The cryptocurrency market is experiencing a rebound, with crypto prices showing early signs of recovery after recent setbacks. To better understand the potential trajectory of XRP, Sol, and Link, let’s examine their movements in relation to critical support levels and resistance zones.
Cryptocurrency Market Analysis
The analysis of XRP, Sol, and Link prices provides insights into their potential future movements. XRP has consolidated within a descending triangle, with critical support at $2.70 to $2.74. A reflection could target $2.58, while a breakout above $2.99 would indicate a bullish trend reversal. Sol has recovered from the $193 level, supported by both trendline and Fibonacci confluence, and is poised for a bullish continuation if it stays above this key zone. Link, after being rejected from its support cluster of $19.80 to $20.10, must reclaim $22.00 to revive its upward trend, or it risks a decline to $18.00.
XRP Price Analysis
Ripple (XRP) has recently recovered from a dip of $2.70 and solidified the $2.70 to $2.74 zone as a strong horizontal support. However, the broader price campaign is compressed between this support and a descending trendline, limiting the price since its July peak. This structure forms a descending triangle pattern, a bearish continuation structure where lower highs push the price into a flat support base. The repeated tests of the $2.70 to $2.74 zone make it a critical pivot zone, as a breakdown could perform a sharper decline to the 0.618 FIB at $2.58, the next main support level.
An outbreak above the descending trendline and the 0.382 FIB at $2.99, which also coincides with the psychological barrier of $3.00, would invalidate the bearish tendency and pave the way for a potential recovery towards $3.20 to $3.40.
Source: Tradingview
Solana Price Analysis
After correcting sharply from near $253, the price of Solana (SOL) found support around $193, which corresponds to the 0.382 FIB of the previous rally and an increasing trendline respected since mid-July. This zone, once resistance in May, has now turned into support, giving it more weight. From there, Sol recovered to around $210, reclaiming its 7-day SMA, which was lost during the retreat. This recovery suggests buyers are attempting to defend the wider upward trend.
As long as the price stays above $193, both the trendline and the Fibonacci structure favor the bulls, with space for a move back towards $220 to $240. However, a break below $193 would weaken the bullish structure and solve deeper retracements, with the next main support near the 0.618 FIB at $155.
Source: Tradingview
Link Price Analysis
Like Sol, the price of Chainlink (LINK) is recovering from a steep pullback, which found support at the $19.80 to $20.10 zone, aligning with the 0.618 FIB of the July-August rally. After this bounce, LINK has reclaimed its 7-day SMA and is now trying to stabilize around $21.20 to $21.40. However, the price remains below the broken rising trendline, which defined the previous upward trend and now acts as dynamic resistance at $22.00.
A recoil above the trendline would signal that buyers are regaining control and possibly opening the door for a step towards $24.00 to $25.00. Conversely, rejection in this resistance zone and a decline below $20 would suspend LINK to downward risk, with the next great support near the $0.786 FIB at around $18.
Source; Trading view
For more detailed analysis and the latest updates on cryptocurrency prices, visit https://crypto.news/crypto-prices-today-xrp-sol-and-link-attempt-recovery-after-recent-pullbacks/
