- Aptos, XRP, and Solana are key cryptocurrencies to watch this week due to their crucial support levels and potential for significant price movements.
- Traders should monitor these coins closely for any signs of a breakout or further decline.
The cryptocurrency market saw mixed results last week, influenced by geopolitical tensions and economic concerns. As Bitcoin (BTC) fluctuated between $82,000 and $85,000, the overall market capitalization slightly dipped to $2.65 trillion. Among the key coins to watch this week are Aptos (APT), Ripple (XRP), and Solana (SOL), each facing distinct technical and fundamental challenges.
Aptos (APT)
Aptos has had a rough year, with its price plunging from a high of $15.32 in November to around $4.70 today. This drop can be attributed to the broader market downturn and its ongoing token unlocks, which have caused significant dilution. Aptos has a circulating supply of 604 million tokens, with monthly unlocks of approximately 11.3 million tokens. This Saturday, another batch worth $52 million will be allocated. As the price hovers near a crucial support level, further declines could be expected if the support breaks, potentially pushing the price below $4. However, if the price manages to climb above the 50-day moving average of $5.80, the bearish outlook may be invalidated.
Also read: XRP’s Domination: The U.S. Cryptocurrency Market’s Rising Star
XRP (XRP)
Ripple’s XRP remains under close scrutiny this week as it tests critical support levels. On Sunday, the price was hovering around $2.10, just above the crucial support level of $1.9325, which marks the neckline of a head-and-shoulders pattern. If XRP fails to hold this level, a downward movement could lead it to $1.5370, roughly a 26% drop from the current price. The 50% Fibonacci Retracement level aligns with this support, adding weight to the bearish outlook. Traders will watch closely for any signs of a break below this level to confirm the pattern and potentially trigger further declines.
Solana (SOL)
Solana, the high-performance blockchain, is also one to watch this week. After reaching a low of $115 in March, Solana has formed a small double-bottom pattern, with its neckline at $147.18. A break above this level could signal a bullish reversal, but failure to maintain support could see the price dip further, potentially testing the $100 mark. With Solana’s resilience in the past year, a bounce back from this support could offer lucrative opportunities for traders.
As the market continues to face uncertainty, these three cryptocurrencies—Aptos, XRP, and Solana—are poised for critical movements in the coming days, making them important to track.
