Although the cryptocurrency market showed a slight rebound last week, the technical trends of major cryptocurrencies remain unstable. Solana (SOL) failed to generate the anticipated 'golden cross' and lost its upward momentum, while XRP and SHIB are currently testing important resistance levels. While all three cryptocurrencies may have potentially established their bottom, the lack of clear buying pressure means market confidence remains low.
Solana briefly seemed to satisfy the 'golden cross' condition where the 50-day moving average crosses above the 200-day moving average, but its momentum quickly weakened. The moving averages diverged just before crossing, which actually acted as a bearish signal. Currently, SOL is trading below the 26-day, 50-day, 100-day, and 200-day moving averages, with its price around $143 and unable to recover the key resistance level of $150. Continuously decreasing trading volume and the Relative Strength Index (RSI) hovering around the early 40 level indicate that market investment sentiment remains lukewarm.
In contrast, XRP is showing potential for a short-term technical reversal by rebounding from the 200-day moving average. It is currently attempting to break through the 26-day moving average, which could open up potential for additional increases to $2.30 if successful. However, trading volume remains stagnant, and there are no clear buying signals from large investors, making it too early to be confident about its direction. The RSI is also positioned in a neutral zone, so it remains to be seen whether the current position marks the beginning of a trend reversal or just a short-term rebound.
SHIB has rebounded from its recent low of $0.0000110 and recovered to the $0.0000120 level, but questions remain about the sustainability of its upward trend. While the RSI has recovered from the oversold zone, there is insufficient evidence of new buying pressure. Critically, the 'shooting star' candlestick pattern on the daily chart suggests upward fatigue and implies a potential short-term peak. The main resistance level for SHIB is currently $0.0000134, and the upward trend may be limited if this level is not breached.
Experts point out that while all three cryptocurrencies have room for technical rebounds, they commonly lack the critical factor of 'trading volume'. Amid the overall sluggish cryptocurrency market momentum, a meaningful reversal would require stronger fundamental improvements or changes in the macro environment. Particularly for Solana, the failure of the golden cross is interpreted as a symbolic failure that could dampen short-term upward hopes.
The current market is characterized by a lack of momentum rather than a clear direction, and investors are advised to maintain a cautious wait-and-see approach until technical confirmation signals emerge, rather than making hasty entries.
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