After a week marked by underperformance, major cryptocurrencies are experiencing a resurgence. Bitcoin‘s decisive close above $70,700 on March 28, coupled with revived interest in ETFs, paints a positive picture for the market. This abstract delves into the price trajectories of three significant cryptocurrencies, offering predictions based on recent market activities.
Solana’s Rally and Resistance Challenges
Solana (SOL) previously enjoyed a surge thanks to meme coin enthusiasm on its network. Despite a sudden downturn triggered by a Bitcoin slump, SOL continues to face resistance at $196. If it overcomes this hurdle, analysts see potential for a climb to $267, barring bearish efforts to drag the price down to the 20-day EMA at $173. A drop below $162 could see SOL tumble towards the 50-day SMA of $140.
XRP’s Struggle Amid Regulatory Pressures
XRP remains bogged down by ongoing SEC legal issues, with a looming $2 billion fine imposing selling pressure. The coin’s increased circulating supply since its last all-time high further dampens its outlook. Currently at $0.62, a failure to maintain this level might send XRP down to $0.52. Optimistically, price targets at $0.67, $0.74, and $0.94 serve as possible entry points during a climb, though the asset often faces sell-offs not driven by news.
ADA’s Price Action and Potential Breakouts
Meanwhile, ADA shows bearish attempts to suppress its price below $0.68, now hovering at $0.64. A sustained price below moving averages could lead to a descent to $0.57. A positive break from the $0.57 and $0.68 range could target $0.7 and $0.81, while a downward movement may find supports below $0.46.