XRP breaks key resistances, with the $2.5 level being the next target for upward momentum.
Solana gains from memecoin traffic, with potential for a strong bounce above $170 resistance.
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The cryptocurrency market had its best week of the year last week. The total market value went up by almost 15%, continuing the recovery that began in the week of April 7. This growth was supported by positive news from around the world.
led the way among other altcoins, rising 45% in just one week — something it had not done in a long time. also stayed on an upward path, but the progress was slower and more careful. increased by 20% and reached an important level that could signal a change in trend.
1. Ethereum Leads the Bullish Wave
Ethereum has made a strong comeback, crossing the $2,400 mark for the first time since March. It has gone up by 50% in the last month, doing better than . This rise is not only due to market trends but is also supported by important news and developments.
As of May, the trading pair has bounced from a key support level that has been tested several times since 2019. This has led to growing hopes of an upcoming “altcoin season,” where smaller coins might perform better than Bitcoin. Ethereum has been falling compared to Bitcoin since late 2022. While there were small upward moves during that time, the overall trend stayed negative.
The recent bounce in May shows that Ethereum is trying to change that. For Ethereum to keep gaining strength against Bitcoin, it needs to rise above the 0.026 level — a key technical point known as the 0.382 Fibonacci level. If this happens, Ethereum could move toward the 0.035 to 0.04 range. For now, the 0.023 level is seen as a strong support area for the ETH/BTC pair.
Ethereum is also gaining attention from big investors because of its strong foundation. It supports real-world assets (RWA) and stablecoins well and follows rules that institutions care about. This makes Ethereum a “safe altcoin” in the eyes of institutional investors.
If the US Federal Reserve continues to lower interest rates and stops tightening its monetary policy, it could further support Ethereum’s growth. On top of that, the recent Pectra update has helped boost Ethereum’s price. This may lead to even more interest from large investors in the future and could push the price up even more.
Technical Outlook for Ethereum
Ethereum has taken the spotlight again with a 45% jump against the US dollar in the past week. It broke through the $1,830 resistance level — a key point watched closely throughout April. After that, Ethereum quickly passed the $2,000 mark and moved toward $2,500.
In the short term, Ethereum has turned the $2,430 level (a key Fibonacci level) into a support zone. If this support holds, the next price targets could be $2,730 and $3,000. If momentum continues, Ethereum might even aim for $3,500, which aligns with another important technical level.
On the downside, $2,430 is now the main support to watch. If Ethereum closes below this level on the daily chart, we could see some profit-taking that might pull the price back down toward $2,060.
Right now, short-term moving averages are still supporting the uptrend. If Ethereum climbs above $2,700 again, it may attract even more buying.
2. XRP Seeks a New Breakout
The most important development in the XRP market is the settlement of the years-long lawsuit between and the SEC. The SEC’s closing of the case with the collection of only a $50 million fine is interpreted as a serious victory for Ripple. While this development largely eliminates the regulatory risk of XRP in the US markets, it prepares the ground for institutional investors to reposition.
In light of these developments, large investor movements in XRP also attract attention. While moves such as the transfer of 29.5 million XRP to Coinbase (NASDAQ:) have created speculation about short-term selling pressure among investors, general on-chain data shows that the long-term attitude prevails. Still, the decline in the amount of XRP entering the exchanges is interpreted as a sign that the bullish potential may continue.
While the XRP market has seen mainly positive developments, the cautious rise in XRP price reflects investors’ uncertainty about how the post-SEC process will work.
Last month, XRP saw buying interest in the $1.60–1.80 range. This suggested that the recent price drop had likely reached a healthy bottom. After that, XRP began a more stable rally and eventually broke through the $2.3 resistance level, which aligns with a key technical point (Fib 0.382).
This week, all eyes are on the $2.5 resistance level (Fib 0.5). If XRP manages to stay above $2.5, it could move up to $2.7 and then to $3. This would suggest that XRP is entering a new uptrend.
On the downside, if XRP falls below $2.5, it may drop back to the $2.25–2.3 range. But if Ripple’s overall news continues to be positive, this pullback could be seen as a good buying opportunity for investors.
3. Can Solana Rekindle Its Memecoin Support?
Solana has emerged as the most talked-about blockchain network in the recent surge of the memecoin trend, driven by the Pump.fun platform. With Pump.fun’s new revenue-sharing model, token creators now receive 50% of transaction fees, which helps reduce the risk of “rug pulls” and encourages long-term commitment to projects. This move is expected to boost memecoin traffic and ensure the ecosystem’s sustainability.
Pump.fun has processed $22.3 billion in transactions so far, fueling significant growth in Solana’s on-chain activity. By late last year, 62% of all Solana transactions were conducted on the platform, contributing to SOL’s rise above $250 during that time.
As Solana shifts its focus from DeFi and NFTs to becoming the hub of the memecoin market, the latest bullish momentum appears to be supported by increased memecoin transactions.
SOL started testing the $180 level at the beginning of the week. The recent price action indicates that the $170–180 range was a key support level for SOL in the past. Now, this range could act as resistance. As long as SOL remains above $170, it has the potential to regain strength and rise quickly above $180.
If the price continues to climb, the first target for a potential bounce above $180 could be $220. Beyond that, the next targets would be in the $250–270 range. If SOL surpasses this area, it could open the door to new highs in the cryptocurrency market.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that allassets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.
