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Crypto Price Analysis January-24: ETH, XRP, ADA, BNB, and SOL

Author: Content Editor
In this crypto news content, the focus is on the price actions of Ethereum, Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL).

Ethereum showed resilience by holding above the $3,300 support level, closing the week with a 1% price increase. Positive indicators on the daily timeframe suggest that Ethereum may challenge resistance levels at $3,600 and $4,000 soon. Market participants see Ethereum as a top candidate for profit rotation.

XRP declined almost 5% and failed to rally above $3.4. It is currently consolidating above the $3 support level, but a clear breakout above $3.4 is necessary for further price gains. A failure to move higher could be seen as bearish, potentially causing a price break under $3.

ADA is down 11% and has been in a range since late November 2024, with a key support at $1 and resistance at $1.3. Cardano is in an impasse and requires a clean breakout to resume the bullish trend.

BNB closed the week with a 4% loss and is hovering around the $690 support level. The daily MACD turning bearish raises concerns of additional selling pressure, which could lead to a price fall to $650 or even $600.

Solana impressively rallied by 22% and reached a new record price of $295. The attention it gained from Trump's meme token launch on the Solana chain boosted liquidity and demand. Although a shallow correction occurred, Solana is expected to sustain its momentum and potentially make new price records surpassing $300 due to the ongoing meme token activity on the Solana chain.

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