XRP, Cardano (ADA), and Solana (SOL) Show Strong Technical Signs of Short-Term Recoveries Amid Volatility
XRP, Cardano (ADA), and Solana (SOL) are demonstrating notable technical strength, signaling potential short-term price recoveries despite broader market uncertainty, according to recent data.
The tokens have formed bullish patterns: XRP broke above the key $2.00 mark, ADA formed a double bottom at $0.55, and SOL surged above $130. These developments suggest accumulation phases are taking place, even as market volatility persists. However, experts caution that if Bitcoin drops below $80,000 or macroeconomic pressures intensify, these gains may be capped.
Alex Kuptsikevich, chief market analyst at FxPro, emphasized that traders should await confirmation of a trend reversal in Bitcoin before committing to long-term buys on major tokens.
“Bitcoin has yet to confirm a growth reversal,” said Kuptsikevich. “A key level to watch is the $85,000 mark, where the 50-day moving average currently lies. Breaking above this level would confirm bullish sentiment, but fluctuations below it may just be market noise.”
On XRP, Kuptsikevich noted that the token found support near the 200-day moving average, suggesting that traders are still employing a “buy on dips” strategy, expecting the bullish trend to continue.
Here’s a closer look at the technical outlook for XRP, ADA, and SOL:
XRP: Bullish Momentum With $2.00 Support
XRP has gained 11% in the past week, rising from $1.87 to $2.07, and breaking the psychological $2.00 barrier earlier on Monday. Recent price action shows a higher low forming at $2.065, signaling a potential continuation of the uptrend. As volatility decreases, accumulation seems to be taking place.
Technical Outlook:
- Support: $2.00-$2.065, with the 50-hour moving average at $2.03 providing additional backing.
- Resistance: $2.10, with potential for $2.15-$2.20 if the breakout holds.
- Indicators: Increased volume during breakouts and a higher low structure indicate sustained buying interest. RSI near 60 suggests room for upside without entering overbought territory.
Short-Term Target: If $2.00 holds, bulls may target $2.10-$2.15. A drop below $1.99 would signal a risk of further declines.
Solana: Ascending Channel Eyes $125.50 Resistance
Solana has surged 3% from a low of $125 to nearly $134, part of a broader 30% rally from $101.30 in the past week, driven by optimism surrounding ETF approval. Support around $120 remains robust, and recent consolidation between $124.50-$125.30 suggests an imminent test of the $125.50 resistance.
Technical Outlook:
- Support: $120-$124, with $115 as a deeper base.
- Resistance: $130-$135, with $145 within reach on a breakout.
- Indicators: Increased volume and tightening Bollinger Bands signal an impending breakout. MACD’s bullish divergence supports the potential for gains.
Short-Term Target: If Solana breaks $135, it could push to $140 or higher. A drop below $120 risks a move toward $105, but the channel remains favorable for bulls.
Cardano: Double Bottom Formation Signals Rebound
Cardano has rallied 18.6% from $0.537 to $0.637, forming a double bottom at $0.55 with strong volume on April 9th. Despite Bitcoin’s 15% weekly decline and broader trade tensions, ADA’s ability to consolidate above $0.60 signals underlying strength. The ascending channel with support at $0.63 suggests the potential for further upside, with bulls now targeting $0.70.
Technical Outlook:
- Support: $0.632-$0.636, with the 50-minute moving average at $0.636 providing additional backing.
- Resistance: $0.641, with Fibonacci extensions at $0.645-$0.658.
- Indicators: Healthy volume and declining volatility suggest accumulation is underway. The stochastic RSI shows momentum building in favor of the bulls.
Short-Term Target: A break below $0.63 could risk a pullback to $0.55-$0.59, but the double bottom formation supports an upside bias.
Overall, XRP, ADA, and SOL show promising technical setups, with each token exhibiting bullish patterns. However, market participants will be closely watching Bitcoin’s movements, as any further volatility could influence the broader market outlook.
