- As February approaches, experts are awaiting a change in market direction.
- Apart from altcoins, Bitcoin is also battling to break above a crucial resistance.
- An analyst has listed several altcoins that could soon bounce back.
Bitcoin and altcoins are currently in the red, reflecting an uncertain market mood. The big question now is whether Bitcoin and the broader crypto market can quickly recover.
After Monday’s sell-off, Bitcoin showed signs of recovery, and the key focus is whether it can test its previous highs, a trend that could also apply to altcoins.
Historically, February has been a strong month for crypto, with many cycles seeing double-digit gains. Other factors, like FOMC expectations, will also play a role in shaping the market this week. The Trading Parrot discussed what’s next for XRP, SOL, JUP and ETH.
XRP Price Targets
XRP, after facing strong resistance at $2, managed to break out and hit the target of $3.30, leaving many in the XRP Army optimistic. The next target for XRP could be around $4.40, but market volatility and competition for liquidity could make this a challenge.
Currently, XRP is trying to break the $3.20 mark. The altcoin is down by more than 2% in the last seven days.
Related: Altcoins Surge as Bitcoin Holds Above $100K—Can SOL, $TRUMP, and XRP Keep Up?
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling. After failing to break above the $4,000 mark in previous cycles, it remains stuck in a range between $3,500 and $3,100. Despite this, there’s still hope for a breakout towards $4,000 and potentially $5,000, especially if more short positions emerge.
The sentiment around Ethereum is currently negative and the second largest cryptocurrency has declined by more than 4% in the past week.
Solana (SOL) Price Targets
Solana (SOL), on the other hand, has shown strength. After a rocky period in late 2024, it bounced back with a double bottom formation, reaching resistance around $265. If it can hold above the $200 mark, there is potential for it to push higher, possibly breaking resistance at $290 in February.
Currently, Solana has slipped into the red zone after erasing gains made in the last week. The altcoin has declined more than 7% in the last seven days.
Jupiter (JUP) Price Outlook
Jupiter’s price is approaching resistance at $1.30 and there’s a high likelihood of a pullback in the short term, especially after three consecutive weeks of gains. However, patience will be key, as price fluctuations around $1 might cause some turbulence.
Related: Analyst Predicts an Expanded Crypto Reserve Covering Bitcoin and Selected Altcoins
Despite being up by 27% in the last week, Jupiter has been hit after the market wide downturn and is now facing strong resistance.
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