as low as $50.
Recently, SOL experienced a significant 22% drop from $122.75 to $95.72 between April 5-7, followed by a partial recovery that established a new trading range between $103 and $112.
In addition, substantial liquidation occurred as major Solana whales unstaked and offloaded significant holdings; one notable transaction worth approximately $30 million coincided with a $200 million token unlock event.
To regain upward momentum, SOL needs to reclaim the $112 level to target $120. Failure to do so could see a drop to $96. The RSI consistently remains below 40, suggesting strong bearish momentum and oversold conditions.
Bearish crossovers in MACD align with the downward trend, and price positions below key moving averages ($130.5 and $184.2) further reinforce a bearish outlook.
The technical structure highlights significant downside risk unless the $112 level is reclaimed.
ADA Price Analysis
Similarly, ADA has also declined by about 6% within the past 24 hours and is down over 23% in the last two weeks.
The daily RSI is positioned at 32, indicating that ADA is nearing oversold territory (typically below 30) yet still has potential for further downside before a potential reversal. This suggests that despite the prevailing bearish momentum, exhaustion could be nearing.
ADA is trading below its 21-day moving averages on a daily timeframe, confirming a current bearish trend.
However, it’s noteworthy that ADA is within a falling wedge pattern on the daily timeframe—a pattern that traditionally signals a bullish reversal. A dip to 60 cents to 61 cents is anticipated prior to a potential sharp upward movement, which may constitute a bear trap.
Outlook
For XRP, the $1.62 level is critical to watch as it serves as pivotal support; a break below this level could see it target $1 or lower, while a bounce could indicate a short-term relief rally. SOL’s future depends heavily on maintaining the $100 support; failing to do so could lead to accelerated losses. However, the oversold conditions may stimulate a rebound if macro pressures begin to ease. Meanwhile, ADA bulls must defend the current range to avoid a descent towards 55 cents.
