Crypto Price Analysis January-24: ETH, XRP, ADA, BNB, and SOL
2025-01-24
Category: None

This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.Ethereum (ETH)
Ethereum managed to hold above $3,300 and closed this week with a 1% price increase. While this is not much, it does show that buyers are resilient at this key support level. The longer this happens, the more confidence the market will have in ETH moving higher.
The current price action is also turning positive if we look at the momentum indicators on the daily timeframe. The MACD made a bullish cross recently and the RSI is making higher lows. These are early signals that Ethereum could soon wake up to challenge the resistance levels at $3,600 and $4,000 again.
Looking ahead, Ethereum could surprise the market with a sharp move considering it did not do much in the past month while other altcoins like XRP and Solana made new price records. Eventually, profits will rotate and Ethereum is definitely one of the top candidates for market participants.Ripple (XRP)
XRP is down almost 5% on the weekly chart after it failed to rally above $3.4. The price is currently around $3.2 at the time of this writing and buyers seem absent or uninterested. Therefore, the cryptocurrency has been consolidating above the $3 key support level.
As long as XRP stays above $3, there is a good shot at higher levels. But the longer buyers delay a clear breakout above $3.4 the more concerned holders will become. This is why it is critical for XRP to continue its rally.
Looking ahead, the coin seems at a critical junction here. A failure to move higher could soon be interpreted as bearish and see the price break under $3. On the other hand, breaking above $3.4 would quickly see XRP move towards $4 next.Cardano (ADA)
ADA is down 11% on the weekly chart after sellers pushed the price down from $1.1 to $1 which acts as a key support. So far, buyers managed to keep this cryptocurrency above this level, but momentum is not really on their side.
If we zoom out, ADA has been in a range since late November 2024 when it was rejected at $1.3 which also acts as an important resistance. The strongest support is found at 90 cents. As long as the price does not leave this range, the consolidation period continues.
Looking ahead, Cardano seems to be in an impasse which reminds us of XRP’s price action. A clean breakout is required to resume the bullish trend, but until it happens, any delay could test the patience of ADA holders.Binance Coin (BNB)
Binance Coin closes the week with a 4% loss after it failed to stay above $700. But sellers don’t seem too interested in taking BNB lower at this time. Hence, the price has been hovering around the key support at $690.
This lack of momentum has turned the action quite flat. What is worrying, however, is that the daily MACD has turned bearish this week. This could lead to additional selling pressure later on.
Looking ahead, BNB could fall to $650 if sellers return or even to $600. These are the next key support levels should $690 break in the next few days. If so, that would likely indicate an overall market correction that could also see ADA and XRP make lower lows.Solana (SOL)
Solana continues to impress with a 22% rally in the past week and a new record price at $295. This is mainly due to the renewed attention to its chain after Trump launched its own meme token on Solana last Saturday. With liquidity fighting to reach Solana from all other competing chains, SOL saw a huge influx of liquidity and demand. This quickly pumped its price.
Since then, the price entered a shallow correction that saw the price briefly drop to $230 before returning to $260 as of today. As long as the meme mania on Solana continues, this will sustain and push SOL’s price higher.
Looking ahead, while the Trump meme FOMO subsided since last week, new meme tokens are being released daily that attract liquidity to Solana. This is bullish for SOL’s price and could see it make new price records in the future that could exceed $300.