Bitcoin’s robust rebound from the 80,000–83,000 dollar range has fueled speculations that the cryptocurrency market may turn upwards again. While a classic bear trap formation has emerged for Ethereum, XRP is facing resistance at the 2.30-dollar boundary. Solana, meanwhile, is struggling to break out of the price range trapped at the 145-dollar level.
Bitcoin and XRP’s Growing Upward Momentum
On the second day of the new month, Bitcoin surged to 93,100 dollars, signaling a potential exit from a three-week-long downward trend. The trend line outlined from the record levels on October 8 stands as the first critical resistance for Bitcoin to overcome. Analysts suggest that the horizontal movement of the MACD histogram on the hourly chart indicates a temporary consolidation, yet daily indicators remain positive.
For investors, the 80,000–83,000 dollar range is still a strategic defense line. Maintaining this range is viewed as a fundamental condition for the continuation of the upward trend. Market sentiment suggests that despite profit-taking by major investors, there is a prevailing long-term bullish outlook.
On the XRP front, stability above 2 dollars has led the price back above the Ichimoku cloud. A clear upward curve has formed on the hourly chart, but the 2.28–2.30 dollar resistance range is limiting the price from moving to a higher channel. If this threshold is surpassed, the descending trend line at 2.50 dollars will be the next target; otherwise, a return to 2 dollars remains possible.
Ethereum and Solana Turn Upward
Ethereum has technically completed a classical bear trap scenario, dipping below the lower band of the downward channel before quickly recovering. This formation is interpreted as a signal that selling pressure has been absorbed and buyers have regained control. Market experts suggest a potential test of 3,100 dollars in the short term, followed by targeting the significant technical level at 3,500 dollars. The 2,600–2,700 dollar range maintains its position as support.
For Solana, the price has reached the upper boundary of the horizontal channel at 145 dollars. Although the MACD indicator suggests a loss of momentum in the short term, the daily outlook remains positive. Consequently, in the event of a breakout, the target for SOL coin is anticipated to be 165 dollars. Market analysts do not rule out the possibility of a new mini-rally in Solana, particularly if high capital inflows persist.
According to CryptoAppsy data, as of the article’s preparation, Bitcoin was trading at 93,276 dollars with a 7.35% increase over the past 24 hours, while Ethereum rose by 8.93% to 3,060 dollars. During the same period, XRP and Solana experienced increases of 9.03% to 2.20 dollars and 11.60% to 142.34 dollars, respectively.