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- Despite facing short-term market downturns and negative technical indicators, Bitcoin, Solana, and XRP maintain long-term bullish potential.
- This will be greatly affected by massive institutional adoption and potential regulatory clarity.
The cryptocurrency market has lost some momentum after a strong rally. Despite this setback, there are still positive signs in the market. Developments such as BlackRock’s continued Bitcoin purchases and the U.S. Securities and Exchange Commission (SEC) ending its case against Ripple keep some investors hopeful.
However, uncertainty remains. Analysts caution that a deeper correction could happen in early April as the market cools. Still, many experts believe the long-term outlook for Bitcoin and other cryptocurrencies remains positive, especially with increasing institutional adoption and regulatory clarity on the horizon.
1. Bitcoin (BTC) at Crossroads.
BTC’s steady uptrend hit resistance this week, forming a rising wedge pattern, a typically bearish signal. Analysts at Nansen see a 70% chance of another dip after April 2, citing potential market jitters from upcoming U.S. tariff announcements.
Aurelie Barthere, Nansen’s Principal Research Analyst, notes
I expect another leg down after April 2, followed by a bull market revival and new all-time highs later in 2025.
If BTC breaks below $85,000, the next support lies near $82,000. However, institutional demand could cushion further falls. BTC is currently trading at $85,045, down 2% in the last 24 hours.
2. Ripple (XRP): SEC Appeal Decision Holds the Key
XRP surged 11% midweek after the SEC dropped its appeal against Ripple, but gains reduced as traders await formal confirmation. Eleanor Terrett of CryptoAmerica explains,
JUST IN: Ripple has agreed to drop its appeal against the SEC and pay $50M of the originally ordered $125M fine.
The SEC will also ask Judge Torres to lift the ‘obey the law’ injunction she imposed on Ripple in addition to the fine. Once all of this has been voted on by the Commission and the court documents are in order, the SEC vs. Ripple case will be over once and for all.
XRP is trading at $2.21, down 6% in the last 24 hours. A confirmed SEC withdrawal could reignite bullish momentum, while delays may prolong consolidation.
3. Solana (SOL): Bearish Patterns Threaten Recovery
SOL is facing pressure, currently trading at $131.4, down 4.5% in the past 24 hours. A recent wave of insider exits from Solana-based meme coins has contributed to a decline in decentralized exchange (DEX) activity. Weekly DEX trading volume on Solana now stands at $8.7 billion, trailing behind competitors like Ethereum and Binance Smart Chain (BSC).
From a technical perspective, the outlook for SOL appears weak. The emergence of a death cross, where the 50-day moving average crosses below the 200-day moving average, along with a bearish flag pattern, suggests the potential for further downside. Although SOL briefly rebounded by 6,% reaching $132, analysts warn that the cryptocurrency must reclaim the $150 level to invalidate the current bearish trend.
While Bitcoin’s wedge pattern and broader macroeconomic risks suggest potential short-term pressure, increasing institutional interest and ongoing regulatory progress point to a possible bull run in 2025.
XRP and Solana are facing their challenges. XRP remains tied to legal uncertainties despite recent developments in the SEC case, while SOL struggles with ecosystem setbacks and declining DEX volumes. However, positive resolutions such as a favourable outcome for Ripple or renewed activity on Solana could trigger price recoveries.
