The crypto market has seen a strong rebound over the past week, with Bitcoin, Ethereum, XRP and Solana all recovering after strong sell-offs. But is this a real reversal of trend or just a temporary recovery?
Gareth Soloway, chief market strategist at VerifiedInvesting.com, has released new analysis outlining what he thinks is next for the top four crypto players.
Bitcoin: Relief Rally Before Bigger Drop?
According to Soloway, Bitcoin’s recent rebound was expected because the asset had become deeply oversold and had fallen into a strong support zone created by months of sideways trading. But despite his long positions on the lows, he doesn’t expect new all-time highs anytime soon.
Soloway highlights a long-term trend line that dates back to the 2017 bull market. Every time Bitcoin hits this line, it triggers a sell-off. This time was no different, as BTC broke major support near the $100,000 zone and is now attempting to retest that same level.
He expects Bitcoin to climb again towards the $100,000 zone, but warns that the level now constitutes powerful resistance. A rejection could send BTC back to the $73,000-$75,000 range.
Ethereum: a strong technical rebound?
ETH has fallen back into a major historical resistance-turned-support zone, where it has bounced multiple times in previous cycles.
Once ETH reached this zone, it climbed quickly. Soloway expects further upside to between $3,200 and $3,300 before hitting significant resistance. Although ETH may rise, it chooses a conservative target due to uncertainty in the stock market, which often correlates with crypto movements.
However, Ethereum’s technical structure remains stronger than Bitcoin’s in the short term.
Solana: A rebound towards $150?
Solana also triggered a long entry after hitting major pivot support. The rebound has already put the trade in profit, but Soloway warns that Solana is far from out of danger.
He expects SOL to rise towards the $150 area, which corresponds to a group of previous lows and breakout points. This region should provide firm resistance.
Subsequently, he believes Solana could return to the $100 level later this cycle, especially if Bitcoin enters its next corrective phase.
XRP: Uptrend forming as market stabilizes
The XRP chart forms a small bull flag and Soloway shows a clear trading range between strong support below and solid resistance around $2.65 to $2.75.
The asset has behaved like a “ping-pong chart,” bouncing sharply between support and resistance levels several times over the past few months. XRP could attempt a further rise towards its resistance zone in the coming days.
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