Cryptocurrency values experienced a mixed response last week following President Donald Trump’s announcement of reciprocal tariffs and Federal Reserve Chair Jerome Powell’s warning about stagflation.
Bitcoin (BTC) fluctuated between $82,000 and $85,000, as the overall market capitalization of cryptocurrencies dipped slightly to $2.65 trillion. Key cryptocurrencies to watch this week include Aptos (APT), Ripple (XRP), and Solana (SOL).
Aptos
The price of Aptos has seen a significant decline this year, falling from a peak of $15.32 in November to $4.70. This drop has been influenced by the ongoing crypto downturn and token unlock events, which contributed to considerable dilution.
Aptos currently has a circulating supply of 604 million out of a total supply of 1.14 billion, with 11.3 million tokens being unlocked each month. The next unlock is scheduled for Saturday, when tokens valued at $52 million will be distributed among the community, core contributors, investors, and the foundation.
These unlock events coincide with Aptos trading at a critical support level that has held firm at least four times since July of last year. As such, a volume-supported drop below the current range could indicate further declines, potentially dipping below $4. However, a bullish scenario would arise if the coin manages to rise above the 50-day moving average at $5.80.
XRP
XRP is another cryptocurrency that merits attention next week due to its technical indicators. The chart illustrates that the coin was trading at $2.10 on Sunday, slightly above a significant support level at $1.9325. This level is particularly notable as it serves as the neckline for the head and shoulders pattern, with the head at $3.4 and the shoulders at $3.
The $1.9325 mark also aligns with the 50% Fibonacci Retracement level. Consequently, a decline below this point would reinforce the bearish outlook associated with the head and shoulders pattern, potentially leading the price lower, initially targeting $1.5370, which corresponds to the 61.8% retracement level. This target would reflect a drop of about 26% from current values.
Solana
Solana, a leading layer-1 network, is also among the top cryptocurrencies to monitor this week. Traders will be particularly attentive as it has reached a vital support level of $115, its lowest mark in March.
Currently, Solana is exhibiting a small double-bottom pattern, with the neckline set at $147.18. This pattern is a noteworthy bullish reversal indicator, as SOL has consistently resisted dipping below this level multiple times since last year.
Thus, if the price drops below this support level, it could signal further declines, potentially heading towards the support at $100.