The crypto markets are rising! Bitcoin prices soar above $38,000, while Ethereum prices jump above $2000. The majority of the altcoins are gaining bullish momentum as the buying pressure accumulates. Popular altcoins like Solana and XRP have soared above the crucial resistance, but SOL aims to go higher and achieve a three-digit figure, while the XRP price is feared to drop below $0.6.
Solana (SOL) Price Analysis
After the recent price action, the Solana price soared above the descending pattern in the short term. The bulls appear to be well in position, which indicates the price could maintain a healthy ascending trend. However, the price is testing the pivotal resistance levels, and a breakout beyond these levels may validate the beginning of a healthy upswing.
The SOL price closed the previous day’s trade on a bullish note, piercing through the descending trend line and reaching highs above $58. Many believed a small correction could be imminent, but the day’s trade began with a continued upswing beyond $60, forming new daily highs at $61.48. Besides, the DMI has just turned bullish as the +Di rebounded and rose, crossing the -Di levels, signalling the start of a bullish trend.
Therefore, the SOL price is believed to continue to range high and surpass the threshold at $62, which may pave the way for the price to reach $70 before the end of 2023.
XRP (XRP) Price Analysis
The XRP price began the monthly trade on a bullish note by surging more than 30% during the first fortnight. The price reached levels above $0.75 but failed to sustain the gains, resulting in a massive drop of over 20% from the highs. Presently, the XRP price is trying hard to reach the upper resistance of the channel, but the technicals suggest a notable pullback could be fast approaching.
Ever since the rejection from the monthly highs, the XRP price has been trading within a descending parallel channel. After rebounding from the lower support, the price even defended the ascending trend line, displaying its strength. However, the price is likely to face rejection, as the rally’s strength is plunging as the DMI is turning bearish with a drop in ADX. Moreover, +Di & -Di are about to validate a bearish crossover, confirming a bearish trend.
Hence, the XRP price may lose the pivotal support at $0.6, and after knocking the middle bands of the channel at $0.55, a healthy rebound may be expected.
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