- Solana price rejected from $175 as bulls fight to secure support at $160.
- Ripple bulls suffered another blow while attempting to break the resistance at $0.12 over the weekend.
The cryptocurrency market is dotted red and green, but as reported, Bitcoin’s winning streak has remained intact. Despite Bitcoin rising to levels above $62,000, most altcoins are exhibiting consolidation movements. For instance, Ethereum is stuck below $4,000, notwithstanding the support at $3,800.
Shiba Inu bulls are not ready to give up control, as they push for gains above $0.00003. The token back to the 12th position with a market cap of $14 billion. Over the last 24 hours, SHIB has grown by roughly 7%.
Solana teeters marginally below $160 following a correction from resistance at $175, encountered during the weekend. Before the rally to this level, SOL sought support at $130 amid a grave danger of dropping to $115 (crucial support in September).
The 61.8% Fibonacci level is in a position to provide Solana with immediate support. Note that with such an anchor in place, bulls are expected to invigorate the uptrend and place SOL back into the trajectory to $175, a move that can quickly be stretched to $200.
In addition, the overall technical picture appears to be leaning on the bullish side. The MACD, however, must keep holding above the mean line to accentuate the bulls’ grip on SOL.
Solana is also trading above the moving averages, with the 50 SMA following close to prevent losses from stretching far below the 61.8% support. A confirmed break above $160 will likely add weight to the buyers’ ability to stay in the cockpit.
SOL/USD Daily ChartLive Chart
SOL/USD price chart by Tradingview
Ripple bulls keep showing resilience considering the frequent times they have tried to break above $1.2 and still failed in the last couple of weeks. The cross-border money transfer token trades at $1.09 at writing while testing the strength of the immediate support provided by the 50-day SMA.
As overhead pressure increases, XRP gets closer to tumbling to $1. Nevertheless, the 200-SMA is in line to provide the much-needed support. With this support staying in position, XRP has a higher chance of resuming the uptrend toward $1.4 in the near term.
XRP/USD Daily ChartLive Chart
XRP/USD price chart by Tradingview
Realize that the RSI holds above the midline while the MACD is above the mean line. Sideways trading will likely come into the picture before bulls completely take control and push to regain the lost ground.