The cryptocurrency market has experienced a significant rebound in the past week, with Bitcoin, Ethereum, XRP, and Solana all recovering from recent sell-offs. The question now is whether this uptrend is a genuine reversal or just a temporary relief rally.
Gareth Soloway, Chief Market Strategist at VerifiedInvesting.com, has conducted a detailed analysis outlining his projections for the four major cryptocurrencies.
Bitcoin: Relief Rally Before a Potential Decline?
Soloway anticipated Bitcoin’s recent bounce due to oversold conditions and strong support levels formed during months of sideways trading. However, despite the recent uptick, he does not foresee new all-time highs in the near future.
Referencing a long-term trend line dating back to the 2017 bull market, Soloway notes that Bitcoin has historically experienced sell-offs upon reaching this line. With BTC breaking major support near $100,000, it is currently attempting to retest that level.
While he expects Bitcoin to approach the $100,000 mark again, he cautions that this level now serves as formidable resistance. A rejection there could push BTC back towards the $73,000–$75,000 range.
Ethereum: Strong Technical Rebound?
ETH retraced to a significant historical resistance-turned-support area, where it has previously bounced in past cycles.
Upon reaching this zone, ETH swiftly reversed course. Soloway anticipates further upside towards $3,200–$3,300 before encountering substantial resistance. Despite the potential for further gains, he remains conservative in his target due to uncertainties in the stock market, which often impacts crypto movements.
Notably, Ethereum’s technical setup appears stronger than Bitcoin’s in the short term.
Solana: Rebound Towards $150?
Following a bounce from a major pivot support, Solana signaled a long entry opportunity. While the trade is currently profitable, Soloway warns that Solana remains exposed to risks.
He envisions SOL climbing towards the $150 range, aligning with previous lows and breakdown points. This level is expected to serve as a robust resistance zone.
In the subsequent period, Soloway suggests that Solana could revisit the $100 mark, especially if Bitcoin enters a corrective phase.
XRP: Bullish Pattern Emerging Amid Market Stability
XRP’s chart reveals the formation of a small bull flag pattern, with a clear trading range between strong support below and solid resistance around $2.65–$2.75.
Behaving like a “ping-pong chart,” XRP has exhibited sharp bounces between support and resistance levels over recent months. There is potential for another upward movement towards the resistance zone in the coming days.
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