Last week, the altcoin market was witness to mixed signals from investors in the face of former U.S. President Donald Trump’s announcement of reciprocal tariffs and Federal Reserve Chairman Jermayne Powell giving a stark warning about possible stagflation.
Bitcoin (BTC) was stuck in a tight range of $82,000 – $85,000. All crypto market capitalization dropped slightly to $2.65 trillion. However, in the coming days, Aptos, Ripple (XRP), and Solana will be the focus of analysts, who are waiting for key technical developments and upcoming events.
Aptos
In 2024, Aptos remains significantly price pressured, and its price has fallen from $15.32 in November to $4.70. But it is worth noting that this is related to the drop in the entire crypto market and the relaxation of the burning or unlocking of tokens, which increases the circulating supply and adds to the sale pressure.
Currently, Aptos has a total 1.14 billion token supply and 604 million tokens are currently circulating. Around 11.3 million new tokens are being locked every month. The next unlocked period is coming Saturday and roughly $52 million worth of tokens will be distributed to mainly the community, the core contributors, the investors, and the foundation.
The token tests a key support zone and arrives with this unlock. Since last July, Aptos has failed to roll under this level on at least four occasions but has always found support immediately above this level. Breaking below the present range, together with maximum potential trading volume, will allow for more downside, down to the $4 threshold. Alternatively, a rise over the 50-day moving average at $5.80 would ripen the bearish mood.
XRP
We also can’t ignore another digital asset that is garnering attention this week and that’s XRP for its critical technical setup. An important support level at $1.9325 is just above where the token traded on Sunday at $2.10. Significant as this zone is the neckline of a head and shoulders (H&S) formation which has a head of $3.40 and shoulders of $3.00.
Also important is the $1.9325 support level, which coincides with the 50% Fibonacci Retracement of previous highs. If the altcoin moves below this threshold, the implications of the H&S pattern will become bearish, and bottoming at the 61.8% retracement level of $1.5370—326.57% —from current levels could initiate a deeper sell-off by about 26%.
Solana
Traders now have Solana on their radar this week as it attempts to navigate a critical technical level. The native token of the layer 1 blockchain is hovering just above $115, its lowest point in March and a level of support several times over.
At the moment the asset is currently forming a small double bottom reversal pattern with the neckline set at $147.18. A breakout from the support level has potential in this setup, and this support level suggests it can hold. However, a significant breakdown below $115 could mark a stronger weakness and put the asset under test at the next support near $100.
The performance of these altcoins: Aptos, XRP, and Solana in the week ahead will be determined by the performance of their major support and resistance levels.
