SOL is gradually losing investors’ attention as it failed to continue its uptrend. This comes after it tested the $120 in December. It succumbed to the current bearish sentiment of the market and has lost notable value over the last 48 hours.
The negative sentiment spread across the crypto market, sparing a few assets in the top 100. As a result, it lost more than 2% within the last 24 hours. The most recent valuation suggests that the sector under consideration is yet to recover from the downtrend it grappled with last week.
It opened the session at $1.68 trillion and failed to surge as this was the highest it hit. One dominant trend at the time was considerable stability in price of most cryptocurrencies. Nonetheless, this changed during the last few days of the seven-day period when it dropped to a close at $1.64 trillion. The close suggests that the industry did not see any notable changes.
With the week in focus, it is safe to conclude that the crypto market is not off to a good start. However, some cryptocurrencies are showing signs of recovery that may run through the rest of the session.
Top Three Cryptocurrencies to Watch
BTC/USD
During the last seven days, the apex coin failed to register increases. A closer look at the chart showed that both the bulls and bears had their moments as doji represented the previous week’s price actions.
However, it is worth noting that Bitcoin kicked off the previous session a little bullish as it attempted to reclaim some lost levels. One such was $43k. It started Monday at $41,701 and peaked at $43,324 but retraced to a low of $42,493. Tuesday was another green day as BTC went higher but failed to register any significant positive changes.
Thursday was the busiest day for the top coin. It opened trading at $42,738 and experienced a small increase before the correction. Once retracement hit, it broke the $41k support and continued down until rebounded at $40,600. However. it recovered and closed at $41,283 which meant it lost more than 3% in the end.
A closer look at the daily chart suggests that the current week is more severe than the previous. During the previous intraday session, BTC had one of its biggest downtrends. It kicked off trading at $41,555. It started retracing in the last few hours of the day. As a result, it broke the $40k support and dropped $39,437 but closed higher. It ended with losses of almost 5%.
Currently trading at $39,168, bitcoin is recovering from a low of $38,505. This could be the start of an uptrend that may see the top asset recover all lost levels. One such level is $41,500. Although resistance, the mark used to serve as one of the toughest supports.
The previous prediction is based on price movement as indicators are silent. It is worth noting that if the current trend continues, the apex coin may drop to $36k before rebound. The Relative Strength Index is not disputing such an event.
SOL/USD
Solana price performance during the previous week was filled with volatility. A close look at the candle representing trading actions is closely related to a doji. This comes after the altcoin retraced from its high, dropped to a low, and struggled to return to its opening price.
Breaking the chart down to 1-day, it is clear that SOL had a bullish start to the period under consideration. During the first three days of the session, it recorded significant gains. For example, on Tuesday, it opened trading at $94 and attempted the $100 resistance but halted its advance at $98. It had a small retracement and closed gains exceeding 3%.
The increases continued into the next day. This time, it broke through $100 and peaked at $102. It closed the intraday session at the said mark which translates to a more than 4% surge. While this was the highest single-day increase last week, the largest decrease followed. Solana closed at $94 after rebounding at $91. It ended the day with losses exceeding 7%.
With a focus on the new intraweek, SOL is not off to a good start. Like every other cryptocurrency, the altcoin is seeing a massive decline in price. Over the last 48 hours, it has lost more than 10%. It broke the $80 support a few hours ago but is exchanging above the barrier at the time of writing.
If the downtrend continues, SOL may retest $70. The rebound that took place a few minutes ago showed that the bulls are fighting back. If the buys continue, the altcoin may reclaim $90.
XRP/USD
The past week was one of the toughest for XRP. It lost more than 5% during this period as it dropped to its lowest in more than ten days.
A closer look at the daily chart suggests the asset failed to register any significant increase. This is especially clear during the first two days of the session as the coin closed with no significant gains. However, this came to an end on Wednesday when the downtrends started. Additionally, the biggest dip happened on the next day as it lost almost 3%.
With a focus on the new week, XRP is still experiencing its downtrend. During the previous intraday session, it lost more than 3%. It broke through the $0.50 support a few hours ago but is recovering at the time of writing. If the recovery continues, the altcoin may retest $0.56. Nonetheless, a continuation of the bearish trend may lead to a decline to $0.45.
