Market expert Jason Pizzino has raised concerns over the potential decline in the value of major cryptocurrencies such as XRP, Solana, and Ethereum. In recent updates shared on social media, Pizzino pointed out the significant price downturn these assets have experienced, indicating that this trend could persist in the near future.
What is XRP’s Price Target?
Pizzino has identified a price target of around $1.40 for XRP. Despite witnessing a 20% decrease in its value, he emphasized that a recovery has yet to manifest, and technical indicators suggest the possibility of continued decline.
How Low Can Solana Go?
Pizzino mentioned the potential for Solana to experience a trend reversal using a three-bar rule. He noted that this rule, which previously indicated trends in past months, could see Solana fall to approximately $60. The first signal is anticipated in November 2024, followed by another in January 2025, marking a significant dip below the $100 mark for the first time in a year.
Projected price levels for Solana include an initial target of $80, with a possible drop below $60, indicating that major cryptocurrencies are likely undergoing typical value corrections.
Ethereum also faces potential challenges, with Pizzino highlighting that the cryptocurrency is currently testing the $1,500 support level. If it fails to hold this value, a drop to around $1,200 could occur, with Ethereum currently trading at approximately $1,574.
Pizzino’s analysis reflects the bearish trends observed in significant cryptocurrencies, as market participants remain vigilant of such developments in the cryptocurrency sector.
- XRP, Solana, and Ethereum have seen value reductions ranging from 12% to 16% recently.
- A bearish outlook exists, with specific price targets set for XRP, Solana, and Ethereum.
- Market conditions and technical indicators suggest potential future declines for these assets.
Given the current technical indicators and market sentiment, the landscape for major cryptocurrencies could continue to be challenging in the short term, prompting stakeholders to proceed with caution.
