The major layer 1 blockchains are surging higher thanks to Bitcoin’s very positive price movement on Monday. $ETH, $XRP, and $SOL are currently outpacing $BTC. How far can they go?
$ETH up 3.5% on the day
Source: TradingView
$ETH is up 3.5% on the day so far after the price broke past the descending trendline. The next positive price impulse is now in play and it just remains to be seen whether the bulls can put on a real spurt and force the price up and past the last swing high at $2,879.
If the bulls fail to accomplish this there could be yet another peak and trough of sideways price action to come. That said, this wouldn’t be a bad thing in the long run for $ETH, as the more sideways price action that takes place, the larger the escape velocity is likely to be if and when $ETH heads up for the next step higher.
$XRP at critical breakout level
Source: TradingView
The daily chart for $XRP reveals that the price is up against not only the 0.382 Fibonacci level, but also the descending trendline which stretches back to mid-January. This is a very critical point where the bulls and the bears are likely to battle fiercely. If the bulls win, breakout is achieved and the price can up towards $2.50. If the bears win, the price is rejected once again, and the descending trendline will continue to push $XRP lower. Upside targets for $XRP can be taken from the Fibonacci levels in the chart.
$SOL at resistance
Source: TradingView
The daily chart for $SOL illustrates how the price has come up against the $157 resistance level. If this can be broken and held as support, and the descending trendline can be breached, the bulls can set their sights on the $187 local high. Given that a lower low was recently put in, the higher high at $168 would put the $SOL price back on an upward trajectory.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
