Market Overview – May 8, 2025
Bitcoin continues to defend the critical $95,000 support zone following the Federal Reserve’s decision to leave interest rates unchanged. With BTC trading above $97,000, analysts are watching closely for a breakout toward $100,000. Meanwhile, major altcoins are holding key support levels, signaling potential short-term rallies.
Bitcoin (BTC) — $97,358
BTC remains above the 20-day EMA ($93,091), confirming bullish structure.
Immediate resistance: $97,895; if broken, potential targets are $100,000 and $107,000.
Failure to hold $95,000 may lead to a retest of $87,441.
Ethereum (ETH) — $1,823.08
ETH is consolidating near the moving averages, signaling reduced selling pressure.
A breakout above $1,873 could push price to $1,957, then $2,111.
Key supports to watch: $1,537 and $1,368 on the downside.
XRP (XRP) — $2.13
XRP is range-bound between the $2 support and resistance trendline.
A breakout above the trendline could lead to a rally to $3.00.
Breakdown below $2 would expose the $1.72 to $1.61 zone.
Binance Coin (BNB) — $602.59
BNB trades above the 50-day and 20-day EMAs, indicating buyer control.
Resistance levels: $620 and $644. Breakout could reach $680.
A drop below $576 could trigger a decline to the $520–$500 zone.
Solana (SOL) — $148.14
SOL is supported by rising stablecoin inflows and increasing DEX volumes.
Resistance at $153. Breakout could take price to $180, then $200.
A move below $133 would shift focus to $110 support.
Dogecoin (DOGE) — $0.17265
DOGE is neutral, hovering near the 20-day and 50-day moving averages.
Bullish breakout above $0.21 may lead to $0.25 and $0.28.
Breakdown support rests at $0.14.
Cardano (ADA) — $0.6731
ADA remains in consolidation, facing strong resistance at $0.75.
Break above could lead to a rally toward $0.83.
If support at $0.58 fails, price could revisit $0.54 or $0.50.
Sui (SUI) — $3.35
SUI shows resilience above the 20-day EMA ($3.14).
Next resistance: $3.50 and $3.90, followed by $4.25 and $5.00.
Key downside levels include $2.86 and the 50-day SMA at $2.61.
Chainlink (LINK) — $13.89
LINK is holding at the 50-day SMA ($13.66).
Upside breakout above $14 could target the resistance line of the descending channel.
If $13.66 fails, expect a decline toward $11.68.
Avalanche (AVAX) — $19.67
AVAX is below the 50-day SMA ($19.90), suggesting range continuation.
Breakdown below $18.50 could send price to $15.27 support.
A breakout above $23.50 may trigger a move to $28.78 and $31.73.
Bitcoin’s ability to hold above $95,000 reinforces a bullish structure, with $100,000 within reach if momentum sustains. Altcoins like Ethereum, Solana, and Chainlink show signs of strength, contingent on key resistance levels breaking. As macroeconomic clarity improves post-FOMC, the crypto market could be preparing for a decisive move upward.