Solana and XRP Face Price Declines Amid Market Uncertainty

Solana (SOL) is having the roughest day, down more than 7% as market uncertainty lingers. At the same time, XRP is facing its own battle with a major price drop. Investors are watching these altcoins with eagle eyes as they approach major support and resistance levels.

Solana (SOL) Price Analysis

SOL’s price plummeted more than 7% today, sending investors into panic mode. Such a drop would be indicative of a possible 2nd test of its recently broken lower support trend $2.15 or $2 flat. Furthermore, SOL’s Moving Average Convergence Divergence (MACD) is indicating a consistent downward movement with the MACD green histograms. This trend shows that the bullish momentum is running out of steam.

SOL averages 12 and 26-day have formed a bearish convergence, adding fodder to the downtrend. SOL’s loss is at 14.65% over the past week and its dipping by 18.22% over the last 30 days. The market cap of SOL has lost $126.18 billion and its dominance has decreased to 3.9353%.

If SOL coin wants to recover its bullish momentum, it needs to hold over the $149 support. If successful, this would allow it to re-test its near-term resistance at $155. Yet, the key support level to keep your eyes on is $142.50. Reversal since Dec 13 In December, the currency pair surged above the 50-day moving average (shown rising).

XRP Price Analysis

XRP price has tanked around 7% with an intraday trading volume of $4.7 billion, indicative of vigorous sell-off pressure. XRP is now $77.24 billion in market capitalization and a market hold of 2.3938%. Combined with the price decline, this points to a muted investor sentiment.

Therefore, reclaiming the 50-day EMA is vital in ensuring that XRP plays catch-up to regain momentum. Breaking above this level would be a strong indication that a bottom may be forming and the recent downtrend could be reversed. The 200-day is now providing a key reversal point just above the new $2.40+ level for XRP, which will be an important area of resistance if reached.

The Stochastic RSI indicator shows the same pattern in the XRP chart, emphasizing a negative vehicles. Such a bearish sign by this technical indicator bolsters the case for further short-term downward pressure on XRP’s price. Both of these levels are worth watching for investors looking to trade opportunistically.