Hello everyone, this is Xiaoyun.
Last week, the crypto market was bustling, not only with major coins performing actively but also with altcoins and meme coins worth watching. As the dominance of #BTC declines, capital is gradually flowing into the altcoin sector, with bulls quietly positioning themselves in #Bonk , #solana (SOL), and #xrp . The short- and medium-term opportunities across the market are beginning to emerge 📈. #以太坊生态山寨币普涨
🟡 BONK: Short-term pressure, long-term support can be expected
Bonk (BONK) has shown considerable volatility recently. Since reaching a high of $0.00004 last month, this memecoin has retraced about 44%. At the time of writing, BONK's price is hovering near the support level established in July, indicating that short-term bearish pressure still exists.
Technically, the daily chart shows that BONK's momentum oscillation indicator is below the zero line, indicating a bearish short-term sentiment in the market. The marked volatility points in the internal structure show that the new lows set in August indicate that the market is still consolidating.
However, in the long term, BONK still has upward potential. Fibonacci retracement shows that the 61.8% retracement level is at $0.0000226, which coincides with the 100-day moving average, forming a key support area. As long as the price can hold this position, bulls are expected to regain momentum.
In terms of the market environment, Bitcoin's dominance (BTC.D) has continued to decline in recent weeks, breaking the support level established since September 2020 📉. The decline in BTC's share means that altcoins, including memecoins, may receive more capital inflow. Since March, the market capitalization of memecoins has been slowly growing; currently, it stands at $71.41 billion, but is still short of the expected $115 billion by the end of 2024, providing potential momentum for BONK's rebound.
In summary: Short-term bearish pressure exists, but long-term key support and capital flow indicate that BONK still has bullish opportunities, and bull reversals are worth watching ⚡.
🟢 Solana (SOL): Steady upward movement, bulls targeting new highs
In contrast to the volatility of BONK, Solana (SOL) has shown relatively stable performance recently. After gaining support in the $188 range, SOL successfully initiated a new round of upward movement, and the price is currently stable above $200, consolidating above the 100-hour moving average.
Technically, the SOL/USD hourly chart shows an upward channel, with support around $205. Short-term resistance levels are at $212, $215, and $220. If the price successfully breaks through $212, bulls are expected to push SOL towards the $225–$232 range 📈.
The price surged from a low of $177 to a high of $213, currently consolidating near the 23.6% Fibonacci retracement level, indicating that bullish strength is still accumulating. In terms of technical indicators:
MACD: Accelerating in the bullish territory
RSI: Above 50, indicating clear bullish signals
Solana's performance is similar to Ethereum, steadily rising and continuously testing new highs, providing good swing trading opportunities for short-term traders.
In summary: SOL's trend is healthy, bulls are in control; breaking through key resistance will bring the next round of upward momentum ⚡.
🔵 XRP: Supported by institutions; targets can be expected after the breakout
Ripple (XRP) has recently attracted attention as well. On August 23, XRP surged to $3.09, driven by increased institutional trading volume and dovish remarks from the Federal Reserve. The 24-hour trading volume reached 58.8 million, far above the average level, indicating active institutional buying.
XRP's price fluctuates between $3.02 and $3.09, forming a technical structure similar to a double bottom + symmetrical triangle. Analysts point out that once XRP decisively breaks through the $3.30 resistance level, its short- and medium-term target may be between $5 and $8.
In terms of market background, the outcome of the Ripple lawsuit is clear, and the dovish comments from Fed Chairman Powell have reinforced expectations for a rate cut in September, further stimulating capital inflow into risk assets, including XRP. On-chain data shows that whale wallets and settlement volumes have surged by 500%, indicating that institutions are actively positioning themselves.
Short-term technical indicators show:
Resistance level: $3.08–$3.09
Support level: $3.00–$3.02
In summary: XRP shows clear bullish momentum under the dual push of institutional funds and policy expectations. Once it breaks through key resistance levels, a high probability of an increase will follow.
🔗 Market interconnection and trading strategies
From BONK, SOL to XRP, it can be seen that market funds are rotating between different sectors:
BTC's dominance is declining → altcoins and memecoins benefit
Stable major coin (SOL) attracts short-term funds for swing operations
XRP is driven by policy and institutional funds, which may form a high probability of an increase
Trading strategy recommendations:
BONK: Pay attention to the support level of $0.0000226; short-term bearish risks exist, but long-term rebound opportunities remain.
SOL: Attempt swing trading if it breaks through the $212 resistance, targeting $225–$232.
XRP: Wait for confirmation of breaking through the $3.30 resistance; bulls can position themselves, targeting $5–$8.
Risk control: Pay attention to BTC/ETH trends and overall market sentiment; strictly set stop-loss orders.
🔥 Summary
Last week, the crypto market displayed characteristics of coexistence of bulls and bears, with clear sector rotation:
BONK: Short-term pressure, long-term key support area has rebound potential
SOL: Steady upward movement, bulls in control; breaking through key resistance may refresh new highs
XRP: Supported by institutional backing and favorable policies; after breaking resistance, it may aim for mid-to-high price levels
Summary in one sentence: Funds are rotating between major coins, altcoins, and memecoins, providing ample short- and medium-term trading opportunities; key support and resistance levels are the core of the layout 🔥
✍️ Remember to DYOR, manage your risk well, and wish everyone smooth sailing in the crypto world! 🌊
Many understand the trend, but few follow the right rhythm.
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In the current market environment, short-term operations are indeed necessary. If one keeps waiting for spot prices to rebound, it may feel like an agonizing wait. I have also been fully engaged in secondary short-term and level one dog operations recently, yielding good results. Friends who want to keep up can follow me privately!
