XRP, Cardano (ADA), and Solana (SOL) tokens are exhibiting technical strength in a signal of potential short-term price recoveries, data indicates.
Bullish patterns—XRP’s $2.00 breakout, ADA’s double bottom at $0.55, and SOL’s rally to above $130—suggest accumulation phases despite broader market volatility. However, a bitcoin drop below $80,000 or intensified macro pressures could limit gains.
Alex Kuptsikevich, the FxPro chief market analyst, said in a note to CoinDesk that traders must await confirmation of a bitcoin trend reversal before long-term dip buying on major tokens.
“Bitcoin has yet to confirm a growth reversal,” Kuptsikevich said. “The key area along the way is the $85,000 level, where the 50-day moving average passes. Its overcoming will be an important confirmation of the bullish sentiment, while fluctuations below it will remain market noise.”
“XRP found support last week on the decline to the 200-day moving averages. This small but encouraging signal suggests that market participants are still adhering to a ‘buy on dips’ strategy, believing in the continuation of the bullish trend,” he added.
Here are technical analysis highlights for XRP, ADA and SOL, based on CoinDesk data:
XRP: $2.00 support signals bullish momentum
XRP surged 11% from $1.87 to $2.07 in the past week, breaking a psychological $2.00 barrier earlier Monday. Recent price action shows a higher low at $2.065, recovering to $2.068, with decreasing volatility indicating accumulation.
Technical Outlook:
- Support: $2.00-$2.065, reinforced by the 50-hour moving average at $2.03.
- Resistance: $2.10, with $2.15-$2.20 possible on a break.
- Indicators: Volume surges during breakouts, and a higher low structure confirms buying interest. RSI near 60 suggests room for upside without overbought risks.
Short-Term Target: If $2.00 holds, bulls may want to watch $2.10-$2.15, with a break below risking $1.99.
Solana: Ascending channel eyes $125.50
Solana rallied 3% from a low of $125 to nearly $134 in early European hours Monday, part of a 30% climb from $101.30 to $125.48 in the past week driven by ETF approval optimism (76% odds on Polymarket).
Support around the $120 mark remains firm, with recent consolidation between $124.50-$125.30 testing $125.50 resistance.
Technical Outlook:
- Support: $120-$124, with $115 as a deeper base.
- Resistance: $130-$135, with $145 in sight on a breakout.
- Indicators: Increasing volume and tightening Bollinger Bands hint at an explosive move. MACD’s bullish divergence supports gains.
Short-Term Target: Clearing $135 could push SOL to $140 and above. A drop below $120 risks $105, but the channel favors bulls.
Cardano: Double bottom drives rebound
ADA rebounded 18.6% from $0.537 to $0.637 in the past week, forming a double bottom at $0.55 with strong volume on April 9th. Despite bitcoin’s 15% weekly decline and trade tensions (China’s 34% U.S. import tariffs), ADA’s consolidation above 60 cents (now support) signals strength. With the ascending channel with support at 63 cents, bulls can now target at least 70 cents.
Technical Outlook:
- Support: $0.632-$0.636, backed by the 50-minute moving average at $0.636 as of Monday.
- Resistance: $0.641, with Fibonacci extensions at $0.645-$0.658.
- Indicators: Healthy volume and declining volatility suggest accumulation. Stochastic RSI shows building momentum.
Short-Term Target: A break below 63 cents risks 55-59 cents, but the double bottom supports the upside.
Read more: Bitcoin Faces ‘Cloud Resistance’ at $85K, Neutralizes Risk-Reward for Bulls: Godbole
