- Major altcoins face resistance as sellers dominate, with bearish momentum strengthening
- Support levels across Pi, XRP, SUI, SOL, and ETH remain critical amid high selling pressure
- Trading volumes stay elevated, signaling active markets but driven mostly by sell-side action
The wider crypto market showed choppy trading recently with major altcoins facing short-term downward pressure as of May 6 (UTC). Tokens such as Pi (PI), XRP, Sui (SUI), Solana (SOL), and Ethereum (ETH) are struggling to hold gains as sellers dominate intraday sessions.
Despite attempts at recovery, most assets are forming lower highs and facing resistance near key price zones. Market volume remains strong, suggesting active participation, though much of it appears driven by selling pressure rather than accumulation.
Watching support and resistance levels closely is key to handling these short-term price changes.
Pi (PI): Stuck Below Key Resistance
Pi is facing headwinds near the $0.592 level after failing to hold its intraday highs. The price fell by 0.54% over 24 hours and currently trades around $0.5891. Despite minor rebounds, resistance at $0.5905 continues to pressure buyers.
Support levels at $0.5845 and $0.586 have managed to hold during dips. However, the trend remains neutral to bearish as the token fluctuates between short bursts of gains and rapid sell-offs. Volume remains moderate at $37.65 million, hinting at a lack of strong conviction in either direction.
XRP: Sharp Drops and Lower Highs Rule
XRP has been one of the most actively traded tokens, with a 24-hour volume of $2.51 billion. The price dropped by 3.50%, settling at $2.09. Resistance at $2.18 and $2.16 has held firm, while support near $2.08 is showing signs of stress. A breakdown below this level could expose the next support at $2.06.
The downtrend is clear, with momentum weakening and consistent lower highs forming. Strong volume suggests sellers are actively exiting positions, contributing to the bearish tone.
SUI: High Activity, Weak Finish
Sui experienced a 1.44% price decline to $3.36, with frequent swings throughout the day. While buyers attempted rebounds near $3.32 and $3.35, resistance at $3.45 and $3.40 capped upward moves.
Trading volume surged by 33.72%, signaling possible profit-taking. The price action turned bearish by the day’s end, erasing earlier gains and confirming weakness in bullish sentiment.
Solana (SOL): Failed Recoveries Highlight Bearish Momentum
Solana’s price dipped 1.09% to $145.20 after two failed recovery attempts. Resistance remains strong at $147.00 and $146.00, while support levels at $144.00 and $143.00 are under watch.
The pattern shows a clear failure to sustain upward moves, reflecting increasing bearish momentum. Volume rose to $2.14 billion, confirming significant trading interest.
Ethereum (ETH): Rejections Keep Price Pointed Down
Ethereum closed the day at $1,806.22, down 1.09%, as buyers failed to push past $1,818.60 and $1,820.00. Key supports at $1,800 and $1,795 are now critical to monitor.
Despite brief recovery efforts, the overall trend is tilting bearish. Slightly reduced volume at $10.14 billion hints at cautious market behavior.
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