Will Bitcoin’s Bullish Wave Capsize Before Reaching $140,000? XRP Breaks Free, Solana Struggles

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On the daily chart, Bitcoin‘s price action has been as predictable as a Victorian novel, following a classic wave pattern. However, the crucial second wave, the one that could propel BTC to the dizzying heights of $140,000, remains as elusive as a chaste kiss in a Waugh novel. After a failed attempt to break through the descending trendline resistance, which has been a thorn in its side since June, Bitcoin is now trading close to $109,000. 📉

The first wave of the Bitcoin rally, which began in mid-April, was as dramatic as a debutante’s first ball, with the price soaring from $95,000 to about $112,000 in the same month. A predictable pullback followed, retesting the 50-day moving average as dynamic support, much like a jilted lover revisiting old haunts. Traders have been eagerly awaiting a second strong upward leg, one that would place Bitcoin convincingly above $120,000 and set the stage for a parabolic move toward $140,000. 🚀

But the lack of action is starting to worry people. Even though the volume profile shows several daily closes above short-term moving averages, there has been no discernible increase in buying pressure. It seems the market is holding its breath, waiting for a catalyst that has yet to show any interest. The psychological and technical threshold of $140,000, a number that is not arbitrary, is the line in the sand that many analysts consider the confirmation of a fully developed bull market. 🤔

If Bitcoin fails to generate a sustained second wave, we might be in for a prolonged consolidation, a tedious affair that could either drift sideways or slide downward as sentiment cools. The absence of overbought conditions, while providing room to run, also reflects a lack of interest among major market players, as indicated by RSI readings close to 56. Bitcoin, it seems, is in a state of uncertainty, much like a character in a Waugh novel who is neither fully committed to the plot nor ready to exit stage left. 🤷‍♂️

The market could either drift sideways, possibly down while sentiment cools, or the second wave could ignite soon and push the price above $120,000. For the time being, everyone’s watching to see if the next impulse can end the impasse. 🕵️‍♂️

XRP Flashes Green

Finally, XRP is beginning to show signs of escaping the severe technical limitations that have held it back for months, much like a prisoner finding a chink in the wall. A quick look at the daily chart reveals a clear story: the asset has decisively moved above all of its major moving averages, including the 50, 100, and 200-day EMA bands, which were previously acting as a tightening noose around price action. 📈

This breakout from the compression zone marks an important change, pointing to the beginning of a more directed trend rather than the erratic, uncertain trading that characterized the second quarter of 2025. Notably, there is a definite bullish undertone indicated by the ascending triangle formation that has developed over the last few weeks. At higher lows, buyers have been steadily stepping in and progressively consuming the supply. The Relative Strength Index (RSI), meanwhile, has increased to about 57, which is still far below the overbought level, providing XRP with some leeway for gains in the near future. 📊

Even though XRP is no longer trapped between moving averages as it gets closer to psychologically significant levels that have historically occurred, it will almost certainly experience significant selling pressure. The $2.50 region is the most prominent of these, as it has historically prompted significant profit-taking. Volume will also be important. XRP has not yet shown a genuinely compelling spike in participation that would validate breakout conviction, despite recent sessions showing moderate but increasing buying activity. There is a better chance of a clean continuation if volume keeps rising as the price gets closer to $2.50. The rally could turn into another false start, though, if volume stalls, and traders would swiftly lock in gains. 🤞

Solana’s Positioning

As the asset fails to produce any significant breakout momentum, Solana’s position becomes more and more vulnerable, much like a character in a Waugh novel who is slowly being outmaneuvered. SOL is consistently grinding sideways below all of the major moving averages on the daily chart, including the 50-day, 100-day, and particularly the 200-day EMA, which has served as a recalcitrant overhead resistance. Although there have been several attempts to recover higher levels, buyers have continuously failed to get past these technical obstacles. 🛑

For the bulls, this setup is not very encouraging. An asset that is persistently pinned below long-term moving averages is frequently a sign of traders’ lack of conviction. Every rally in Solana’s case is accompanied by fresh selling pressure, as evidenced by the string of lower highs that go back several weeks. This issue is further supported by volume trends. There has been no discernible spike in interest that would typically precede a long-term reversal, and trading activity has decreased from its peaks earlier this year. 📉

Simultaneously, the RSI is circling the neutral 50 region, suggesting neither oversold circumstances nor any underlying strength. Solana runs the risk of entering a more severe correction if it is unable to make a clear break above the $160 zone, characterized by both horizontal resistance and the confluence of moving averages. The first warning sign of a possible retest of the psychologically important $100 level would be the loss of the $140-$145 support area. It would represent a significant decline from the highs of this year and could further depress traders, who are already worn down by months of poor performance. 😔

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2025-07-08 03:13