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Weekly Price Analysis: No Santa Rally as Prices Range
As the year winds down and traders close contracts to focus on end-of-year festivities, the cryptocurrency market has failed to rally in a typical “Santa Claus” run. The latest price analysis indicates that altcoins such as Solana (SOL) and Ripple’s XRP have reached their highs for the week, only to retrace back towards lower levels.
Solana (SOL)
Solana’s price action ranged between a locally formed high at $202.00 and the previous week’s low at $175.10. The cryptocurrency failed to break above its weekly high, indicating a lack of buying pressure as traders prepare for year-end. Open interest data suggests that trading activity has been lower compared to previous weeks, which may contribute to this lack of momentum.
As of publication time, SOL is trading at $193.07.
Ripple (XRP)
Similar to Solana, Ripple’s price action demonstrated a limited range bound movement within the week, with prices testing both extremes. The cryptocurrency reached a weekly high of $2.34 but ultimately failed to break above resistance, driven primarily by retail traders. Open interest data suggests that trading activity has been sporadic and largely driven by small pockets of retail traders.
XRP currently trades at $2.06 as of publishing time.
ETH
Ethereum’s (ETH) price remained relatively flat throughout the week, with little to no significant movement observed. This lack of momentum is concerning for long-term investors seeking a bounce in the cryptocurrency market. As of publication, ETH trades at $3,418.21.
Conclusion
In conclusion, it appears that traders are opting to wind down positions ahead of the end-of-year holidays, resulting in a lack of buying pressure and no Santa Claus rally. This could potentially lead to further volatility in the coming weeks as new market dynamics take shape. It is essential for investors to remain vigilant and adapt their strategies accordingly.
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Source: coinjournal.net
