Well, well, well, what do we have here? It seems the major layer 1 blockchains are having a bit of a party, all thanks to Bitcoin’s rather impressive price movement on Monday. 🎉 $ETH, $XRP, and $SOL are currently outpacing $BTC. But the real question is, how far can they go? Let’s dive in and find out, shall we?
$ETH up 3.5% on the day
$ETH is up 3.5% on the day so far, breaking past the descending trendline like it’s nobody’s business. 🚀 The next positive price impulse is now in play, and it just remains to be seen whether the bulls can put on a real spurt and force the price up and past the last swing high at $2,879. If the bulls fail to accomplish this, there could be yet another peak and trough of sideways price action to come. But hey, that’s not all bad news! The more sideways price action that takes place, the larger the escape velocity is likely to be if and when $ETH heads up for the next step higher. 🚀🚀🚀
$XRP at critical breakout level
The daily chart for $XRP reveals that the price is up against not only the 0.382 Fibonacci level but also the descending trendline that stretches back to mid-January. This is a very critical point where the bulls and the bears are likely to battle fiercely. If the bulls win, breakout is achieved, and the price can head up towards $2.50. If the bears win, the price is rejected once again, and the descending trendline will continue to push $XRP lower. Upside targets for $XRP can be taken from the Fibonacci levels in the chart. It’s like a high-stakes game of tug-of-war, but with more numbers and less rope. 🤔
$SOL at resistance
The daily chart for $SOL illustrates how the price has come up against the $157 resistance level. If this can be broken and held as support, and the descending trendline can be breached, the bulls can set their sights on the $187 local high. Given that a lower low was recently put in, the higher high at $168 would put the $SOL price back on an upward trajectory. It’s a bit like trying to climb a mountain, but the mountain keeps moving. 🏔️
Read More
2025-06-16 19:10