Solana (SOL) has faced a recent decline, struggling to regain momentum despite multiple attempts at recovery. The altcoin is currently aiming to breach the $180 resistance level, which has remained a key hurdle. 

While long-term holders (LTHs) are supporting the price, SOL still needs stronger momentum to break past this critical level.  

Solana Investors Are Hopeful

The HODLer Net Position Change metric indicates that Solana holders are rebuying the SOL they previously sold. Over the past week alone, long-term holders have accumulated more than 1 million SOL, worth approximately $128 million. This buying activity signals confidence among investors who anticipate a recovery in Solana’s price.  

Historically, increased accumulation by long-term holders has been a bullish sign. As these investors continue buying at lower price levels, it reinforces support and reduces the chances of sharp declines. If this trend continues, it could create the necessary foundation for Solana to attempt another breakout.  

From a technical perspective, Solana is showing signs of improving momentum. The Relative Strength Index (RSI) has been trending upward, indicating a potential shift toward bullish sentiment. However, for confirmation, the RSI needs to breach the neutral 50.0 level and turn it into support.  

A rising RSI suggests growing buying pressure, which could help SOL regain lost ground. This would increase the likelihood of Solana making another attempt at breaking its key resistance levels.  

SOL Price Recovery Remains Uncertain

Solana is currently trading at $128, and the crypto token’s price is down by 5.5% in the last 24 hours. Despite the decline, SOL is holding above the $126 support level while attempting to breach the $135 resistance. The long-term target remains at $180, a crucial milestone for bullish confirmation.  

Breaking past $180 has been a challenge, with Solana failing to attempt it in recent weeks. To reach this level, SOL would need to rally 40%, which becomes more achievable if it first breaches $161. Sustained buying pressure and improving market sentiment could help facilitate this move.  

On the downside, if Solana fails to breach $148 or struggles to move past $135, it could lose its current support levels. A drop below $126 and $118 would expose SOL to further declines, potentially testing $109. This scenario would invalidate the bullish outlook and shift momentum back to the bears.

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The XRP price could be staging a parabolic rally to new all-time highs of $110. While an analyst shares a technical analysis to back this ambitious target, Bollinger Bands creator John Bollinger declares XRP to be a market leader in the crypto space. 

Analyst Predicts New XRP Price Target To $110

In a rather lengthy X (formerly Twitter) post, market expert Egrag Crypto went deep into his analysis for the XRP price, basing his predictions on its Elliott Wave structure. The crypto analyst confidently forecasted that XRP was heading towards a new $110 ATH. This bullish target would represent a whopping 3,974% increase from its current market value.

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Firstly, Egrag Crypto outlines XRP’s five-wave structure, underscoring that each wave could push the cryptocurrency to a new target. The analyst reveals that XRP is currently in Wave 2 of its Elliott Wave structure and is closely approaching Wave 3, which is expected to trigger the most explosive increase.

In Wave 1, XRP saw an impressive 733% increase to new highs. However, in its current Wave 2, Egrag Crypto highlights that its 2017 fractal appears more profound. With the formation of a Double Bottom pattern, the analyst has predicted a potential price breakdown for the cryptocurrency. 

Egrag Crypto further forecasts that Wave 3 will trigger a reversal and cause the price to skyrocket by 1,185%. This massive price increase would effectively place the XRP price at a potential target between $22 and $24. For a more conservative target, the analyst estimates a surge of around $22 to $24. 

For Wave 4, Egrag Crypto predicts another major retracement similar to Wave 2. However, this time, the analyst believes XRP could decline by either 14.6%, 23.6%, or 38.2% from Wave 3’s price high. This correction would mark a 65% drop from Wave 3’s peak, bringing the cryptocurrency’s price down to $8. He also highlights a worse-case bearish scenario where XRP crashes as low as $3.4. 

Notably, Egrag Crypto shares three potential bullish targets for Wave 5, the final part of the Elliott Wave Structure. He forecasts that the altcoin could surge between $32 to $48, $60 to $70, or $95 to $110. The analyst has based his optimistic forecast on past cycle trends, where 2017 saw a major price rally for XRP. 

Bollinger Bands Creator Says The Asset To Become Leader

In other news, Bollinger, the creator of the renowned Bollinger Band technical analysis tool, has highlighted XRP in his latest post, questioning whether it could take a leading role in the crypto market. The technical analyst asserts that Ripple has held up better than other primary crypto vehicles.

Considering its legal battles with the US SEC and present regulatory challenges, Ripple continues to remain resilient, aiming to gain clarity during the final stages of the five-year-long lawsuit. Meanwhile, the XRP price, which is currently trading at $2.4, has experienced a recent uptick, increasing by almost 4% in the last day, according to CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com