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Title: Solana (SOL) Critical, Here’s Why; Key Shiba Inu (SHIB) Support Survives, Is Hidden XRP Volume Pattern Forming?
The cryptocurrency market has been experiencing a rollercoaster ride lately, with some assets experiencing sharp corrections and others showing signs of potential reversals. In this article, we will analyze the current situation for three prominent coins – Solana (SOL), Shiba Inu (SHIB), and Ripple (XRP) – to better understand what’s happening in the market.
Solana (SOL) Critical
It seems that Solana’s recent price action has hit a critical point. The coin is approaching the lower boundary of its descending channel, which could potentially lead to more losses if support fails to hold. In order to target $2.80 and possibly retest its previous high around $3, SOL needs to break above the upper boundary of this channel. Failing to do so may result in a deeper correction.
Shiba Inu (SHIB) Support Survives
On the other hand, Shiba Inu’s key support level at $0.00002625 has successfully held strong against bears. The coin is likely to continue its upward movement if it can maintain this resistance and hold onto it well. However, any further breakdown below $0.0000255 could lead to a retest of the previous low around $0.00002275.
XRP Volume Pattern Forming?
Looking at XRP’s chart, there appears to be an emerging volume pattern that may hint at a potential reversal in price action. The coin has already broken above the upper boundary of its descending channel and is attempting to create higher highs, which could eventually lead to a test of the previous high around $3. If this trend continues and buyers maintain their momentum, there’s a possibility that we’ll see XRP moving towards its previous all-time high.
In conclusion, Solana (SOL) may be at risk of further losses if it fails to break above the channel boundary, while Shiba Inu (SHIB) is still in an uptrend as long as support holds.
Source: u.today
