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Title: XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?
The cryptocurrency market is witnessing a mix of bearish and bullish trends as investors remain cautious amidst the ongoing bearish momentum. Recent data suggests that Ripple’s native token, XRP, is struggling to maintain its price level, while Shiba Inu has already lost its footing in recent days.
On the other hand, Solana (SOL) has shown some resilience despite the unfavorable market conditions. With a significant unlock event scheduled for March 1, SOL’s performance is crucial for the coin’s future prospects.
The current situation with XRP
XRP’s price is currently facing stiff resistance as investors grow increasingly skeptical about its potential to bounce back in the near term. The latest data indicates that XRP has lost around 13% of its value over the past month, which further erodes investor confidence. A closer look at the charts reveals a clear lack of momentum on the part of XRP, with no signs of reversal or recovery.
XRP’s current plight is attributed to concerns about its regulatory environment and increased scrutiny from global authorities. As such, it remains unclear whether the token will be able to regain its footing in the short term.
Shiba Inu (SHIB) falls further
Meanwhile, Shiba Inu has suffered a significant loss of over 30% over the past month, which highlights the magnitude of the bearish sentiment that has gripped the cryptocurrency market. This substantial decline is further evidence that SHIB’s outlook is particularly dire.
In view of this data, it seems unlikely that SHIB will make a comeback anytime soon. The token’s market cap and price have both taken a hit, and investors’ confidence in its potential growth prospects has been severely damaged.
Solana (SOL) may finally bounce
However, Solana’s resilience against the backdrop of bearish sentiment is particularly interesting. Despite concerns about excess supply following the upcoming unlock event on March 1, SOL seems to be holding ground fairly well. While this doesn’t necessarily mean it will break out into a strong upward trend immediately, it does indicate that investors are not entirely prepared to give up on the token just yet.
If SOL can regain $230 and hold above it, there is a possibility of a near-term bounce towards the $250-$260 range. This bullish trend would be in contrast with the downward momentum we’ve seen so far this year.
A decline to the $194-$200 range could occur if SOL fails to maintain its 50 EMA support.
Source: u.today
