Major Cryptocurrencies Under Pressure: Bitcoin Faces Deeper Correction, Solana & XRP Struggle to Hold Key Levels
Major Cryptocurrencies Under Pressure: Bitcoin Faces Deeper Correction, Solana & XRP Struggle to Hold Key Levels
The broader cryptocurrency market is exhibiting significant bearish signals, with major assets like Bitcoin, Solana (SOL), and XRP experiencing downward pressure. Bitcoin, as highlighted by Glassnode, is at an increased risk of further drawdowns, potentially retesting critical support levels around $88,500 after breaking below its short-term holder Realized Price and 365-day moving average. Meanwhile, Solana (SOL) is struggling to sustain recovery, facing tough resistance near $165 and exhibiting bearish technical indicators, suggesting a potential decline towards $130. XRP has also seen its recent gains fade, consolidating below $2.30 with clear bearish trends and a risk of falling to $2.00 or lower. Ethereum's social sentiment has also reportedly collapsed, adding to the cautious market outlook.
Bitcoin's Precarious Position
On-chain analytics firm Glassnode has issued a warning regarding Bitcoin (BTC), indicating a heightened risk of further declines. The asset has notably dropped below the short-term holder (STH) Realized Price, currently at $112,500, signifying that a significant portion of recent investors are now underwater. Historically, such discounts have often led to deeper corrections towards lower structural supports, with the Active Realized Price near $88,500 identified as a critical reference point during extended corrective phases. Bitcoin has also broken below its 365-day moving average, a level previously associated with the start of the 2022 bear market, further reinforcing the bearish outlook. At the time of writing, BTC was trading around $103,300, down over 6% in the last seven days.
Solana Struggles Amidst Bearish Trends
Solana (SOL) is facing a challenging period, marked by a fresh decline below the $165 pivot zone. Despite attempts at recovery, SOL is encountering strong resistance around $165, trading below $162 and its 100-hourly simple moving average. A new bearish trend line is forming at $159 on the hourly chart. After extending losses below $150 and testing the $145 zone, SOL saw a brief recovery above $150 and $155. However, bears remain active, with immediate resistance at $160 and major resistance at $165. A failure to clear $160 could lead to further declines, with initial support at $150 and $145, potentially falling to $138 or even $130 if these levels are breached. Technical indicators like the Hourly MACD are gaining pace in the bearish zone, and the RSI is below the 50 level, reinforcing the negative sentiment.
XRP's Gains Fade, Caution Prevails
XRP's price has struggled to maintain its recent gains, failing to stay above $2.350 and trimming previous advances. The asset corrected lower after failing to clear $2.420 and is now consolidating below $2.30 and the 100-hourly Simple Moving Average. A break below a bullish trend line at $2.360 suggests further downside. While bulls are active near $2.20, significant resistance is anticipated at $2.30, followed by $2.350 and $2.420. If XRP fails to clear the $2.30 resistance zone, it risks a fresh decline towards initial support at $2.20 and $2.150. A break below $2.150 could send the price down to $2.050, or even $1.840. The Hourly MACD for XRP/USD is also gaining pace in the bearish zone, and the RSI is below the 50 level, indicating a cautious and bearish market sentiment.
Broader Market Sentiment
The sentiment across the broader crypto market appears cautious, with even Ethereum (ETH) experiencing a collapse in social sentiment, as noted in market observations. This widespread bearishness underscores a period of uncertainty and potential further volatility for leading digital assets.