Over the past week, the crypto market experienced significant volatility across major coins and altcoins, including SOL, SUI, and XRP. Each saw substantial price swings, influencing broader trends and market sentiment. Below is a technical analysis of these three prominent cryptocurrencies, examining their recent performance and prospects.
Solana (SOL) Price Analysis
Solana (SOL) is currently trading at $256.62. This asset has shown much-needed resilience, stabilizing near the $250 support price level after a 10% decline from its all-time high earlier in the previous week.
On the daily chart, SOL faces resistance at $270. If the $250 support holds, bullish momentum could push the price toward $280.
The 4-hour timeframe indicates Sol has gone into a brief consolidation while still maintaining a bullish outlook. An upward breakout from this consolidation would only spell further bullish movements toward the $280 price, with an immediate support level at $230. A downward break, however, could see the price drop to the $220 price level.
Sui (SUI) Price Analysis
SUI is trading near $4.36, up 3.79% over the past 24 hours. Earlier this month, it reached an all-time high of $5.35. Key support and resistance levels are at $3.98 and $5.14, respectively. The support level aligns with a bullish trend line, potentially signaling an upward bounce.
Ripple (XRP) Price Analysis
XRP is currently trading at $3.14. During the past week, it attempted to break above the $3.40 resistance level but was faced with a sharp rejection. This suggests a possible market consolidation phase between $2.91 and $3.40.
Holding the $2.91 support could increase the likelihood of a breakout above $3.40, potentially targeting $4 and $4.84.
On the 4-hourly timeframe, XRP is still in a tight consolidation, but expert traders are on the lookout for a bounce from the support level at $2.91. This is consequent on the market’s overall bullish trend. A potential breakout to the upside could see the price reach the $4.00 price level.
READ MORE: Litecoin Price Prediction as the LTC ETF Launch Approaches
