According to CoinDesk, major cryptocurrencies XRP, Solana (SOL), and Cardano (ADA) have each experienced a roughly 6% price decline over the past 24 hours. This downturn is attributed to broader macroeconomic pressures, including uncertainty surrounding U.S. policies such as tariffs and a hawkish stance from the Federal Reserve, which is expected to implement fewer rate cuts in 2025. These factors have created a challenging environment for crypto majors, leading to further downward movement.
XRP, closely associated with Ripple Labs, is currently trading below critical support levels, with the next support threshold around $1.60. Data from Coinglass indicates high leverage in XRP trading positions, suggesting potential for additional downward pressure before any recovery occurs. A potential double bottom pattern has formed near $1.80, yet the overall market structure remains bearish despite modest recovery attempts from the $1.60-$1.70 range. Technical indicators reveal deeply oversold conditions, with the Relative Strength Index (RSI) at 22.41, while the MACD and Chaikin Money Flow (-0.17) signal strong bearish momentum as money flows out of the asset. The 50% Fibonacci retracement level at $1.91 is acting as a pivotal point for a potential trend reversal in the near term. Price action shows a series of lower highs from the $2 support zone, with a bullish divergence forming on lower timeframes, suggesting stabilization. Momentum indicators have shifted from bearish to neutral, with the RSI indicating oversold conditions, suggesting potential for a reversal if bullish momentum builds.
Solana (SOL) has seen a decline of over 8% in a week, currently residing in a crucial support zone between $100 and $110. The recent slump suggests a revisit to these levels or even lower, with thin liquidity below $100 potentially leading to a sharper fall toward as low as $50. SOL experienced a dramatic 22% drop from $122.75 to $95.72 between April 5-7, with partial recovery establishing a new trading range between $103-$112. Major Solana whales have unstaked and dumped significant holdings, with one transaction worth approximately $30 million coinciding with a $200 million token unlock event. SOL needs to reclaim $112 to target $120; failure to do so could see a drop to $96. The RSI remains consistently below 40, indicating strong bearish momentum and oversold conditions. The MACD shows bearish crossovers, aligning with a downward trend, and the price is below key moving averages ($130.5 and $184.2), reinforcing a bearish bias.
Cardano (ADA) has similarly declined by about 6% in the past 24 hours and over 23% in the past two weeks. The daily RSI is at 32, suggesting ADA is nearing oversold territory, though it still has room for further downside before a potential reversal. This indicates that bearish momentum persists, though exhaustion may be nearing. ADA is trading below its 21-day moving averages on a daily timeframe, confirming a bearish trend. However, ADA is currently within a falling wedge pattern on the daily timeframe, typically a bullish reversal pattern, with a dip to 60 cents–61 cents expected before a potential sharp upward reversal, possibly forming a bear trap. For XRP, the $1.62 level is pivotal; a break below could target $1 or lower, while a bounce might signal a short-term relief rally. SOL's fate hinges on holding $100—failure here could accelerate losses, but oversold conditions might spark a rebound if macro pressures ease. ADA bulls need to defend its current range to avoid a slide toward 55 cents.
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