The cryptocurrency market has seen a sharp recovery over the past week, with Bitcoin, Ethereum, XRP, and Solana all rebounding after severe sell-offs. However, analyst Gareth Solewy, the chief market strategist at VerifiedInvesting.com, provided a new analysis outlining what he believes will happen next for the four major players:
1. Bitcoin: Is it a short rebound before a bigger drop?
* Expected rebound: Bitcoin's recent rebound was anticipated as it became extremely oversold and fell into a strong support area formed from months of sideways trading.
* Strong resistance: Solewy expects Bitcoin to rise again towards the $100,000 area. However, he warns that this level has now become strong resistance.
* Bearish outlook: A rejection at the $100,000 level could send Bitcoin back towards the $73,000–$75,000 range.
* General note: Solewy points to a long-term trend line dating back to the bull market of 2017, where touching this line has always led to sell-offs, and this time was no different.
2. Ethereum: Strong technical recovery
* Support area: Ethereum has fallen back to a key area in its history, which was previously resistance but has turned into support, and it has bounced off it multiple times in previous cycles.
* Bullish outlook: After touching this area, Ethereum suddenly surged. Solewy expects further rises towards $3,200–$3,300 before it reaches meaningful resistance.
* Comparison: The technical structure of Ethereum remains stronger than that of Bitcoin in the short term, although it has chosen a conservative target due to uncertainty in the stock market (which is often correlated with cryptocurrency movements).
3. Solana: Rebound towards $150
* Entry point: Solana also triggered a buy entry signal after touching a key pivot support.
* Expected resistance: Solewy expects SOL to rise towards the $150 area, which aligns with a range of previous lows and breakdown points, and this area is expected to act as strong resistance.
* Bearish outlook: After that, Solewy believes Solana could revisit the $100 level later in this cycle, especially if Bitcoin starts its next corrective phase.
4. XRP: Forming a bullish pattern with market stabilization
* Technical pattern: The XRP chart forms a small "bull flag," with Solewy showing a clear trading range between strong support below and solid resistance around $2.65–$2.75.
* Trading behavior: The asset has been behaving like a "ping-pong chart," sharply bouncing between support and resistance levels multiple times over the past months.
* Near-term outlook: XRP may attempt another upward move towards its resistance area in the coming days.
