Solana’s Bull Run Ends: XRP’s Downward Spiral and Other Shocking Revelations! 😱

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What to know:

  • The SOL/ETH ratio has waved goodbye to its prolonged uptrend, ushering in a new era of ether superiority. Who knew? 🤷‍♂️
  • XRP‘s recovery from its April lows appears to have taken a permanent vacation. 🏖️

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Ah, the programmable blockchain Solana, once the darling of the crypto world, now finds itself in a rather precarious position, as it attempts to outshine its rival, the illustrious Ethereum. Observers, with their keen eyes, have been whispering about this for months, but alas, the whispers seem to have turned into a cacophony of doubt.

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Moreover, the weekly chart MACD histogram is painting a rather gloomy picture in red, suggesting that the downside momentum is gaining strength. The immediate support is lurking at 0.055 (the Feb. 25 low), and the pair must ascend back above the Ichimoku cloud to dispel the bearish clouds hanging over SOL.

XRP loses uptrend

In another twist of fate, we have XRP, the cryptocurrency that fancied itself a champion of cross-border payments. It has now tumbled out of its bullish ascending channel, marking the end of its recovery from the early April lows near $1.6. Talk about a dramatic exit! 🎭

This breakdown has revealed support at $2, which has served as a floor more times than one can count this year. Should the buyers fail to defend this level, we might witness a deeper plunge to $1.60. On the brighter side, the bulls have their sights set on the recent high of $2.65, a level they must conquer to regain their dignity.

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2025-05-29 15:40