- Soloway began buying after Bitcoin’s crash, expecting a short-term relief bounce soon ahead.
- Ethereum entered strong support, with rebound targets at $3,300 and $3,600 if holding.
- XRP remains above key support, but losing this level might cause deeper declines.
The crypto market has faced one of its sharpest weekly drops of the year, with Bitcoin plunging from above $107,000 to nearly $80,000. This sudden slide has shaken investors, but veteran trader and Verified Investing chief market strategist Gareth Soloway says he has already begun buying select assets as he expects a short-term relief rally soon.
Bitcoin Rejects Long-Term Resistance
Soloway explains that Bitcoin’s decline began after a clear rejection from a major resistance trendline connecting the 2017 and 2021 bull-market peaks. Bitcoin tested this line three times during the current cycle.
The first two tests resulted in mild and moderate pullbacks, while the third triggered a much deeper correction.
Where Bitcoin Could Bounce Next
Despite the steep sell-off, Soloway says Bitcoin could rebound toward a nearby support trendline. If the rally gains strength, he expects the price to retest the $100,000 level. In his view, Bitcoin must reclaim a major long-term trendline near $100,000 to confirm bullish momentum. Unless that happens, he still expects a drop into the $73,000 to $75,000 zone.
Ethereum Reaches Buy Zone
Ethereum has now fallen into a dangerous support area. From this region, he expects ETH to rebound toward $3,300 and possibly $3,600. If the support fails, the next major level sits near $2,200.
Solana’s Rapid Correction
Solana has crashed from above $250 to nearly $120. Soloway says the token briefly broke below support but quickly recovered. His stronger buy area is around $110, with deeper support near $96. After such a fast decline, he believes a technical bounce is likely.
XRP and Cardano Hold Support
XRP dipped into a support zone between $1.75 and $1.80 but stayed slightly above Soloway’s ideal buy level. He says the support remains clear but warns of a sharp drop if it breaks.
Cardano touched a long-standing trendline, prompting Soloway to buy around $0.40 as it retested a key breakout zone.
Other Altcoins Show Mixed Setups
Chainlink has not yet reached its preferred $11 entry level, while Avalanche came close to its target but not close enough to enter. Sui, however, plunged from $2.20 to $1.30. He now expects resistance near $1.72 and potentially a move toward $2.00.
Related: Bitcoin Crash Explained: Will BTC Fall Even Lower?
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