In a crypto market where traders find themselves in fear, three tokens show different patterns. XRP, Solana, and Chainlink are the tokens that have experienced some absurd price movement in the past.
XRP tries to consolidate above $2.5 but fails
XRP was trading above $2.6 during the past week, before running into bear territory. As the bear took control of the market, XRP started to crash and land on the support level near $2.40. Thereafter, it gained some momentum to rise to $2.55, and the bulls kept the prices about $2.5 for a couple of days; however, once again, the bears crashed the prices, and XRP is trading at $2.40 now.
XRP is currently trading inside a symmetrical triangle, which will eventually break out and rise towards the upside. The token might have a bit of rebounding before breaking out of the wedge.
Once the wedge is fully formed and the breakout happens, the token should fly past $2.6 to $2.9, given that the breakout is conventional and as large as the widest part of the wedge.
Solana crashed despite ETF inflows
Solana posted a large red candlestick despite its derivatives market going hunky dory. The token spot Solana exchange-traded funds had inflows of $44.48 million on Friday. This was the fourth consecutive day of investor capital flowing into the products. However, this was not reflected in the token’s price. At $175, SOL has lost more than 12% during the past week, and the 24-hour trading volume is up 100% reading a value $5.86 billion.
So, trading volume is high and the price is dropping. That means traders are taking profits. However, when considering the overall image, it is trading inside a falling wedge, and the prices will keep on rebounding. The next time SOL hit a new lower high, it would be close to $200.
Chainlink has a very bearish outlook
Chainlink crashed below $18 after it lost more than 12% during the past week. However, the trading volume surged by 74% to $844 million during the past 24 hours.
On the LINK chart above, the token is fluctuating inside a bearish descending triangle. Eventually, LINK will crash further down. There is a death cross appearing on the chart, where the 200-day MA will cross the 50-day MA from below. When this happens, it indicates a bearish market. With a descending triangle and death cross appearing on the horizon, the chances of the token crashing to $15 and then to $13 are high.
