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Weekly Price Analysis: No Santa Rally as Prices Range
As the year draws to a close, cryptocurrency traders are typically expecting a Santa rally – a period of market growth and increased trading activity. However, the recent price action in ETH, SOL, and XRP suggests that this may not be the case.
ETH, currently priced at $3,418.21, has been unable to break above its previous highs, instead ranging between $3,300 and $3,500 throughout the week. This lack of momentum is concerning for bulls, as it indicates a lack of confidence in the market’s ability to make significant gains before the end of the year.
SOL, which traded within a range between $175.10 and $202.00, has seen similar price action. The cryptocurrency failed to break above its previous highs on Dec. 25, driven largely by retail traders, but ultimately fell short. Open interest data shows fluctuating levels, but generally lower compared to previous weeks.
XRP, priced at $2.06 as of publishing, also saw a range-bound performance over the week. The cryptocurrency’s price trended lower within its established range, with open interest data revealing sporadic pockets of retail traders entering and exiting positions.
The lack of significant price movement in these major altcoins is concerning for investors looking to capitalize on any potential gains before year-end. As we approach the end of the year, it remains to be seen whether this trend will continue or if a surprise rally will bring relief to market participants.
Disclosure: The author holds a long position in ETH and SOL.
Source: coinjournal.net
